Statement Of Financial Position Definition 4 Small But Important Things To Observe In Statement Of Financial Position Definition

Company Converts $5.6 Actor of Anchored Debt into Equity at $5 Per Share



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MADISON, Wis., May 14, 2020 (GLOBE NEWSWIRE) — Sonic Foundry, Inc. (OTC Pink Sheets: SOFO), a trusted baton for video conception and administration solutions, today appear circumscribed cyberbanking after-effects for its budgetary 2020 added division concluded March 31, 2020.



Fiscal 2020 Added Division Highlights



— Billings totaled $9.8 actor in the added division of 2020; an access of 31 percent compared to the aforementioned aeon aftermost year — Absolute revenues of $8.7 actor compared to $8 actor in the added division of 2019, a nine percent access — Gross allowance was $6.3 million, or 72 percent of sales, compared to $6 million, or 75 percent of sales, in the added division of 2019 — Net assets attributable to accepted stockholders of $95,000, or $0.01 per share, compared to $(1.5) million, or $(0.29) per share, in the added division of 2019 — Adapted EBITDA was $767,000 compared to $(784,000) in the added division of 2019 — Unearned acquirement was $11.5 actor as of March 31, 2020 and September 30, 2019

Fiscal 2020 Added Division Review

Product billings were $3 actor during the added division of budgetary year 2020 compared to $2.1 actor in the aforementioned division aftermost year. This uptick is due to two factors: first, a ample chump active its recorders in the division and second, the above-mentioned year division was impacted by the company’s planned abridgement of administration inventory, which bargain artefact billings and acquirement by $645,000. Account billings, including support, hosting, contest and installs were $6.8 million, compared to $5.3 actor in the above-mentioned year. A ample allocation of that year-over-year increase, $1 million, is due to a ample custom billow clearing activity for a chump in the United Kingdom. While account billings added in all added categories, our contest business was abnormally impacted by cancellations due to COVID-19. Our new basal accident offerings accustomed us to partially account the cyberbanking consequences.

The aggregation expects to admit $3.6 actor of the accepted unearned acquirement in the third division of budgetary 2020. Recurring acquirement of $6.7 actor was 77 percent of absolute acquirement in the added division of 2020, compared to $6.7 million, or 84 percent of absolute revenue, in the added division of 2019.

Cost abridgement measures taken in the added bisected of the aftermost budgetary year accept resulted in a $1.4 million, or 19 percent, abatement in operating costs in the added division of 2020 compared to the aforementioned aeon in 2019.

“I’m actual admiring with our cyberbanking achievement for the division and in accurate the cogent advance in our basal line. We laid the background afore the furnishings of COVID-19 began to spread, including our action to move added barter to the cloud. Working with a ample chump to apparatus a custom billow activity illustrates our efforts are advantageous off,” said Michael Norregaard, CEO of Sonic Foundry.

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He continued, “In today’s ambiguous environment, we accept how analytical the adeptness to acquaint with video is to our barter in the industries they serve, and we will abide to do our best to accommodated the new challenges they face by deepening our casework and artefact offerings. The efforts we undertook aftermost year to advance our beheading and abate operational costs will be benign as we go forward.”

Conversion of $5.6 Actor of Anchored Debt into Equity at $5 Per Share

The aggregation additionally appear it has agreed to catechumen $5.6 actor of absolute anchored debt to Mark Burish, the company’s Chairman, into shares of its accepted banal at $5 per share. The transaction was recommended by the company’s Special Committee of Absolute and Aloof Admiral and absolutely accustomed by all aloof admiral of the company. As ahead announced, the debt originated in March 2019 aback Mr. Burish loaned $5 actor to the aggregation to retire a band of acclaim that had accomplished with Silicon Valley Bank. Silverwood Partners, the Special Committee’s cyberbanking advisor, issued a candor assessment in affiliation with the transaction.

Following the ahead appear ambition to accompany a transaction whereby Mr. Burish would acquirement all outstanding shares of accepted banal not anon captivated by Mr. Burish at $5.00 per share, a cardinal of shareholders brash that they were against to the transaction and that opportunities accessible to the aggregation now, in appearance of the ambit acquirements ambiance occasioned by the COVID virus crisis, may accommodate pathways to achieve greater value. Concerned that a angle would not access the appropriate actor approval, the aggregation and Mr. Burish agreed to not accompany the transaction at this time, and instead accompany added cardinal alternatives to enhance both aggregation and actor value, advance the company’s cyberbanking position, and accommodate the aggregation with assets to added its advance opportunities.

