v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Current Assets:    
Cash $ 2,622 $ 7,944
Accounts receivable, net of allowances of $1,104 and $1,290, respectively 16,884 16,616
Inventories, net 350 1,181
Loans receivable 1,435 400
Other current assets 6,368 2,321
Current assets of discontinued operations 91
Total current assets 27,659 28,553
Property and equipment, net 620 659
Goodwill 25,047 23,658
Intangible assets, net 16,067 16,713
Investment 777 800
Other assets 247 96
Non-current assets of discontinued operations 21,752
Total assets 70,417 92,231
Current Liabilities:    
Accounts payable 11,897 7,932
Accrued expenses 12,470 10,787
Deferred revenue 3,900 5,145
Income taxes payable 29 653
Bank debt, current portion 123 131
Notes, related parties, current portion 10,371 11,103
Contingent consideration 865
Derivative financial instruments 1,287 408
Term loans, current portion, net of debt discount 6,613 3,787
Current liabilities of discontinued operations 5
Total current liabilities 47,555 39,951
Long-term Liabilities:    
Notes, related parties, net of current portion 8,820 8,183
Deferred income taxes 1,002 909
Term loans, net of current portion and debt discount 18,359 30,258
Derivative financial instruments 3,094 17,130
Total long-term liabilities 31,275 56,480
Total liabilities 78,830 96,431
Commitments and contingencies
Stockholders' deficit:    
Common stock; $0.0001 par value; 500,000,000 shares authorized; 51,919,677 and 29,461,377 issued and 51,292,472 and 29,032,622 shares outstanding as of September 30, 2016 and December 31, 2015, respectively 5 3
Common stock warrants; 190,609 warrants outstanding as of September 30, 2016 and December 31, 2015, no par 1,727 259
Treasury stock; at cost; 627,205 and 428,755 shares as of September 30, 2016 and December 31, 2015, respectively (1)
Additional paid-in capital 127,658 117,706
Accumulated deficit (138,156) (122,500)
Total InterCloud Systems, Inc. stockholders' deficit (8,767) (4,532)
Non-controlling interest 354 332
Total stockholders' deficit (8,413) (4,200)
Total liabilities, non-controlling interest and stockholders' deficit $ 70,417 $ 92,231

Source

v3.5.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Statements Of Operations [Abstract]        
Service revenue $ 17,192 $ 14,585 $ 52,663 $ 44,351
Product revenue 2,361 3,034 7,113 11,065
Total revenue 19,553 17,619 59,776 55,416
Cost of revenue 13,940 12,755 44,530 41,089
Gross profit 5,613 4,864 15,246 14,327
Operating expenses:        
Depreciation and amortization 565 926 1,677 2,797
Salaries and wages 5,088 4,017 13,399 17,378
Selling, general and administrative 3,757 3,202 11,826 8,522
Change in fair value of contingent consideration (1,633) (2,003)
Total operating expenses 9,410 6,512 26,902 26,694
Loss from operations (3,797) (1,648) (11,656) (12,367)
Other income (expenses):        
Change in fair value of derivative instruments 11,191 927 15,987 731
Loss on settlement of contingent consideration (205)
Interest expense (2,833) (2,054) (10,966) (7,009)
Gain (loss) on conversion of debt 68 (35) 416 (1,148)
(Loss) gain on extinguishment of debt (1,630) 636 (9,442) (2,324)
Gain (loss) on modification of debt 1 (2,991)
Loss on exchange of shares (2,331)
Loss on investment in unconsolidated equity investment (1) (23)
Other income (expenses), net (927) (2) (244) (73)
Total other income (expenses) 5,868 (527) (4,279) (15,350)
Income (loss) from operations before benefit from income taxes 2,071 (2,175) (15,935) (27,717)
Provision for (benefit from) income taxes 48 220 164 (1,004)
Net income (loss) from continuing operations 2,023 (2,395) (16,099) (26,713)
Net (loss) income on discontinued operations, net of tax (496) 465 (858)
Net income (loss) 2,023 (2,891) (15,634) (27,571)
Net (income) loss attributable to non-controlling interest 44 17 (22) (134)
Net income (loss) attributable to InterCloud Systems, Inc. common stockholders $ 2,067 $ (2,874) $ (15,656) $ (27,705)
Basic income (loss) per share attributable to InterCloud Systems, Inc. common stockholders:        
Net income (loss) from continuing operations $ 0.06 $ (0.1) $ (0.49) $ (1.31)
Net income (loss) on discontinued operations, net of tax (0.02) 0.01 (0.04)
Net income (loss) per share 0.06 (0.12) (0.48) (1.35)
Diluted income (loss) per share attributable to InterCloud Systems, Inc. common stockholders:        
Net income (loss) from continuing operations 0 (0.1) (0.49) (1.31)
Net income (loss) on discontinued operations, net of tax 0 (0.02) 0.01 (0.04)
Net income (loss) per share $ 0 $ (0.12) $ (0.48) $ (1.35)
Basic weighted average common shares outstanding 37,012,538 23,431,871 32,778,597 20,529,686
Diluted weighted average common shares outstanding 101,702,563 23,431,871 32,778,597 20,529,686

