SofTech Announces Q3 FY 2015 Operating Results

The Balance Sheet as of February 28, 2015 compared to the audited fiscal year-end Balance Sheet as of May 31, 2014 is presented below.

 

 

Balance Sheets

 

(in thousands)

 
As of
February 28, May 31,
ASSETS 2015   2014
Cash $ 538 $ 1,209
Accounts receivable 541 666
Receivable due from sale of CADRA product line 283 547
Other current assets   235     343
Total current assets   1,597     2,765
 
Property and equipment, net 65 95
Goodwill and other intangible assets, net 1,392 1,373
Other non-current assets   505     491
Total assets $ 3,559   $ 4,724
 
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Accounts payable $ 132 $ 483
Accrued expenses 325 607
Deferred maintenance revenue 1,690 1,462
Current portion of long term debt 583 973
Capital lease, current   19     19
Total current liabilities   2,749     3,544
 
Other non-current liabilities 48 47
Long term debt   147   -
Total liabilities   2,944     3,591
 
Redeemable common stock   1,190     275
 
Shareholders' (deficit) equity   (575)     858
Total liabilities and shareholders' (deficit) equity $ 3,559   $ 4,724
 

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