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