Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.10.0.1
Subsequent Events
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS

 

Grant Thornton LLP Settlement and Release Agreement

 

On October 16,, 2018, InterCloud Systems, Inc. (the “Company”) entered a Settlement Agreement and Release (the “Settlement Agreement”) with Grant Thornton LLP (“Grant Thornton”) with respect to a lawsuit the Company filed against Grant Thornton in the Supreme Court of the State of New York, County of New York, and a lawsuit Grant Thornton filed against the Company, also in in the Supreme Court of the State of New York, County of New York. In the Settlement Agreement, the parties agreed to dismiss with prejudice all claims each party had asserted against the other. Neither party made any admission of liability, wrongdoing, or responsibility.

  

Forward Investments Promissory Note Conversions

 

During October 2018, the Company issued an aggregate of 114,223,960 shares of its common stock to Forward Investments upon conversion of $134 principal amount of promissory notes outstanding.

 

From November 1 through November 16, 2018, the Company issued an aggregate of 40,355,040 shares of its common stock to Forward Investments upon conversion of $34 principal amount of promissory notes outstanding.

  

Series M Preferred Stock Conversions

 

During October 2018, the Company issued an aggregate of 7,936,508 shares of its common stock to a third party upon the conversion of 3 shares of the Company’s Series M preferred stock held by the third party.

 

RAI Capital Conversions

 

During October 2018, the Company issued an aggregate of 66,100,000 shares of its common stock to RAI Capital upon the conversion of $113 of accrued expenses.

 

From November 1 through November 16, 2018, the Company issued an aggregate of 17,600,000 shares of its common stock to RAI Capital upon the conversion of $17 of accrued expenses.