v3.6.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash $ 1,790 $ 7,944
Accounts receivable, net of allowances of $914 and $1,290, respectively 13,952 16,616
Inventory, net of reserves of $84 and $0, respectively 165 1,181
Loans receivable, net of reserves of $891 and $0, respectively 382 400
Other current assets 2,100 2,321
Current assets of discontinued operations 91
Total current assets 18,389 28,553
Property and equipment, net 533 659
Goodwill by Segment 23,368 23,658
Customer lists, net 8,589 9,744
Tradenames 3,178 3,178
Other intangible assets, net 256 3,791
Investment 800
Other assets 256 96
Non-current assets of discontinued operations 21,752
Total assets 54,569 92,231
Current Liabilities:    
Accounts payable 10,907 7,932
Accrued expenses 10,721 10,787
Deferred revenue 3,058 5,145
Income taxes payable 53 653
Bank debt, current portion 121 131
Notes payable, related parties 9,531 11,103
Contingent consideration 515
Derivative financial instruments 1,749 408
Term loans, current portion, net of debt discount 21,147 3,787
Current liabilities of discontinued operations 5
Total current liabilities 57,802 39,951
Long-term Liabilities:    
Notes payable, related parties, net of current portion 8,632 8,183
Deferred income taxes 1,002 909
Term loans, net of current portion, net of debt discount 1,860 30,258
Derivative financial instruments 1,316 17,130
Total long-term liabilities 12,810 56,480
Total Liabilities 70,612 96,431
Commitments and Contingencies (Note 15)
Stockholders' Deficit:    
Common stock; $0.0001 par value; 500,000,000 shares authorized; 114,067,218 and 29,461,377 issued and 112,840,013 and 29,032,622 outstanding as of December 31, 2016 and2015, respectively 11 3
Common stock warrants, no par 1,727 259
Treasury stock, at cost - 1,227,205 and 428,755 shares at December 31, 2016 and 2015, respectively (1)
Additional paid-in capital 130,860 117,706
Accumulated deficit (148,983) (122,500)
Total InterCloud Systems, Inc. stockholders' deficit (16,386) (4,532)
Non-controlling interest 343 332
Total stockholders' deficit (16,043) (4,200)
Total liabilities and stockholders' deficit $ 54,569 $ 92,231

Source

v3.6.0.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Statements Of Operations [Abstract]    
Service revenue $ 69,625 $ 58,233
Product revenue 8,375 15,875
Total revenue 78,000 74,108
Cost of revenue 58,195 53,864
Gross profit 19,805 20,244
Operating expenses:    
Depreciation and amortization 2,113 3,385
Salaries and wages 18,061 23,056
Selling, general and administrative 13,682 10,410
Goodwill impairment charge 1,114 10,907
Intangible asset impairment charge 3,459 675
Change in fair value and gain on contingent consideration (2,243)
Total operating expenses 38,429 46,190
Loss from operations (18,624) (25,946)
Other income (expenses):    
Change in fair value of derivative instruments 17,545 (9,400)
Loss on settlement of contingent consideration (205)
Interest expense (13,784) (9,397)
Gain (loss) on conversion of debt 416 (1,148)
Loss on extinguishment of debt, net (9,587) (3,725)
Loss on investment in equity method investee (807)
Loss on disposal of subsidiary (326)
Loss on exchange of common stock (2,331)
Gain on modification of warrants 660
Other income (expense) (1,563) (388)
Total other expense (8,106) (25,934)
Loss from continuing operations before income taxes (26,730) (51,880)
Provision for (benefit from) income taxes 207 (1,345)
Net loss from continuing operations (26,937) (50,535)
Gain (loss) on discontinued operations, net of tax 465 (15,124)
Net loss (26,472) (65,659)
Net income attributable to non-controlling interest 11 103
Net loss attributable to InterCloud Systems, Inc. common stockholders $ (26,483) $ (65,762)
Basic loss per share attributable to InterCloud Systems, Inc. common stockholders:    
Net loss from continuing operations $ (0.64) $ (2.35)
Net income (loss) on discontinued operations, net of taxes 0.01 (0.70)
Net loss per share (0.63) (3.05)
Diluted loss per share attributable to InterCloud Systems, Inc. common stockholders:    
Net loss from continuing operations (0.64) (2.35)
Net income (loss) on discontinued operations, net of taxes 0.01 (0.70)
Net loss per share $ (0.63) $ (3.05)
Basic weighted average common shares outstanding 41,946,410 21,520,885
Diluted weighted average common shares outstanding 41,946,410 21,520,885

