Quarterly report pursuant to Section 13 or 15(d)

Document and Entity Information

v3.10.0.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2018
May 18, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name INTERCLOUD SYSTEMS, INC.  
Entity Central Index Key 0001128725  
Trading Symbol ICLD  
Amendment Flag true  
Amendment Description

InterCloud Systems, Inc., a Delaware corporation (the “Company”), is filing this Form 10-Q/A (“Form 10-Q/A”) to amend its Quarterly Report on Form 10-Q for the period ended March 31, 2018, originally filed with the Securities and Exchange Commission (the “SEC”) on May 21, 2018 (“Original Filing”), to restate its consolidated financial statements and related footnote disclosures for the three-month period ended March 31, 2018. 

 

Restatement Background

 

During the review process with respect to the Company’s unaudited condensed consolidated financial statements for the three and six months ended June 30, 2018, the Company:

  

  (1) Identified an error related to the fair value of a derivative related to a note receivable at the date of issuance.

 

  (2) Identified an error related to the fair value of a derivative related to a note receivable on March 31, 2018.

 

Impact on Financial Statements

 

The errors identified above had the following impact on the Company’s consolidated financial statements and related footnote disclosures for the three-month period ended March 31, 2018 included in the Original Filing:

 

  (1) The error related to the fair value of the derivative related to a note receivable at the date of issuance resulted in an overstatement of notes receivable in the amount of $2.1 million, an overstatement of $0.3 million of gain on discontinued operations, net of tax, and an overstatement of gain on fair value of change of derivative in the amount of $1.8 million for the first quarter of 2018.

 

  (2) The error related to the fair value of a derivative related to a note receivable at March 31, 2018 resulted in an  overstatement of notes receivable of $0.3 million as of March 31, 2018 and an overstatement of gain on change in fair value of derivative of $0.3 million for the period ended March 31, 2018.

 

No other changes have been made to the Quarterly Report except as noted above. This Amendment to the Quarterly Report speaks as of the original filing date of the Quarterly Report, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Quarterly Report except that changes have been made to the cover page, Note 2 – Restatement of Previously Issued Financial Statements, Note 3 – Going Concern Uncertainty, Note 5 – Notes Receivable and Note 16 – Discontinued Operations. In addition, in connection with the restatement, this Amendment reflects the revisions to Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of Part I. Otherwise, the Originally Filed Form 10-Q is restated herein in its entirety and no other information in the Originally Form Filed 10-Q is amended hereby. Disclosures and forward-looking information in this Amendment continue to speak as of the date of the Originally Filed Form 10-Q, and do not reflect events occurring after the filing of the Originally Filed Form 10-Q. Accordingly, this Amendment should be read in conjunction with our other filings made with the SEC after the filing of the Originally Filed Form 10-Q, including any amendments to those filings.

 
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Mar. 31, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   18,601,633