SofTech Announces Q2 FY 2015 Operating Results

The Balance Sheet as of November 30, 2014 compared to the audited fiscal year-end Balance Sheet as of May 31, 2014 is presented below.

Balance Sheets
(in thousands)

  As of

November 30,
2014

May 31,
2014

(unaudited)
Cash $ 517 $ 1,209
Accounts receivable 733 666
Receivable due from sale of CADRA product line 304 547
Other current assets   214     343
Total current assets   1,768     2,765
 
Property and equipment, net 76 95
Goodwill 948 948
Other non-current assets   845     916
Total assets $ 3,637   $ 4,724
 
Accounts payable $ 283 $ 483
Accrued expenses 303 607
Deferred maintenance revenue 1,172 1,462
Current portion of long term debt 851 973
Other current liabilities   19     19
Total current liabilities   2,628     3,544
 
Other non-current liabilities 55 47
Long term debt   120     -
Total liabilities   2,803     3,591
 
Redeemable common stock   1,190     275
 
Stockholders' (deficit) equity   (356 )   858
Total liabilities, redeemable common stock
and stockholders' (deficit) equity $ 3,637   $ 4,724

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