v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 159 $ 376
Accounts receivable, net of allowances of $11 370 647
Notes receivable, net of reserves of $0 and $924, respectively 7,143 3,617
Other current assets 1,005 2,724
Current assets of discontinued operations 5,933
Total current assets 8,677 13,297
Property and equipment, net 104 38
Customer lists, net 825 991
Tradenames, net 314 314
Cost method investment 340
Other assets 8 108
Non-current assets of discontinued operations 1,368
Total assets 9,928 16,456
Current Liabilities:    
Accounts payable 3,856 4,524
Accrued expenses 5,209 5,676
Deferred revenue 867 3,209
Income taxes payable 59 15
Bank debt, current portion 216 114
Notes payable, related parties 368 75
Derivative financial instruments 2,144 3,379
Term loans, current portion, net of debt discount 7,572 11,013
Current liabilities of discontinued operations 3,284 5,798
Total current liabilities 23,575 33,803
Long-term Liabilities:    
Deferred income taxes 56 239
Term loans, net of current portion, net of debt discount 1,058
Derivative financial instruments 17,131 16,651
Total long-term liabilities 17,187 20,969
Total Liabilities 40,762 54,772
Commitments and Contingencies
Total temporary equity 856 887
Stockholders' Deficit:    
Common stock; $0.0001 par value; 1,000,000,000 shares authorized; 214,379,677 and 9,338,286 issued and 214,379,339 and 9,337,948 outstanding as of September 30, 2018 and December 31, 2017, respectively 21 2
Common stock warrants, no par 37 37
Treasury stock, at cost - 338 shares as of September 30, 2018 and December 31, 2017 (2) (2)
Additional paid-in capital 160,711 154,628
Accumulated deficit (191,812) (193,319)
Total InterCloud Systems, Inc. stockholders' deficit (31,045) (38,654)
Non-controlling interest (645) (549)
Total stockholders' deficit (31,690) (39,203)
Total liabilities and stockholders' deficit 9,928 16,456
Series M Preferred stock    
Long-term Liabilities:    
Total temporary equity
Stockholders' Deficit:    
Preferred Stock 3,021
Series K Preferred Stock    
Long-term Liabilities:    
Total temporary equity 735 735
Series L Preferred Stock    
Long-term Liabilities:    
Total temporary equity 121 152
Series J Preferred Stock    
Stockholders' Deficit:    
Preferred Stock

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Statements of Operations [Abstract]        
Revenues $ 1,437 $ 3,169 $ 7,659 $ 9,332
Operating expenses:        
Cost of revenue 869 1,953 4,817 6,457
Depreciation and amortization 73 48 203 283
Salaries and wages 606 1,536 2,169 4,456
Selling, general and administrative 677 750 2,102 4,214
Goodwill impairment charge 621
Intangible asset impairment charge 162
Total operating expenses 2,225 4,287 9,291 16,193
Loss from operations (788) (1,118) (1,632) (6,861)
Other income (expenses):        
Change in fair value of derivative instruments 1,908 3,194 6,127 (351)
Change in fair value of Series M preferred stock     171  
Interest expense (188) (1,795) (1,117) (7,352)
Loss on extinguishment of debt, net (349) (4,414) (2,255) (5,468)
Loss on disposal of subsidiary   (6,043)
Other income (expense) 852 (1,350) 213 (1,471)
Total other income (expense) 2,223 (4,365) 3,139 (20,685)
Income (loss) from continuing operations before income taxes 1,435 (5,483) 1,507 (27,546)
Provision for (benefit from) income taxes 15 (31) (138) (389)
Net income (loss) from continuing operations 1,420 (5,452) 1,645 (27,157)
Loss on discontinued operations, net of tax   (77) (234) (4,687)
Net income (loss) 1,420 (5,529) 1,411 (31,844)
Net loss attributable to non-controlling interest 95 31 96 166
Net income (loss) attributable to InterCloud Systems, Inc. common stockholders $ 1,515 $ (5,498) $ 1,507 $ (31,678)
Basic net income (loss) per share attributable to InterCloud Systems, Inc. common stockholders:        
Net income (loss) from continuing operations $ 0.01 $ (1.26) $ 0.03 $ (18.74)
Net loss on discontinued operations, net of taxes (0.02) (0.01) (2.77)
Net income (loss) per share 0.01 (1.28) 0.02 (21.51)
Diluted net loss per share attributable to InterCloud Systems, Inc. common stockholders:        
Net loss from continuing operations (0.00) (1.26) (0.00) (18.74)
Net loss on discontinued operations, net of taxes (0.02) (0.00) (2.77)
Net loss per share $ (0.00) $ (1.28) $ (0.00) $ (21.51)
Basic weighted average common shares outstanding 115,333,855 4,360,495 49,918,495 1,690,699
Diluted weighted average common shares outstanding 6,674,442,901 4,360,495 7,933,253,535 1,690,699

