##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2006
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from to
 Commission File Number 000-30277
 Knova Software, Inc.
  Delaware
    
    25-1647861(State or Other Jurisdiction of Incorporation or Organization)
    
    (I.R.S. Employer Identification No.)
 10201 Torre Avenue, Suite 350Cupertino, CA
    
    95014(Address of Principal Executive Offices)
    
    (Zip Code)
 (408) 863-5800
  þ o
 o o þ
 o þ




---



##### 



Knova Software, Inc.
Form 10-Q
March 31, 2006
INDEX
 Page No.PART I. FINANCIAL INFORMATIONITEM 1. Unaudited Consolidated Financial StatementsConsolidated Balance Sheets as of March 31, 2006 (unaudited) and December 31, 2005
    
    
    3Consolidated Statements of Operations for the three months
ended March 31, 2006 and 2005 (unaudited)
    
    
    4Consolidated Statements of Stockholders Equity for the three months ended
March 31, 2006 and 2005 (unaudited)
    
    
    5Consolidated Statements of Cash Flows for the three months ended
March 31, 2006 and 2005 (unaudited)
    
    
    6Notes to Unaudited Consolidated Financial Statements
    
    
    7ITEM 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    13ITEM
3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    18ITEM
4. Controls and Procedures
    
    
    18PART
II. OTHER INFORMATIONITEM 1A Risk Factors
    
    
    19ITEM
6. Exhibits
    
    
    19EX-31.1EX-31.2EX-32
  2




---



##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1.
Unaudited Consolidated Financial Statements
 Knova Software, Inc.
 
 CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share amounts)
 March 31,
    
    
    December 31,2006
    
    
    2005(Unaudited)AssetsCurrent assetsCash and cash equivalents
    
    $
    7,112
    
    
    $
    6,731Marketable securities
    
    
    3,078
    
    
    
    5,461Accounts receivable, less allowance for doubtful accounts of
$118 at March 31, 2006 and $126 at December 31, 2005
    
    
    4,211
    
    
    
    6,442Prepaid expenses and other current assets
    
    
    650
    
    
    
    781Total current assets
    
    
    15,051
    
    
    
    19,415Non current assetsProperty and equipmentOffice furniture, equipment, and leasehold improvements
    
    
    1,518
    
    
    
    1,518Computer equipment
    
    
    5,353
    
    
    
    5,166Total property and equipment
    
    
    6,871
    
    
    
    6,684Less accumulated depreciation
    
    
    (6,403
    )
    
    
    (6,319
    )Property and equipment, net
    
    
    468
    
    
    
    365Intangible assets, net of amortization of $990 at March 31, 2006
and $778 at December 31, 2005
    
    
    4,392
    
    
    
    4,604Goodwill
    
    
    14,485
    
    
    
    14,485Other noncurrent assets
    
    
    90
    
    
    
    123Total noncurrent assets
    
    
    19,435
    
    
    
    19,577Total assets
    
    $
    34,486
    
    
    $
    38,992Liabilities and Stockholders EquityCurrent liabilitiesAccounts payable
    
    
    1,584
    
    
    
    1,636Accrued compensation and benefits
    
    
    812
    
    
    
    1,003Deferred revenue  licenses
    
    
    248
    
    
    
    1,571Deferred revenue  services
    
    
    4,536
    
    
    
    5,114Accrued restructuring charges
    
    
    
    
    
    
    261Line of credit  short term
    
    
    1,250
    
    
    
    3,600Current portion of capital lease obligations
    
    
    33
    
    
    
    40Current portion of notes payable
    
    
    172
    
    
    
    Other current liabilities
    
    
    736
    
    
    
    795Total current liabilities
    
    
    9,371
    
    
    
    14,020Noncurrent deferred revenue
    
    
    182
    
    
    
    182Other non-current liabilities
    
    
    76
    
    
    
    89Long term debt
    
    
    241
    
    
    
    Capital lease obligations
    
    
    31
    
    
    
    35Total liabilities
    
    
    9,901
    
    
    
    14,326Commitments and ContingenciesStockholders equityCommon
stock, $0.01 par; 50,000 shares authorized, 8,744 shares issued  at March 31, 2006 and December
31, 2005
    
    
    87
    
    
    
    87Additional paid in capital
    
    
    101,877
    
    
    
    101,472Treasury stock, 26 shares at March 31, 2006 and December 31, 2005
    
    
    (151
    )
    
    
    (151
    )Deferred compensation
    
    
    
    
    