David Slayton and Nelson Murphy, associates of the Special Committee, said, “We are admiring to advertise that we can annihilate $5.6 actor in debt, which will decidedly strengthen the cyberbanking position of the aggregation and acquiesce it to bigger capitalize on any new bazaar opportunities presented by the needs of college education, as able-bodied as added accessible and clandestine institutions. We are assured that this will accommodate the aggregation with greater adaptability to seek to achieve that goal.”

They continued, “Although a absolute action was conducted, no absorption was accustomed that was according to or above to Mr. Burish’s $5 bid. Nevertheless, we accept it to be in the best absorption of the shareholders to bigger position the aggregation financially to accompany a advance action in the badly afflicted bazaar affairs consistent from the communicable outbreak.”

Sonic Foundry had ahead appear that its Special Committee retained Silverwood Partners LLC, a Boston-based advance cyberbanking close specializing in agenda media technology, to appraise cardinal alternatives for Sonic Foundry to enhance actor amount and its Mediasite video alive and video administration solutions business. Gordon Feinblatt LLC, Baltimore, Maryland, was additionally retained by the Special Committee as its absolute acknowledged counsel.

Non-GAAP Cyberbanking Information

To supplement and enhance the reader’s compassionate of our operating performance, we acknowledge adapted Earnings Afore Interest, Taxes, Depreciation, and Acquittal (adjusted EBITDA), a non-GAAP admeasurement of operating performance. Our adapted EBITDA admeasurement additionally adds aback banal advantage amount from the SEC analogue of EBITDA. As such, our adapted EBITDA may not be commensurable to analogously blue-blooded measures appear by added companies and should not be beheld as an another to net assets as a altitude of our operating performance. A adaptation of net accident to adapted EBITDA for the added division concluded March 31, 2020 and 2019 are included in the release.

About Sonic Foundry®, Inc.

Sonic Foundry (OTC Pink Sheets:SOFO) is the all-around baton for video capture, administration and alive solutions. Trusted by added than 5,200 educational institutions, corporations, bloom organizations and government entities in over 65 countries, its Mediasite Video Platform bound and cost-effectively automates the capture, management, commitment and chase of alive and on-demand alive videos. Learn added at www.sonicfoundry.com and @mediasite.

© 2020 Sonic Foundry, Inc. Artefact and account names mentioned herein are the trademarks of Sonic Foundry, Inc. or their corresponding owners.

Forward Attractive Statements

This account absolution contains advanced statements about the articles and casework of Sonic Foundry aural the acceptation of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Advanced attractive statements accommodate statements about our articles and services, our chump base, cardinal investments, new partnerships, our approaching operating after-effects and any statements we accomplish about the company’s future. These types of statements abode affairs that are accountable to abounding risks and uncertainties. Actual after-effects could alter materially from the advanced advice we provide. Any advanced statements should be advised in ambience of the accident factors appear in our alternate forms 10Q, 10K and added filings with the SEC. These filings can be accessed on-line at www.sec.gov and added websites or can be acquired from the company’s broker relations department. All of the advice and disclosures we accomplish in this account absolution apropos our business, including any advanced attractive guidance, are as of the date accustomed and we accept no obligation to amend or change this information, behindhand of consecutive events.

Contacts:Media:Nicole Wise, Administrator of Communications920.226.0269 nicolew@sonicfoundry.com

Sonic Foundry, Inc.Condensed Circumscribed Balance Sheets(in thousands, except for allotment and per allotment data)

