SofTech Announces Q2 Fiscal Year 2013 Operating Results

The Balance Sheets as of November 30, 2012 and our fiscal year end May 31, 2012 are presented below.

Balance Sheets
(in thousands)
         
As of
November 30, May 31,
2012     2012
Cash $ 109 $ 595
Accounts receivable 1,060 757
Other current assets   256       308
Total current assets   1,425       1,660
 
Property and equipment, net 89 42
Goodwill 4,249 4,246
Other non-current assets   683       600
Total assets $ 6,446     $ 6,548
 
Accounts payable $ 315 $ 266
Accrued expenses 314 333
Deferred maintenance revenue 1,567 2,194
Current portion of long term debt 720 720
Other current liabilities   102       75
Total current liabilities   3,018       3,588
 
Other non-current liabilities 65 51
Long term debt   1,420       1,480
Total liabilities   4,503       5,119
 
Redeemable common stock   110       -
 
Stockholders' equity   1,833       1,429
Total liabilities, redeemable common stock
and stockholders' equity $ 6,446     $ 6,548
 

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