    
    (5
    )Warrants
    
    
    6,549
    
    
    
    6,549Accumulated other comprehensive loss
    
    
    (40
    )
    
    
    (12
    )Accumulated deficit
    
    
    (83,737
    )
    
    
    (83,274
    )Total stockholders equity
    
    
    24,585
    
    
    
    24,666Total liabilities and stockholders equity
    
    $
    34,486
    
    
    $
    38,992
 The
accompanying notes are an integral part of the unaudited consolidated financial statements.
 3




---



##### Table of Contents



Knova Software, Inc.
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
 Three months ended March 31,2006
    
    
    2005RevenuesLicenses
    
    $
    2,757
    
    
    $
    1,377Services
    
    
    4,258
    
    
    
    2,322Total revenues
    
    
    7,015
    
    
    
    3,699Cost of revenuesCost of licenses
    
    
    193
    
    
    
    162Cost of services
    
    
    2,537
    
    
    
    1,628Total cost of revenues
    
    
    2,730
    
    
    
    1,790Gross margin
    
    
    4,285
    
    
    
    1,909Operating expensesSales and marketing
    
    
    2,338
    
    
    
    1,662Research and development
    
    
    1,585
    
    
    
    1,523General and administrative
    
    
    763
    
    
    
    980Amortization
of intangible assets
    
    
    70
    
    
    
    47Restructuring charges
    
    
    
    
    
    
    1,355Total operating expenses
    
    
    4,756
    
    
    
    5,567Loss from operations
    
    
    (471
    )
    
    
    (3,658
    )Other income
(expense), netInterest expense
    
    
    (18
    )
    
    
    (1
    )Other, net
    
    
    26
    
    
    
    151Other income (expense), net
    
    
    8
    
    
    
    150Net loss
    
    
    ($463
    )
    
    
    ($3,508
    )Net loss per common share, basic and diluted
    
    
    ($0.05
    )
    
    
    ($0.49
    )Shares used in computing per share amounts
    
    
    8,735
    
    
    
    7,183
 See
accompanying notes to the unaudited consolidated financial statements.
 4




---



##### Table of Contents



Knova Software, Inc.
 
 CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
(Amounts in thousands, except per share amounts)
(Unaudited)
 Accumulatedother
    
    
    
    
    
    TotalCommon stock
    
    Additional
    
    Treasury stock
    
    Deferred
    
    
    
    
    
    comprehensive
    
    Accumulated
    
    StockholdersShares
    
    Amount
    
    paid in capital
    
    Shares
    
    Amount
    
    Compensation
    
    Warrants
    
    (loss) gain
    
    Deficit
    
    EquityBalance at December 31, 2005
    
    
    8,744
    
    
    $
    87
    
    
    $
    101,472
    
    
    
    26
    
    
    $
    (151
    )
    
    $
    (5
    )
    
    $
    6,549
    
    
    $
    (12
    )
    
    $
    (83,274
    )
    
    $
    24,666Stock based compensation expense
    
    
    
    
    
    
    
    
    
    
    405
    
    
    
    
    
    
    
    
    
    
    
    5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    410Comprehensive loss:Unrealized
loss on marketable securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (28
    )
    
    
    
    
    
    
    (28
    )Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (463
    )
    
    
    (463
    )Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    (463
    )Balance at March 31, 2006
    
    
    8,744
    
    
    $
    87
    
    
    $
    101,877
    
    
    
    26
    
    
    $
    (151
    )
    
    $
    
    
    
    $
    6,549
    
    
    $
    (40
    )
    
    $
    (83,737
    )
    
    $
    24,585Balance at December 31, 2004
    
    
    5,269
    
    
    $
    53
    
    
    $
    83,835
    
    
    
    17
    
    
    $
    (62
    )
    
    $
    (162
    )
    
    $
    4,765
    
    
    $
    514
    
    
    $
    (78,179
    )
    
    $
    10,764Exercise of warrants and stock options
    
    
    1
    
    
    
    
    
    
    
    (2
    )
    
    
    (1
    )
    
    
    6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4Issuance of common stock for merger
    
    
    3,501
    
    
    
    35
    
    
    
    17,262
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,297Issuance of warrants for merger
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,759
    
    
    
    
    
    
    
    
    
    
    
    1,759Stock based compensation expense
    
    
    
    
    
    
    
    
    
    
    242
    
    
    
    
    
    
    
    
    
    
    
    37
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    279Comprehensive loss:Unrealized
loss on marketable securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20
    )
    
    
    
    
    
