v3.7.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash $ 816 $ 1,790
Accounts receivable, net of allowances of $906 and $914, respectively 11,647 13,952
Inventory, net of reserves of $227 and $84, respectively 65 165
Loans receivable, net of reserves of $891 and $891, respectively 422 382
Other current assets 2,361 2,100
Total current assets 15,311 18,389
Property and equipment, net 462 533
Goodwill 17,068 23,368
Customer lists, net 8,227 8,589
Tradenames 2,491 3,178
Other intangible assets, net 66 256
Other assets 186 256
Total assets 43,811 54,569
Current Liabilities:    
Accounts payable 10,008 10,907
Accrued expenses 11,581 10,721
Deferred revenue 3,510 3,058
Income taxes payable 64 53
Bank debt, current portion 133 121
Notes payable, related parties 15,613 9,531
Contingent consideration 515 515
Derivative financial instruments 2,942 1,749
Term loans, current portion, net of debt discount 18,931 21,147
Total current liabilities 63,297 57,802
Long-term Liabilities:    
Notes payable, related parties, net of current portion 8,632
Deferred income taxes 754 1,002
Term loans, net of current portion, net of debt discount 2,209 1,860
Derivative financial instruments 2,195 1,316
Total long-term liabilities 5,158 12,810
Total Liabilities 68,455 70,612
Commitments and Contingencies
Stockholders' Deficit:    
Common stock; $0.0001 par value; 500,000,000 shares authorized; 488,929,872 and 114,067,218 issued and 487,375,998 and 112,840,013 outstanding as of March 31, 2017 and December 31, 2016, respectively 48 11
Common stock warrants, no par 2 1,727
Treasury stock, at cost - 1,553,874 and 1,227,205 shares at March 31, 2017 and December 31, 2016, respectively (1) (1)
Additional paid-in capital 138,184 130,860
Accumulated deficit (163,203) (148,983)
Total InterCloud Systems, Inc. stockholders' deficit (24,970) (16,386)
Non-controlling interest 326 343
Total stockholders' deficit (24,644) (16,043)
Total liabilities and stockholders' deficit $ 43,811 $ 54,569

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v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Statements of Operations [Abstract]    
Service revenue $ 13,763 $ 14,611
Product revenue 187 3,018
Total revenue 13,950 17,629
Cost of revenue 10,583 13,215
Gross profit 3,367 4,414
Operating expenses:    
Depreciation and amortization 442 556
Salaries and wages 3,275 4,106
Selling, general and administrative 2,971 3,294
Goodwill impairment charges 3,146
Intangible asset impairment charge 797
Total operating expenses 10,631 7,956
Loss from operations (7,264) (3,542)
Other income (expenses):    
Change in fair value of derivative instruments (2,424) 2,886
Interest expense (4,275) (4,715)
Gain on conversion of debt 348
Loss on extinguishment of debt, net (1,171) (843)
Loss on investment in equity method investee (29)
Gain on disposal of subsidiary 695
Other expense (37) (31)
Total other expense (7,212) (2,384)
Loss from continuing operations before income taxes (14,476) (5,926)
Provision for (benefit from) income taxes (239) 60
Net loss from continuing operations (14,237) (5,986)
Gain on discontinued operations, net of tax 1,663
Net loss (14,237) (4,323)
Net loss (income) attributable to non-controlling interest 17 15
Net loss attributable to InterCloud Systems, Inc. common stockholders $ (14,220) $ (4,308)
Loss per share attributable to InterCloud Systems, Inc. common stockholders, basic and diluted:    
Net loss from continuing operations $ (0.05) $ (0.20)
Net income on discontinued operations, net of taxes 0.06
Net loss per share $ (0.05) $ (0.14)
Weighted average common shares outstanding, basic and diluted 283,269,674 29,903,553

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (14,237) $ (4,323)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on discontinued operations 1,663
Provision for bad debts 93
Depreciation and amortization 442 556
Amortization of debt discount and deferred debt issuance costs 3,059 1,750
Stock compensation for services 488 677
Issuance of shares to non-employees for services 12 71
Change in fair value of derivative instruments 2,424 (2,886)
Deferred income taxes (249) 25
Goodwill impairment charges 3,146
Intangible asset impairment charge 797
Gain on conversion of debt (348)
Loss on extinguishment of debt 1,171 843
Gain on disposal of subsidiary (695)
Loss on investment in equity method investee 29
Changes in operating assets and liabilities:    
Accounts receivable 1,596 3,714
Inventory 100 599
Other assets (298) (2,683)
Accounts payable and accrued expenses 1,084 788
Income taxes 10 20
Deferred revenue 452 (903)
Net cash used in operating activities of continuing operations (605) (408)
Net cash used in operating activities of discontinued operations (2,828)
Net cash used in operating activities (605) (3,236)
Cash flows from investing activities:    
Purchases of equipment (29) (20)
Restricted cash (12,190)
Issuance of notes receivable (40) (223)
Proceeds from sale of subsidiary 4,000
Consideration paid for acquisitions, net of cash received 95
Net cash provided by (used in) investing activities of continuing operations 3,931 (12,338)
Net cash provided by investing activities of discontinued operations 21,887
Net cash provided by investing activities 3,931 9,549
Cash flows from financing activities:    
Proceeds from bank borrowings 15
Repayments of bank borrowings (2) (3)
Proceeds from term loans 70
Debt issuance costs on new term loans (50)
Term loan-related repayments from proceeds of sale of subsidiary (3,625)
Repayment of term loans (285) (1,161)
Repayments of receivables purchase agreements (422)
Cancellations of shares issued for interest (1)
Net cash used in financing activities (4,300) (1,164)
Net (decrease) increase in cash (974) 5,149
Cash, beginning of period 1,790 7,944
Cash, end of period 816 13,093
Supplemental disclosures of cash flow information:    
Cash paid for interest 92 2,082
Cash paid for income taxes 1 39
Non-cash investing and financing activities:    
Issuance of shares pursuant to conversion of debt 5,247 1,907
Issuance of warrants pursuant to acquisition 1,000
Addition to debt discount 1,801 1,350
Issuance of shares in lieu of cash compensation $ 206

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