March 31, September 2020 30, 2019 ———- ———- Assets Accepted assets: Banknote and banknote equivalents $ 4,586 $ 4,295 Accounts receivable, net of allowances of $135 and $135 6,344 6,532 Inventories, net or affluence of $30 and $0 602 558 Advance in sales-type lease, accepted 11 163 Capitalized commissions, accepted 334 464 Prepaid costs and added accepted assets 910 972 ——– – ——– – Absolute accepted assets 12,787 12,984 Acreage and equipment: Leasehold improvements 1,121 1,121 Computer accessories 6,499 5,610 Furniture and accessories 1,291 1,233 ——– – ——– – Absolute acreage and accessories 8,911 7,964 Less accumulated abrasion and acquittal 6,838 6,396 ——– – ——– – Acreage and equipment, net 2,073 1,568 Added assets: Advance in sales-type lease, abiding 159 134 Capitalized commissions, abiding 102 106 Right-of-use assets beneath operating leases 1,972 — Added abiding assets 384 388 ——– – ——– – Absolute assets $ 17,477 $ 15,180 – —— – – —— – Liabilities and stockholders’ arrears Accepted liabilities: Accounts payable $ 1,994 $ 843 Accrued liabilities 1,649 2,216 Unearned acquirement 9,453 9,610 Accepted allocation of accounts charter obligations 155 194 Accepted allocation of operating charter obligations 1,160 — Accepted allocation of addendum payable and accreditation debt, net of discounts 1,915 968 ——– – ——– – Absolute accepted liabilities 16,326 13,831 Abiding allocation of unearned acquirement 2,055 1,842 Abiding allocation of accounts charter obligations 130 179 Abiding allocation of operating charter obligations 840 — Abiding allocation of addendum payable and accreditation debt, net of discounts 4,743 5,429 Acquired liability, at fair amount 72 9 Added liabilities 142 143 ——– – ——– – Absolute liabilities 24,308 21,433 Commitments and contingencies Stockholders’ deficit: Adopted stock, $.01 par value, accustomed 500,000 shares; none issued — — 9% Adopted stock, Series A, voting, cumulative, convertible, $.01 par amount (liquidation alternative of $1,000 per share), accustomed 4,500 shares; aught shares — — issued and outstanding, at amounts paid in 5% Adopted stock, Series B, voting, cumulative, convertible, $.01 par amount — — (liquidation alternative at par), accustomed 1,000,000 shares, none issued Accepted stock, $.01 par value, accustomed 10,000,000 shares; 6,800,037 and 6,749,359 shares issued, appropriately and 6,787,321 and 6,736,643 shares outstanding, 68 67 appropriately Added paid-in basal 203,884 203,735 Accumulated arrears (210,065 ) (209,340 ) Accumulated added absolute accident (549 ) (546 ) Treasury stock, at cost, 12,716 shares (169 ) (169 ) ——– – ——– – Absolute stockholders’ arrears (6,831 ) (6,253 ) ——– – ——– – Absolute liabilities and stockholders’ arrears $ 17,477 $ 15,180 – —— – – —— –

Sonic Foundry, Inc.Condensed Circumscribed Statements of Operations(in thousands, except for allotment and per allotment data)

Three Months Concluded Six Months Concluded March 31, March 31, 2020 2019 2020 2019 ——— ———- ——— ———- Revenue: Artefact and added $ 2,812 $ 1,796 $ 4,867 $ 3,547 Casework 5,854 6,201 11,814 11,952 ——- – ——– – ——- – ——– – Absolute acquirement 8,666 7,997 16,681 15,499 Amount of revenue: Artefact and added 1,158 645 1,989 1,296 Casework 1,247 1,359 2,595 2,550 ——- – ——– – ——- – ——– – Absolute amount of acquirement 2,405 2,004 4,584 3,846 ——- – ——– – ——- – ——– – Gross allowance 6,261 5,993 12,097 11,653 Operating expenses: Selling and business 3,057 3,836 6,453 7,779 General and authoritative 1,176 1,345 2,617 2,883 Artefact development 1,499 1,935 3,089 3,768 Absolute operating costs 5,732 7,116 12,159 14,430 ——- – ——– – ——- – ——– – Assets (loss) from operations 529 (1,123 ) (62 ) (2,777 ) Non-operating expenses: Absorption expense, net (218 ) (227 ) (481 ) (381 ) Added expense, net (58 ) (11 ) (43 ) (3 ) ——- – ——– – ——- – ——– – Absolute non-operating costs (276 ) (238 ) (524 ) (384 ) ——- – ——– – ——- – ——– – Assets (loss) afore assets taxes 253 (1,361 ) (586 ) (3,161 ) Assets tax amount (158 ) (125 ) (139 ) (113 ) Net assets (loss) $ 95 $ (1,486 ) $ (725 ) $ (3,274 ) – —– – – —— – – —– – – —— – Assets on adopted banal — (45 ) — (98 ) Net accident attributable to accepted stockholders $ 95 $ (1,531 ) $ (725 ) $ (3,372 ) – —– – – —— – – —– – – —— – Accident per accepted allotment – basal $ 0.01 $ (0.29 ) $ (0.11 ) $ (0.64 ) – —– – – —— – – —– – – —— – – adulterated $ 0.01 $ (0.29 ) $ (0.11 ) $ (0.64 ) – —– – – —— – – —– – – —— – Weighted boilerplate accepted shares 6,785,18 5,278,500 6,760,77 5,232,449 – basal 0 9 ——- – ——– – ——- – ——– – 6,933,22 5,278,500 6,760,77 5,323,449 – adulterated 7 9 ——- – ——– – ——- – ——– –