    
    (20
    )Reclassification adjustment for gains realized in net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (514
    )
    
    
    
    
    
    
    (514
    )Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,508
    )
    
    
    (3,508
    )Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    (4,042
    )Balance at March 31, 2005
    
    
    8,771
    
    
    $
    88
    
    
    $
    101,337
    
    
    
    16
    
    
    $
    (56
    )
    
    $
    (125
    )
    
    $
    6,524
    
    
    $
    (20
    )
    
    $
    (81,687
    )
    
    $
    26,061
 See
accompanying notes to the unaudited consolidated financial statements.
 5




---



##### Table of Contents



Knova Software, Inc.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, except per share amounts)
(Unaudited)
 Three months ended March 31,2006
    
    
    2005Cash flows from operating activities
    
    ($
    463
    )
    
    ($
    3,508
    )Net lossAdjustments to reconcile net loss to net
cash provided by (used) in operations:Non cash items:Depreciation
    
    
    83
    
    
    
    100Amortization of intangible assets
    
    
    212
    
    
    
    141Stock based compensation
    
    
    410
    
    
    
    279Acquired in-process research and development
    
    
    
    
    
    
    421Loss on disposal of equipment
    
    
    
    
    
    
    4Gain on sale of investments
    
    
    
    
    
    
    (284
    )Changes in operating assets and liabilities,
net of assets and liabilities acquired:Accounts
receivable
    
    
    2,232
    
    
    
    55Other assets
    
    
    164
    
    
    
    528Accounts
payable
    
    
    (52
    )
    
    
    (707
    )Accrued
compensation
    
    
    (191
    )
    
    
    (180
    )Accrued restructuring charges
    
    
    (261
    )
    
    
    754Deferred
revenue
    
    
    (1,901
    )
    
    
    (189
    )Other
liabilities
    
    
    (72
    )
    
    
    (256
    )Net cash
provided by (used in) operating activities
    
    
    161
    
    
    
    (2,842
    )Cash flows from investing activitiesPurchases of marketable securities
    
    
    (218
    )
    
    
    (4,898
    )Proceeds from sale of marketable securities
    
    
    2,573
    
    
    
    6,213Proceeds from sale of assets
    
    
    
    
    
    
    1Acquisition costs for Kanisa merger
    
    
    
    
    
    
    (561
    )Cash acquired from Kanisa merger
    
    
    
    
    
    
    3,779Property and equipment acquisitions
    
    
    (187
    )
    
    
    (34
    )Net cash provided by investing activities
    
    
    2,168
    
    
    
    4,500Cash flows from financing activitiesRepayments
of capital lease obligations
    
    
    (11
    )
    
    
    (9
    )Repayments
revolving line of credit, net
    
    
    (2,350
    )
    
    
    Proceeds from borrowings
    
    
    413
    
    
    
    Proceeds from stock option exercises
    
    
    
    
    
    
    4Net cash used in financing activities
    
    
    (1,948
    )
    
    
    (5
    )Increase in cash and cash equivalents
    
    
    381
    
    
    
    1,653Cash and cash equivalents at beginning of period
    
    
    6,731
    
    
    
    1,672Cash and cash equivalents at end of period
    
    $
    7,112
    
    
    $
    3,325Supplemental disclosures of cash flow information:Cash paid for interest
    
    $
    18
    
    
    $
    2Supplemental disclosures of non-cash
investing and financing activities:Issuance of warrants
    
    $
    
    
    
    $
    1,759Unrealized loss on investments
    
    
    (28
    )
    
    
    (20
    )Kanisa acquisition (Note 9)
 See
accompanying notes to the unaudited consolidated financial statements.
 6




---



##### Table of Contents



Knova Software, Inc.
 
 NOTES
TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2006
 Note 1. Organization of the Company
    Note 2. Unaudited Interim Financial Information
   Note 3. Significant Accounting Policies
 Principles of Consolidation
  Marketable Securities
  7




---



##### Table of Contents



Stock Based Compensation
     For the threemonths ended March 31,2005(in thousands, exceptper share amounts)Net loss as reported
    
    $
    (3,508
    )Add: stock based compensation expense included in reported net loss
    
    
    279Less: total stock based compensation expense under SFAS No. 123
    
    
    (1,162
    )Proforma net loss
    
    $
    (4,391
    )Weighted average shares used to calculate basic and diluted loss per share
    
    
    7,183Earnings per share:Net loss per
common share, basic and diluted  as reported
    
