v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 364 $ 376
Accounts receivable, net of allowances of $800 and $696 respectively 340 647
Loans receivable, net of reserves of $924 and $924, respectively 8,708 3,617
Other current assets 1,179 2,724
Current assets of discontinued operations 2 5,933
Total current assets 10,593 13,297
Property and equipment, net 31 38
Restricted cash 900
Customer lists, net 940 991
Tradenames, net 314 314
Cost method investment 340
Other assets 8 108
Non-current assets of discontinued operations 1,368
Total assets 12,786 16,456
Current Liabilities:    
Accounts payable 4,267 4,524
Accrued expenses 4,332 5,676
Deferred revenue 534 3,209
Income taxes payable 33 15
Bank debt, current portion 112 114
Notes payable, related parties 532 75
Derivative financial instruments 2,804 3,379
Term loans, current portion, net of debt discount 9,932 11,013
Current liabilities of discontinued operations 3,182 5,798
Total current liabilities 25,728 33,803
Long-term Liabilities:    
Deferred income taxes 60 239
Term loans, net of current portion, net of debt discount 269 1,058
Derivative financial instruments 15,452 16,651
Total long-term liabilities 18,753 20,969
Total Liabilities 44,481 54,772
Commitments and Contingencies
Stockholders' Deficit:    
Common stock; $0.0001 par value; 1,000,000,000; 16,212,154 and 9,338,286 issued and 16,211,816 and 9,337,948 outstanding as of March 31, 2018 and December 31, 2017, respectively 2 2
Common stock warrants, no par 37 37
Treasury stock, at cost - 338 shares as of March 31, 2018 and December 31, 2017 (2) (2)
Additional paid-in capital 155,994 154,628
Accumulated deficit (188,055) (193,319)
Total InterCloud Systems, Inc. stockholders' deficit (32,024) (38,654)
Non-controlling interest (558) (549)
Total stockholders' deficit (32,582) (39,203)
Total liabilities and stockholders' deficit 12,786 16,456
Series M preferred stock    
Long-term Liabilities:    
Total temporary equity 2,972 3,021
Series K Preferred Stock    
Long-term Liabilities:    
Total temporary equity 735 735
Series L Preferred Stock    
Long-term Liabilities:    
Total temporary equity 152 152
Series J Preferred Stock    
Stockholders' Deficit:    
Preferred Stock

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Statements of Operations [Abstract]    
Revenue $ 4,765 $ 5,487
Cost of revenue 2,983 4,014
Gross profit 1,782 1,473
Operating expenses:    
Depreciation and amortization 59 188
Salaries and wages 729 1,672
Selling, general and administrative 835 2,027
Total operating expenses 1,623 3,887
Income (loss) from operations 159 (2,414)
Other income (expenses):    
Change in fair value of derivative instruments 6,302 (2,424)
Change in fair value of Series M preferred stock 49
Interest expense (423) (4,274)
Loss on extinguishment of debt, net (473) (1,171)
Other expense (625) (37)
Total other expense 4,830 (7,906)
Income (loss) from continuing operations before income taxes 4,989 (10,320)
Benefit from income taxes (164) (239)
Net income (loss) from continuing operations 5,153 (10,081)
Gain (loss) on discontinued operations, net of tax 102 (4,156)
Net income (loss) 5,255 (14,237)
Net loss attributable to non-controlling interest 9 17
Net income (loss) attributable to InterCloud Systems, Inc. common stockholders $ 5,264 $ (14,220)
Basic income (loss) per share attributable to InterCloud Systems, Inc. common stockholders:    
Net income (loss) from continuing operations $ 0.46 $ (14.24)
Net loss on discontinued operations, net of taxes 0.01 (5.87)
Net income (loss) per share 0.47 (20.10)
Diluted income (loss) per share attributable to InterCloud Systems, Inc. common stockholders:    
Net income (loss) from continuing operations 0.00 (14.24)
Net loss on discontinued operations, net of taxes 0.00 (5.87)
Net income (loss) per share $ 0.00 $ (20.10)
Basic weighted average common shares outstanding 11,173,549 708,174
Diluted weighted average common shares outstanding 230,979,608 708,174

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ 5,255 $ (14,237)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on discontinued operations 6 7,052
Depreciation and amortization 59 188
Amortization of debt discount and deferred debt issuance costs 116 3,059
Stock compensation for services 70 488
Change in fair value of derivative instruments (6,302) 2,424
Deferred income taxes (179) (249)
Loss on extinguishment of debt 473 1,171
Change in fair value of Series M preferred stock (49)
Provision for bad debts (10)
Issuance of shares to non-employees for services 12
Changes in operating assets and liabilities:    
Accounts receivable 1,889 2,881
Other assets 143 (85)
Accounts payable and accrued expenses (951) 1,345
Income taxes 18 10
Deferred revenue (2,675) (326)
Net cash (used in) provided by operating activities of continuing operations (2,127) 3,723
Net cash provided by (used in) operating activities of discontinued operations 105 (4,328)
Net cash used in operating activities (2,022) (605)
Cash flows from investing activities:    
Cash received from sale of the ADEX Entities 1,850
Restricted cash received from sale of the ADEX Entities 900
Proceeds from assignment of loan receivable 200
Purchases of equipment (24)
Issuance of notes receivable (40)
Cash proceeds from the sale of Highwire 4,000
Net cash provided by investing activities of continuing operations 2,950 3,936
Net cash used in investing activities of discontinued operations (5)
Net cash provided by investing activities 2,950 3,931
Cash flows from financing activities:    
Repayments of bank borrowings (2) (2)
Repayments of term loans (486) (285)
Proceeds from related party loans 475
Repayments of related party loans (18)
Term loan-related payments from proceeds of sale of the ADEX Entities (909)
Proceeds from term loans 70
Debt issuance costs on new term loans (50)
Term loan-related repayments from proceeds of sale of Highwire (3,625)
Proceeds from bank borrowings 15
Repayments of receivables purchase agreements (422)
Cancellations of shares issued for interest (1)
Net cash used in financing activities (940) (4,300)
Net decrease in cash (12) (974)
Cash, beginning of period 376 1,790
Cash, end of period 364 816
Supplemental disclosures of cash flow information:    
Cash paid for interest 36 92
Cash paid for income taxes 1 1
Non-cash investing and financing activities:    
Issuance of shares pursuant to conversion of debt 1,153 5,247
Addition to debt discount 70 1,801
Conversion of accounts payable into term loan 150
Issuance of shares of common stock pursuant to S-8 registration statement $ 144

Source