We have installed our software with both Syngenta and Bayer and this past week, we debuted our Software as a Service or SAS version at a major genomics conference for plant and animal research. This edition targets a large market of individual users in the life sciences through a subscription based service. We have also become an Oracle Gold Partner which extends the reach of our sales and marketing efforts and validates that our Persephone software complies with Oracle database standards. In addition to our direct-to-market channel, we are also exploring packaging our software with other bioinformatic software providers.
Finally today, I’d like to provide you with a brief update on our calendar and upcoming milestones. In April, we will have an update on our plantings in Brazil. By July, we will have our seed sales results for our forage sorghum in the US as well as yield results from Brazil. We will also have a good indication of how the launch of our subscription service for our Persephone software is going. Along the way, we hope to make additional announcements regarding our business and product development progress. I will now turn the call over to our CFO Paul Kuc for an update on our financials.
Paul Kuc, Chief Financial Officer
Thank you Richard. Today, I’d like to provide you with a summary of our Fiscal First Quarter Results as well as our perspective on our working capital going forward, including funding available to us under Brazil’s PAISS Agricola program.
Our total revenues were $0.4 million compared to $0.8 million in the same period last year. This change was primarily due to the completion of work scheduled under various grants and collaborations and the resulting decrease in collaborative research in government grant revenue. As we noted in our press release today, we expect to recognize the majority of product revenues for the 2014 – 2015 season in Brazil during our fiscal third and fourth quarters.
In the first quarter, we also continued to see the benefit of our cost reduction initiatives. Our total cost and operating expenses decreased by $2.6 million to $6.4 million for the quarter ended November 30, 2014 compared to the same period last year, with reported decreased spending occurs in most categories.
Cost of product sales decreased by $0.9 million to $0.4 million. The decrease was primarily due to reduced operating expenses of $0.5 million and reduced personnel and related expenses in the US of $0.4 million. Research and development expenses decreased by $1.9 million to $2.5 million. In the US, research and development expenses decreased by $1.4 million primarily due to reduced personnel and related expenses as well as reduced external research and development expenses. In Brazil, R&D expenses decreased by $0.5 million primarily due to reduced personnel and related expenses and from reduction in the total number of research trials being conducted.
Selling, general and administrative expenses increased by $0.2 to $3.4 million. The increase was primarily due to increased personnel and related expenses in Brazil.
Our net loss for the first quarter of fiscal year 2015 was $6 million compared to a net loss of $8.2 million for the same period last fiscal year. We ended the quarter with $21.6 million in cash and cash equivalents and marketable securities.
I’d like to provide you now with a brief update on the PAISS Agricola program in Brazil. As you may recall, PAISS provides funding for transformational technologies in agriculture with a combination of low interest loans as well as competitive grants. Since our announcement in July, we have completed the application process and have received approval in principle for the grant and the credit facility. Subject to the completion of the final project plan review and customer documentation, we expect to draw the first tranche of the grant during our current fiscal quarter.