Source

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (26,472) $ (65,659)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net (income) loss from discontinued operations (465) 15,124
Depreciation and amortization 2,113 3,385
Provision for bad debts 55 233
Amortization of debt discount and deferred debt issuance costs 6,903 5,133
Loss on disposal of equipment 11
Stock compensation for services 3,385 8,213
Issuance of shares to non-employees for services 104 434
Loss on equity investment 23
Change in fair value of derivative instruments (17,545) 9,400
Shares issued to third party 5
Deferred income taxes (35) (1,224)
Gain (loss) on conversion of debt (416) 1,148
Loss on extinguishment of debt 9,587 3,725
Loss on exchange of shares 2,331
Change in fair value of contingent consideration (2,038)
Gain on modification of warrants (660)
Write off of investment in equity method investee 777
Reserve for loans to employees 891
Loss on disposal of subsidiary (326)
Goodwill impairment 1,114 10,907
Intangible asset impairment 3,459 675
Changes in operating assets and liabilities:    
Accounts receivable 3,049 2,479
Inventory 1,015 (149)
Other assets 503 (796)
Deferred revenue (2,086) 1,465
Accounts payable and accrued expenses 3,523 3,034
Income taxes payable (599) (528)
Net cash used in operating activities of continuing operations (11,443) (3,352)
Net cash provided by operating activities of discontinued operations 414 1,523
Net cash used in operating activities (11,029) (1,829)
Cash flows from investing activities:    
Purchases of equipment (128) (215)
Cash acquired upon acquisitions 112
Issuance of notes receivable (873) (900)
Net cash used in investing activities of continuing operations (889) (1,115)
Net cash provided by (used in) investing activities of discontinued operations 21,887 (369)
Net cash provided by (used in) investing activities 20,998 (1,484)
Cash flows from financing activities:    
Repayments of bank borrowings (10) (175)
Repayments of related party borrowings (25)
Proceeds from third-party borrowings 495 9,391
Repayments of third-party borrowings (15,083) (3,404)
Proceeds from third-party borrowings 1,474
Repayments of third-party borrowings (1,000)
Restricted cash applied to long term loans (2,000)
Repurchase of common shares 1
Net cash provided by (used in) financing activities (16,123) 5,787
Net increase (decrease) in cash (6,154) 2,474
Cash, beginning of year 7,944 5,470
Cash, end of year 1,790 7,944
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,012 2,277
Cash paid for income taxes 115 226
Non-cash investing and financing activities:    
Issuance of shares pursuant to conversion of debt 7,216 6,772
Addition to debt discount 3,042 9,243
Issuance of warrants pursuant to acquisition 36
Issuance of shares upon exercise of warrants 468
Issuance of warrant pursuant to JGB Waltham and JGB Concord amendment 972
Issuance of shares pursuant to extinguishment of debt 1,275
Issuance of shares pursuant to modification of debt 731
Issuance of shares pursuant to restructuring of debt 292
Issuance of shares upon conversion of related party debt 822
Additional note payable issued as part of related party debt modification 1,730
Conversion of accrued interest to note payable 450
Issuance of shares for earn out provisions related to prior year acquisitions 1,457
Issuance of shares pursuant to acquisitions 1,174
Issuance of shares in lieu of cash compensation 189
Issuance of shares for settlement of interest 343
Issuance of warrants for settlement of accounts payable 460 674
Issuance of warrants pursuant to bridge financing agreement 1,276
Issuance of shares for payout of incentives earned 50 288
Issuance of shares pursuant to loan covenants 828
Issuance of shares pursuant to bridge financing agreement $ 320

Source