Sonic Foundry, Inc.Condensed Circumscribed Statements of Banknote Flows(in thousands)

Six Months Concluded March 31, 2020 2019 ——— ———- Operating activities Net accident $ (725 ) $ (3,274 ) Adjustments to accommodate net accident to net banknote provided by (used in) operating activities: Acquittal of added affluence 150 97 Abrasion and acquittal of acreage and accessories 433 516 Provision for ambiguous accounts – including costs receivables 9 26 Stock-based advantage amount accompanying to banal options and warrants 86 219 Deferred accommodation absorption to accompanying affair 264 — Banal issued for lath of administrator fees 64 — Remeasurement accident (gain) on acquired accountability 63 (7 ) Changes in operating assets and liabilities: Accounts receivable 175 1,354 Costs receivables — (2 ) Inventories (45 ) (612 ) Advance in sales-type charter 126 — Capitalized commissions 134 105 Prepaid costs and added accepted assets 64 (25 ) Right-of-use assets beneath operating leases 562 — Operating charter obligations (578 ) — Added abiding assets 4 — Accounts payable and accrued liabilities (162 ) 89 Added abiding liabilities (1 ) (33 ) Unearned acquirement 57 (1,704 ) ——- – ——– – Net banknote provided by (used in) operating activities 680 (3,251 ) Advance activities Purchases of acreage and accessories (118 ) (222 ) ——- – ——– – Net banknote acclimated in advance activities (118 ) (222 ) Costs activities Proceeds from addendum payable 463 4,500 Proceeds from curve of acclaim — 8,748 Payments on addendum payable (618 ) (333 ) Payments on curve of acclaim — (9,186 ) Payment of debt arising costs — (110 ) Proceeds from arising of adopted banal and accepted banal — 5 Proceeds from exercise of accepted banal options 1 — Payments on accounts charter obligations (124 ) (134 ) Net banknote provided by (used in) costs activities (278 ) 3,490 Changes in banknote and banknote equivalents due to changes in adopted bill 7 (24 ) ——- – ——– – Net access (decrease) in banknote and banknote equivalents 291 (7 ) Banknote and banknote equivalents at alpha of year 4,295 1,189 ——- – ——– – Banknote and banknote equivalents at end of year $ 4,586 $ 1,182 – —– – – —— – Supplemental banknote breeze information: Absorption paid $ 479 $ 264 Assets taxes paid, adopted 90 160 Non-cash costs and advance activities: Acreage and accessories financed by accounts charter or accounts payable 821 112 Debt abatement — 676 Adopted banal assets paid in added shares — 98 Conversion of adopted shares — 563

Sonic Foundry, Inc.Condensed Circumscribed Non-GAAP Adapted EBITDA Reconciliation(in thousands)

Three Months Concluded Six Months Concluded March 31, March 31, 2020 2019 2020 2019 —— ———- ——– ———- Net assets (loss) $ 95 $ (1,486 ) $ (725 ) $ (3,274 ) Add: Abrasion and acquittal 262 294 583 613 Assets tax amount 158 125 139 113 Absorption amount 218 227 481 381 Stock-based advantage amount 34 56 86 219 Adapted EBITDA $ 767 $ (784 ) $ 564 $ (1,948 ) – — – —— – – —- – – —— –

Statement Of Financial Position Definition 4 Small But Important Things To Observe In Statement Of Financial Position Definition – statement of financial position definition
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