Source

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (15,634) $ (27,571)
Adjustments to reconcile net loss to net cash used in operating activities:    
(Income) loss from discontinued operations (465) 858
Depreciation and amortization 1,677 2,797
Provision for bad debts 135 15
Amortization of debt discount 5,340 3,950
Loss on disposal of equipment 14
Stock compensation for services 2,359 6,934
Issuance of shares to non-employees for services 189 434
Shares issued to third party 5
Change in fair value of derivative instruments (15,987) (731)
Deferred income taxes (35) (1,131)
Loss on settlement of contingent consideration 205
Change in fair value of contingent consideration (2,003)
(Gain) loss on conversion of debt (416) 1,148
Loss on extinguishment of debt 9,442 2,324
Loss on modification of debt 2,991
Loss on exchange of shares 2,331
Loss on investment in unconsolidated equity investment 23
Changes in operating assets and liabilities:    
Accounts receivable 1,615 1,784
Inventory 831 (823)
Other assets (4,178) 586
Accounts payable and accrued expenses 3,441 2,370
Deferred revenue (1,245) (84)
Net cash used in operating activities of continuing operations (12,908) (3,597)
Net cash provided by operating activities of discontinued operations 413 1,591
Net cash used in operating activities (12,495) (2,006)
Cash flows from investing activities:    
Purchases of equipment (124) (88)
Capitalization of software costs (300)
Issuance of notes receivable (1,035) (703)
Cash received for acquired assets 112
Net cash used in investing activities of continuing operations (1,047) (1,091)
Net cash provided by (used in) investing activities of discontinued operations 21,887 (611)
Net cash provided by (used in) investing activities 20,840 (1,702)
Cash flows from financing activities:    
Repayments of bank borrowings (8) (171)
Proceeds from notes and loans payable 495 5,006
Repayments of notes and loans payable (14,154) (2,715)
Repayment of related party borrowings (25)
Net cash (used in) provided by financing activities (13,667) 2,095
Net change in cash (5,322) (1,613)
Cash, beginning of period 7,944 5,470
Cash, end of period 2,622 3,857
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,011 1,711
Cash paid for income taxes 125 177
Non-cash investing and financing activities:    
Issuance of shares pursuant to conversion of debt 5,035 5,560
Issuance of shares pursuant to modification of debt 921
Issuance of shares pursuant to extinguishment of debt 1,085
Issuance of shares pursuant to restructuring of debt 292
Issuance of shares upon conversion of related party debt 1,334
Issuance of shares pursuant to acquisition 1,173
Additional note payable issued as part of related party debt modification 1,728
Addition to debt discount 2,941 7,020
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 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 warrants pursuant to JGB Waltham and JGB Concord amendment 972
Issuance of warrants pursuant to acquisition 36
Issuance of shares for payout of incentives earned 50 288
Issuance of shares in lieu of cash compensation 189
Issuance of shares pursuant to loan covenants 828
Issuance of shares pursuant to bridge financing agreement $ 320 $ 0

Source