General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Agreement has a three year initial term with one year annual renewals. At September 30, 2002, the current market settlement values of the forward contracts would be immaterial. The recorded benefit differs from the amount computed at the statutory rate due to operating losses generated in 1999 and 1998, for which no benefit was recorded due to the uncertainty of the timing and amount of future taxable income. Our future success will depend in part on the efforts of our direct sales force. We believe that the use of outside consulting and service providers is an important component of our strategy to expand our professional services business and support the growth in our software license revenue. Exchange rate fluctuations have caused and will continue to cause currency transaction gains and losses.
It is possible that these employees could bring legal actions against us under applicable federal, state or local laws. Accordingly, we believe that companies must distinguish their product and service offerings by providing reliable delivery and value-added services during the fulfillment process according to the consumers' individual preferences. Final resolution of the loss to be incurred as a result of vacating this office space was not reached until August 1999. In March 1997, we sold an aggregate of 1,319,444 shares of common stock to certain non-U. General and administrative expenses consist primarily of salaries and other personnel-related costs of our finance, human resources, information systems, administrative, legal and executive departments, insurance costs and the costs associated with legal, accounting, and other administrative services.
Dallas, Texas 75247 - This is our initial public offering, 214 775-6000 and no public market currently exists for our common stock. We currently intend to expand our relationships with and reliance on strategic alliance companies and systems integrators. Each of these statements is qualified in all respects by this reference. The following table shows the underwriting fees to be paid by us in connection with this offering. The recorded benefit differs from the amount computed at the statutory rate in 1997 primarily as a result of non-deductible in-process research and development expense. You should read this table in conjunction with our consolidated financial statements and notes which are included elsewhere in this prospectus. You can identify these statements by the fact that they do not relate strictly to historical or current facts.
Weaser, as amended as of March 5, 1997, July 25, 1997 and September 12, 1997. Also, we may be unable to successfully identify new software opportunities and develop and bring new software to market quickly and efficiently. We derive our revenue from: - the sale of software licenses, which we recognize as software license revenue; - product related consulting, training, maintenance and support, which we recognize as services and maintenance revenue; and - the resale of hardware and software, which we recognize as resale software and equipment revenue. Phelan serves on the board of directors of several private companies. . The issuance of preferred stock could adversely affect the voting power of the holders of our common stock or have the effect of deterring or delaying any attempt by a person, entity or group to obtain control of us. Some revenue and the majority of the expenses incurred by our international operations are denominated in currencies other than the United States dollar.
Persons who receive this prospectus are advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus. We were organized in July 1997 and commenced operations in September 1997 following the acquisition of Dallas Systems Corporation, based in Dallas, Texas, by Neptune Systems, Inc. Cost of Resale Software and Equipment. We have no specific agreements, commitments or understandings to make new acquisitions or investments. We compete intensely for these personnel and we may be unable to achieve our personnel goals.
We provide global service and support for our software from established facilities in North America, Europe, the Middle East, Asia and Australia. From March 1998 to July 1999, he was senior vice president, market development for Syncra Systems. As a percentage of total revenue excluding reimbursable expenses, research and development expenses increased to 16. From September 1997 to August 1998, Mr. Our growth and future operating results will depend in part on our ability to enhance existing applications and develop and introduce new applications or components.
However, non-personally identifiable visitor information may be provided to other parties for marketing, advertising, or other uses. The following table illustrates the per share dilution as described above: Anticipated initial public offering price. Hood, our President and Chief Executive Officer, Mr. In addition, the sale of these shares could impair our ability to raise capital through the sale of additional common or preferred stock. Baack served as president and chief executive officer of Dallas Systems, which he founded.
We can give you no assurance that we will be able to maintain or grow our level of revenue or achieve profitability in the future. The fair value of the warrants was calculated using a Black-Scholes option pricing model with the following assumptions: risk-free interest rate of 4. Our employment agreement with Christopher F. Our lease for this facility expires in July 2006. This adaptability is increasingly critical to third party logistics providers and vertical trading hubs where the ability to handle products owned by multiple companies is fundamental to their success. The Supplier is linked through the Supplier Portal to the eFulfillment Center.
These measures afford only limited protection to us, particularly on an international basis. The agreement contains certain financial covenants, including minimum cash and marketable securities balances, and the facility is secured with all of the Companys tangible assets. The loss of the services of Mr. Our new products can require long development and testing periods before they are commercially released. The cost overruns and delays resulted from enhancements to the original design specifications. The market price of our common stock could be subject to significant fluctuations in response to variations in quarterly operating results and other factors. We believe our customers will continue to demand greater breadth and depth from e-commerce solutions.
As of December 31, 1999, the Company has not incurred any expenses related to warranty claims. The principal competitive factors in this market include: - adherence to emerging Internet-based technology standards; - comprehensiveness of applications; - adaptability, flexibility and scalability; - real-time, interactive capability with customer and partner systems; - global capability; - ability to support vertical industry requirements; - ease of application use and deployment; - speed of implementation; - customer service and support; and - initial price and total cost of ownership. Accordingly, if our revenue declines or does not grow as anticipated, we may not be able to correspondingly reduce our operating expenses in a timely manner. We expect competition to increase as a result of software industry consolidation. Our Board of Directors has discretion to make an additional contribution to participants' accounts each year. You may, however, visit our site anonymously. Each year, the stockholders will elect the members of one of the three classes to a three-year term of office.