    $
    (0.49
    )Proforma net
loss per common share, basic and diluted
    
    $
    (0.61
    )
  8




---



##### Table of Contents



2006
    
    2005Risk-free interest rate
    
    
    4.55
    %
    
    
    4.03
    %Expected dividend yield
    
    
    0.00
    %
    
    
    0.00
    %Expected lives in years
    
    
    6.0
    
    
    
    6.0Expected volitility
    
    
    107.2
    %
    
    
    107.2
    %
 Impact of Recently Issued Accounting Standards
   Reclassification
  Note 4. Debt
 Credit Facilities
  9




---



##### Table of Contents



Note
5. Net Loss Per Common Share
  For the three months endedMarch 31,2006
    
    2005(in thousands, except pershare amounts)Numerator:Net loss
    
    ($
    463
    )
    
    ($
    3,508
    )Denominator:Denominator for basic earnings per share  weighted average shares
    
    
    8,735
    
    
    
    7,183Net loss per
common share, basic and diluted
    
    ($
    0.05
    )
    
    ($
    0.49
    )
  Note 6. Segment Information
  For the three months endedMarch 31,2006
    
    
    2005(in thousands, except per shareamounts)Revenues (a)United States
    
    $
    6,387
    
    
    $
    3,618International
    
    
    628
    
    
    
    81Total
    
    $
    7,015
    
    
    $
    3,699
 
  Note 7. Capital Stock
  10




---



##### Table of Contents



Note 8. Stock Option Plan
 
  Options
    
    Option Price
    
    Weighted AverageOutstanding
    
    Range per Share
    
    Exercise PriceOptions outstanding December 31, 2005
    
    
    2,090,514
    
    
    $
    2.50-$70.00
    
    
    $
    4.37Options granted
    
    
    253,000
    
    
    $
    2.43-$2.80
    
    
    $
    2.52Options exercised
    
    
    
    
    
    
    
    
    
    $
    Options forfeited
    
    
    (36,194
    )
    
    $
    2.60-$5.60
    
    
    $
    3.96Options outstanding March 31, 2006
    
    
    2,307,320
    
    
    $
    2.43-$70.00
    
    
    $
    4.18Options exercisable March 31, 2006
    
    
    1,066,407
    
    
    $
    2.50-$70.00
    
    
    $
    4.73
    Note 9. Acquisition
    Volatility
    
    
    142.67
    %Risk-free interest rate
    
    
    3.4
    %Dividend yield
    
    
    Expected life
    
    
    4
    years
   11




---



##### Table of Contents



Cash and cash equivalents
    
    $
    3,779Accounts receivable
    
    
    2,032Prepaid expenses and other current assets
    
    
    364Equipment
    
    
    87Intangible assets:Core and developed technologies
    
    
    3,981Acquired in-process research and development
    
    
    421Customer contracts/customer relations
    
    
    1,401Goodwill
    
    
    12,161Accounts payable
    
    
    (1,144
    )Accrued compensation and benefits
    
    
    (614
    )Other current liabilities
    
    
    (913
    )Deferred revenues
    
    
    (1,876
    )Capital lease obligations and other long term liabilities
    
    
    (62
    )Net assets acquired
    
    $
    19,617
    Proforma results
  For the threemonths endedMarch 31,2005(in thousands,except per shareamounts)Revenues
    
    $
    4,105Net loss
    
    
    (4,432
    )Net loss per
common share
    
    
    (0.51
    )Shares used in per share calculation
    
    
    8,642
  Note 10. Restructuring Charges
  12




---



##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
   Overview
     
    
    Knova Contact Centeris an assisted-service application for customer service and
help desk agents that enables them to resolve customer issues and questions more
effectively. Knova Contact Center integrates a sophisticated knowledge management
system with additional features such as search, collaboration, interview scripting,
email response, and knowledge authoring. Knova Contact Center features business
process support integrated with customer relationship management systems that can
tailor the resolution experience based on the customers or employees issue or
question.
    
    Knova Self-Serviceis a self-service application that enables customers and
employees to resolve their own issues and questions on an enterprise website. Knova
Self-Service features business process support that can provide a personalized and
guided resolution experience based on the issue or question the customer or employee
has.
    
    Knova Forumsis an application for online customer communities and forums that
enables customers to discuss and collaborate on topics of interest, including an
enterprises products and services. Knova Forums enables customers and employees to
assist each other, reducing service delivery costs and providing valuable insight to
the enterprise.
 13




---



##### Table of Contents




    
    Knova Field Serviceis a mobile support application that enables field technicians
and service professionals to search the knowledge base and resolve problems at the
customer site. Knova Field Service runs on a disconnected laptop computer and synchronizes via a network connection with the Field
Service application server to update the knowledge base content.
    