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income (loss) $ 1,411 $ (31,844)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on discontinued operations 6 4,687
Depreciation and amortization 203 283
Amortization of debt discount and deferred debt issuance costs 217 4,598
Stock compensation for services 106 1,828
Change in fair value of derivative instruments (6,127) 351
Deferred income taxes (183) (464)
Loss on extinguishment of debt 2,255 5,468
Change in fair value of Series M preferred stock (171)
Loss on disposal of subsidiary 6,043
Provision for bad debts (10)
Issuance of shares to non-employees for services 12
Goodwill impairment charge 621
Intangible asset impairment charge 162
Changes in operating assets and liabilities:    
Accounts receivable 1,971 15
Other assets 354 (1,403)
Accounts payable and accrued expenses (188) 5,315
Income taxes 44 40
Deferred revenue (2,342) 527
Net cash used in operating activities of continuing operations (2,443) (3,771)
Net cash provided by operating activities of discontinued operations 341 2,699
Net cash used in operating activities (2,102) (1,072)
Cash flows from investing activities:    
Cash received from the sale of the ADEX Entities 1,850
Restricted cash received from the sale of the ADEX Entities 900
Proceeds from assignment of loan receivable 238
Purchases of equipment (103) (24)
Issuance of notes receivable (201)
Cash proceeds from sale of Highwire 4,000
Cash proceeds from sale of SDNE 1,134
Net cash paid upon disposal of the AWS Entities (105)
Net cash paid upon the disposal of Nottingham (8)
Net cash provided by (used in) investing activities of continuing operations 2,885 4,796
Net cash provided by investing activities of discontinued operations (5)
Net cash provided by investing activities 2,885 4,791
Cash flows from financing activities:    
Proceeds from bank borrowings 796 15
Repayments of bank borrowings (694) (5)
Proceeds from term loans 25 380
Debt issuance costs on new term loans (50)
Repayment of term loans (511) (916)
Proceeds from related party loans 475
Repayments of related party loans (182)
Term loan-related repayments from proceeds of sale of the ADEX Entities (909)
Term loan-related repayments from proceeds of sale of Highwire (3,625)
Repayments of receivables purchase agreements (480)
Cancellations of shares issued for interest (1)
Net cash used in financing activities (1,000) (4,682)
Net decrease in cash (217) (963)
Cash, beginning of period 376 1,790
Cash, end of period 159 827
Supplemental disclosures of cash flow information:    
Cash paid for interest 63 189
Cash paid for income taxes 2 42
Non-cash investing and financing activities:    
Issuance of shares of common stock pursuant to conversion of debt 4,444 13,886
Addition to debt discount 70 2,387
Conversion of accounts payable into term loan 150
Issuance of shares of common stock pursuant to S-8 registration statement 279
Issuance of shares of common stock pursuant to conversion of Series M preferred stock 600
Issuance of shares of common stock pursuant to conversions of a settlement agreement 156
Repayments of term loans and accrued interest using restricted cash received from the sale of the ADEX Entities 900
Issuance of shares of Series J preferred stock pursuant to conversion of related-party debt $ 4,917

Source