6-K 1 zk51344.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of February, 2005 Commission File Number: 1-14842 e-SIM LTD. (Translation of registrant's name into English) 19 HARTUM STREET, HAR HOTZVIM, JERUSALEM 91450, ISRAEL (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [_] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____ Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [_] No [X] If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___________. The following are included in this report on Form 6-K:

Sequential Exhibit Description Page Number ------- ----------- ----------- 1. Press release dated ~~December~~February 1510, ~~2004~~2005 3 2. Press Release dated February 10, 2005 5

2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. e-SIM LTD. Date: March 1, 2005 By /S/ YARON ELDAD ------------------ Yaron Eldad Chief Financial Officer and Chief Operating Officer

October 31 January 31 ----------- ----------- 2004 2004 ----------- ----------- (Unaudited) (Audited) ASSETS CURRENT ASSETS: Cash and cash equivalents 748,779 238,063 Trade receivables 682,254 567,847 Other receivables and prepaid expenses 533,777 347,001 ----------- ----------- Total current assets 1,964,810 1,152,911 ----------- ----------- SEVERANCE PAY FUND 870,026 714,141 ----------- ----------- LONG TERM PREPAID EXPENSES 84,073 62,800 ----------- ----------- PROPERTY AND EQUIPMENT, NET 383,516 439,822 ----------- ----------- $ 3,302,425 $ 2,369,674 =========== =========== LIABILITIES AND SHAREHOLDERS' DEFICIENCY CURRENT LIABILITIES: Short term credit from banks 148 881 Current maturities of long term bank loans 540,827 241,006 Trade payables 673,790 795,926 Other convertible loan, net - 72,341 Employees and payroll accruals 754,562 777,981 Deferred revenues 1,155,081 766,309 Accrued expenses and other liabilities 459,418 458,190 ----------- ----------- Total current liabilities 3,583,826 3,112,634 ----------- ----------- LONG-TERM LIABILITIES: Long term bank loans 1,238,116 2,412,874 Long term convertible bank loans 984,459 641,344 Long term capital lease obligation, net of current maturities 35,638 43,285 Royalties to government authorities 553,869 456,045 Accrued severance pay 1,289,285 1,104,762 Related parties 1,577,283 1,250,750 ----------- ----------- Total long term liabilities 5,678,650 5,909,060 ----------- ----------- SHAREHOLDERS' DEFICIANCY (5,960,051) (6,652,020) ----------- ----------- $ 3,302,425 $ 2,369,674 =========== ===========

Three months ended Nine months ended Year ended October 31, October 31, January 31, --------------------------- --------------------------- ------------------------------------------ 2004 2003 2004 2003 2004 2003 2002 ------------ ------------ ------------ ------------ ------------ ------------ ------------ (unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited) (audited) Revenues: Products $ 662,542 $ 438,120 $ 1,598,023 $ 1,334,420 $ 1,818,726 $ 3,304,047 $ 3,030,709 Services 656,583 495,539 2,168,941 2,066,965 2,682,513 2,916,085 2,005,616 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 1,319,125 933,659 3,766,964 3,401,385 4,501,239 6,220,132 5,036,325 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Cost of revenues: Products 41,530 26,590 103,212 86,758 122,022 267,132 169,400 Services 528,220 528,845 1,523,116 1,402,222 1,982,867 1,662,618 1,775,408 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 569,750 555,435 1,626,328 1,488,980 2,104,889 1,929,750 1,944,808 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Gross profit 749,375 378,224 2,140,636 1,912,405 2,396,350 4,290,382 3,091,517 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Operating expenses: Research and development, net 335,569 321,792 1,160,329 1,143,447 1,560,386 1,463,965 2,609,742 Selling and marketing, net and general and administrative 933,759 *) 813,486 2,605,312 *) 2,776,084 *) 3,740,665 *) 4,459,952 *) 7,916,101 Restructuring and impairment - - - - - - 910,303 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Total operating expenses 1,269,328 1, 135,278 3,765,641 3,919,531 5,301,051 5,923,917 11,436,146 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Operating loss (519,953) (757,054) (1,625,005) (2,007,126) (2,904,701) (1,633,535) (8,344,629) Financial expenses (income), net 34,581 114,532 270,423 290,988 1,343,159 (8,961) 209,345 Other expenses, net - (11,173) - (10,576) - 94,640 426,108 ------------ ------------ ------------ ------------ ------------ ------------ ------------ Net loss for the period (554,534) (860,413) (1,895,428) (2,287,538) (4,247,860) (1,719,214) (8,980,082) ============ ============ ============ ============ ============ ============ ============ Basic and diluted net loss per share $ (0.02) $ (0.07) $ (0.09) $ (0.20) $ (0.36) $ (0.15) $ (0.77) ============ ============ ============ ============ ============ ============ ============ Weighted average number of shares used in computing : basic and diluted loss per share 22,354,151 11,689,105 21,194,891 11,673,303 11,963,056 11,665,359 11,663,170 ============ ============ ============ ============ ============ ============ ============

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