The following table shows the per share and total underwriting discounts and commissions to be paid by us to the underwriters. Companies gain opportunities for wider, more frequent and more cost-effective delivery of knowledge in support of business processes such as sales, services, marketing, product development and training. Although we have evaluated possible acquisitions, from time to time, we currently have no commitments or agreements to make any acquisitions and we cannot assure you that we will make any acquisitions in the future. The percentage of total options is based on an aggregate of 840,450 options granted by us during the year ended December 31, 1998 to our employees and directors, including the named executive officers. Apparently he was loved by millions and hated by thousands. They terminate on the earlier of ten years after the date of grant or sixty days after the optionee ceases to serve as a director, except in the event of death or disability. Customers who license Centra 99 typically purchase renewable maintenance contracts that provide software upgrades and technical support over a stated term, usually a twelve-month period.
Centra has completed several financings since its inception and has not determined if its net operating losses and tax credit carryforwards have been limited by these financings. . While the telephone offers broad accessibility and live interaction, it supports only voice communication and lacks support for other critical elements of effective business collaboration, such as shared workspaces and live software applications. This architecture provides customers with a high degree of flexibility to increase system capacity and optimize network traffic across distributed organizations. The prohibition's scope and the liability associated with a violation are currently unsettled. The increase from 1997 to 1998 resulted from an increase in average cash balances in 1998 compared to 1997 due to the receipt of proceeds from our sale of equity securities in December 1997. As customers continue to use our live eBusiness collaboration solution, we believe they will seek to implement our products and use our services across additional departments and business processes throughout the extended enterprise.
The 1999 Plan authorizes the grant of incentive options and nonqualified options. In connection with the revolving line of credit, Centra is required to comply with certain restrictive covenants which include minimum adjusted quick ratio and minimum tangible net worth. This will involve interaction with various hardware devices, the main aim is to design and evaluate a suitable architecture and at least a simple demonstration mock-up of the system should be implemented. Any Year 2000 failure of this type, or any other significant unforeseen Year 2000 failure, could have a material adverse effect on our business and operating results. The market price of our common stock may fluctuate significantly in response to the following factors, some of which are beyond our control: - variations in our quarterly operating results; - changes in securities analysts' estimates of our financial performance; - changes in market valuations of similar companies; - announcements by us or our competitors of significant products, contracts, acquisitions or strategic partnerships; - additions or departures of key personnel; and - general fluctuations in stock market prices and volume, which are particularly common among highly volatile securities of software and Internet-based companies.
Based on the nature and current levels of our investments and debt, however, we have concluded that there is no material market risk exposure. In the development of new products and enhancements of existing products, the technological feasibility of the software is not established until substantially all product development is complete. If e-commerce does not continue to grow or grows more slowly than expected, demand for our products and services may fail to develop. . The stock market in general, and market prices for Internet-related companies in particular, recently have experienced extreme volatility that often has been unrelated to the operating performance of the underlying companies.
Our cost of service revenues includes a salaries and related expenses for our consulting, education and technical support services organizations, b an overhead allocation consisting primarily of our facilities, communications and depreciation expenses, and c direct costs related to our hosting services. For me it is a blog community and following many experts on Twitter. Employees who own stock and hold outstanding options to purchase stock representing five percent or more of the total combined voting power or value of all classes of our stock are not eligible to participate in the stock purchase plan. The notes to the table provide additional information regarding sales made to executive officers and directors. To date, we have identified and tested the material systems used in our business that may be affected by the Year 2000 and we have not identified any non-compliant systems used in our operations. Under these agreements we will indemnify our directors and executive officers for judgments, fines, settlement amounts and expenses, including attorneys' fees, incurred by a director or executive officer in an action or proceeding, including an action by or in the right of Centra, arising out of the person's services as a director or executive officer of Centra or any subsidiary of Centra or any other company or enterprise to which the person provides services at our request.
We undertake no obligation to update any of the forward-looking statements after the date of this prospectus. The maximum number of shares of Common Stock as to which options may be granted under the Plan is 200,000. Our long sales cycle, which can range from several weeks to several months or more, makes it difficult to predict the quarter in which sales may occur. Each of our executive officers, directors and other significant stockholders of record has agreed with the representatives, for a period of 180 days after the date of this prospectus, not to offer to sell, contract to sell or otherwise sell, dispose of, loan, pledge or grant any rights with respect to any shares of common stock, any options or warrants to purchase any shares of common stock, or any securities convertible into or exchangeable for shares of common stock owned as of the date of this prospectus or acquired directly from us by these holders or with respect to which they have or may acquire the power of disposition, without the prior written consent of BancBoston Robertson Stephens Inc. We price licenses of Centra 99 on a rental or purchase basis under a variety of licensing models, including named-user licenses, concurrent-user licenses, time-limited licenses and revenue-sharing. . But how to write one? Rule 701 further provides that non-affiliates may sell these shares in reliance on Rule 144 without having to comply with the holding period, public information, volume limitation or notice provisions of Rule 144.
. The critical issue of Centra is to cross the chasm between Early Adopters Visionaries and Early Visionaries Majority Pragmatists. The system is built upon and leverages Internet standards and widely used platform technologies from Microsoft. Interest income and expense are sensitive to changes in the general level of U. Whittle served as Vice President, European and Middle East Sales for Marcam Corporation, a software development company. The scope of teaching was broad.
We also sell Centra 99 indirectly through a relationship with a distributor. These courses focus on the technical aspects of our products, as well as business issues and processes related to live eBusiness collaboration. Our solution enables these companies to utilize these important individuals more efficiently and effectively. Not only am I often made aware of new tools, but also get opinions, tips, and examples of their use. The increase was attributable to the expansion of our sales force, additions and changes to our sales management, expanded sales to our existing customer base, and an increase in the average selling prices of software licenses resulting from the introduction and release of Centra 99 in April 1999. Competitors vary in size and in the scope and breadth of the products and services offered. .
A successful infringement claim against us and our failure or inability to license the infringed rights or develop or license technology with comparable functionality could have a material adverse effect on our business, operating results and financial condition. We have granted the underwriters a 30-day option to purchase up to an additional shares of common stock to cover over-allotments. This error could result in system failures or miscalculations causing disruptions of operations, including, among other things, a temporary inability to process transactions, send invoices or engage in similar normal business activities. . Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our products or to obtain or use information that we regard as proprietary. Johnson served in a number of positions at Avid Technology, Inc. The option exercise price for each option granted under the Director Plan is the fair market value of the common stock as of the date of grant.