Attached files
| file | filename |
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| 8-K - FORM 8-K - SONIC FOUNDRY INC | sofo20210823_8k.htm |
Exhibit 99.1
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Sonic Foundry, Inc. |
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Condensed Consolidated Balance Sheets |
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(in thousands, except for share data) |
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(Unaudited) |
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As Reported |
Proforma |
Proforma |
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June 30, 2021 |
Transactions |
June 30, 2021 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | 5,445 | 3,425 | (1) | $ | 8,870 | ||||||
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Accounts receivable, net of allowances of $233 & $236 |
5,448 | 5,448 | ||||||||||
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Inventories |
449 | 449 | ||||||||||
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Investment in sales-type lease, current |
148 | 148 | ||||||||||
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Capitalized commissions, current |
300 | 300 | ||||||||||
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Prepaid expenses and other current assets |
930 | 930 | ||||||||||
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Total current assets |
12,720 | 16,145 | ||||||||||
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Property and equipment: |
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Leasehold improvements |
1,113 | 1,113 | ||||||||||
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Computer equipment |
8,377 | 8,377 | ||||||||||
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Furniture and fixtures |
1,549 | 1,549 | ||||||||||
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Total property and equipment |
11,039 | 11,039 | ||||||||||
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Less accumulated depreciation and amortization |
8,066 | 8,066 | ||||||||||
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Property and equipment, net |
2,973 | 2,973 | ||||||||||
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Other assets: |
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Investment in sales-type lease, long-term |
189 | 189 | ||||||||||
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Capitalized commissions, long-term |
69 | 69 | ||||||||||
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Right-of-use assets under operating leases |
2,853 | 2,853 | ||||||||||
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Other long-term assets |
769 | 769 | ||||||||||
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Total assets |
$ | 19,573 | $ | 22,998 | ||||||||
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Liabilities and stockholders’ equity (deficit) |
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Current liabilities: |
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Accounts payable |
$ | 724 | $ | 724 | ||||||||
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Accrued liabilities |
2,387 | 2,387 | ||||||||||
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Current portion of unearned revenue |
7,947 | 7,947 | ||||||||||
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Current portion of finance lease obligations |
83 | 83 | ||||||||||
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Current portion of operating lease obligations |
1,150 | 1,150 | ||||||||||
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Current portion of notes payable and warrant debt, net of discounts |
- | - | ||||||||||
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Total current liabilities |
12,291 | 12,291 | ||||||||||
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Long-term portion of unearned revenue |
1,850 | 1,850 | ||||||||||
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Long-term portion of finance lease obligations |
26 | 26 | ||||||||||
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Long-term portion of operating lease obligations |
1,721 | 1,721 | ||||||||||
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Long-term portion of notes payable and warrant debt, net of discounts |
552 | 552 | ||||||||||
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Derivative liability, at fair value |
63 | 63 | ||||||||||
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Other liabilities |
31 | 31 | ||||||||||
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Total liabilities |
16,534 | 16,534 | ||||||||||
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Commitments and contingencies |
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Stockholders’ equity (deficit): |
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Preferred stock, $.01 par value, authorized 500,000 shares; none issued |
— | — | ||||||||||
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9% Preferred stock, Series A, voting, cumulative, convertible, $.01 par value (liquidation preference of $1,000 per share), authorized 4,500 shares; zero shares issued and outstanding, at amounts paid in |
— | — | ||||||||||
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5% Preferred stock, Series B, voting, cumulative, convertible, $.01 par value (liquidation preference at par), authorized 1,000,000 shares, none issued |
— | — | ||||||||||
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Common stock, $.01 par value, authorized 10,000,000 shares; 8,063,713 and 7,965,325 shares issued, respectively and 8,050,997 and 7,952,609 shares outstanding, respectively |
81 | 9 | (1) | 90 | ||||||||
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Additional paid-in capital |
209,693 | 3,416 | (1) | 213,109 | ||||||||
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Accumulated deficit |
(205,984 | ) | (205,984 | ) | ||||||||
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Accumulated other comprehensive loss |
(582 | ) | (582 | ) | ||||||||
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Treasury stock, at cost, 12,716 shares |
(169 | ) | (169 | ) | ||||||||
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Total stockholders’ equity (deficit) |
3,039 | 6,464 | ||||||||||
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Total liabilities and stockholders’ equity (deficit) |
$ | 19,573 | $ | 22,998 | ||||||||
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(1) Represents $3,500,000 issuance of common stock at $3.70 per share, less expenses of $75,000, completed July 27, 2021 |