    Knova Knowledge Deskis a packaged knowledge management solution for service and
help desks to resolve questions, author knowledge, and manage repositories of
intellectual capital. Knova Knowledge Desk is integrated with traditional service and
help desk applications from companies such as Remedy and Hewlett Packard (HP). It
is based on a patented self-learning search technology that is designed to improve
with usage. Knova Knowledge Desk features application modules for different user
types and functions.
 Factors Affecting Future Operations
  Critical Accounting Policies and Estimates
  Description of Statement of Operations
 Revenues
  Cost of Revenues
  Operating Costs
  14




---



##### Table of Contents



Results of Operations
  Three months ended March 31,2006
    
    
    2005RevenuesLicenses
    
    
    39.3
    %
    
    
    37.2
    %Services
    
    
    60.7
    
    
    
    62.8Total revenues
    
    
    100.0
    
    
    
    100.0Cost of revenuesCost of licenses
    
    
    2.7
    
    
    
    4.4Cost of services
    
    
    36.2
    
    
    
    44.0Total cost of revenues
    
    
    38.9
    
    
    
    48.4Gross margin
    
    
    61.1
    
    
    
    51.6Operating expensesSales and marketing
    
    
    33.3
    
    
    
    44.9Research and development
    
    
    22.6
    
    
    
    41.2General and administrative
    
    
    10.9
    
    
    
    26.5Intangible assets amortization
    
    
    1.0
    
    
    
    1.3Restructuring charges
    
    
    0.0
    
    
    
    36.6Total operating expenses
    
    
    67.8
    
    
    
    150.5Loss from operations
    
    
    (6.7
    )
    
    
    (98.9
    )Other income (expense), net
    
    
    0.1
    
    
    
    4.1Net loss
    
    
    (6.6
    )%
    
    
    (94.8
    )%
 Three Months Ended March 31, 2006 and 2005
  Revenues
   Cost of Revenues
    15




---



##### Table of Contents



Operating Expenses
 Sales and Marketing
 Research and Development
 General and Administrative
 Intangible Assets Amortization
 Other income (expense), net
  Liquidity and Capital Resources
       16




---



##### Table of Contents



Contractual Obligations
  Payments due by period (in thousands)Total
    
    
    Less than 1 year
    
    
    1-3 years
    
    
    4-5 yearsRevolving credit line
    
    $
    1,250
    
    
    $
    1,250
    
    
    $
    0
    
    
    $
    0Equipment line
    
    
    413
    
    
    
    172
    
    
    
    241
    
    
    
    0Capital lease obligations
    
    
    64
    
    
    
    33
    
    
    
    31
    
    
    
    0Operating lease obligations
    
    
    1,080
    
    
    
    560
    
    
    
    479
    
    
    
    41Total contractual obligations
    
    $
    2,807
    
    
    $
    2,015
    
    
    $
    751
    
    
    $
    41
 Related Party Transactions
  Recent Accounting Pronouncements
    17




---



##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures About Market Risk
   
 Item 4. Controls and Procedures
 Evaluation of disclosure controls and procedures .
 Changes in internal controls .
 18




---



##### Table of Contents



PART II  OTHER INFORMATION
 
 Item 1A. Risk Factors
  
 Item 6. Exhibits
 3.1
    
    Third Amended and Restated Certificate of Incorporation (1)3.2
    
    Amended and Restated Bylaws of the Company (2)3.3
    
    Certificate of Amendment of Third Amended and Restated Certificate of Incorporation (reverse split) (3)3.4
    
    Certificate of Amendment of Third Amended and Restated Certificate of Incorporation (name change) (4)31.1
    
    Rule 13a  14(a) / 15d  14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a  14(a) / 15d  14(a) Certification of Principal Financial Officer32.
    
    Section 1350 Certifications(1)
    
    Incorporated by reference to our Annual Report on Form 10-K for the year ended December 31,
2005.(2)
    
    Incorporated by reference to our Current Report on Form 8-K dated February 8, 2005.(3)
    
    Incorporated by reference to our Annual Report on Form 10-K for the year ended December 31,
2004.(4)
    
    Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended June 30,
2005.
 19




---



##### Table of Contents



SIGNATURES
  KNOVA SOFTWARE, INC.Date: May 15, 2006
    
    By:
    
    /s/ THOMAS MUISEThomas MuisePrincipal Financial Officer
 20