v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash $ 681 $ 1,781
Accounts receivable, net of allowances of $696 and $412 respectively 6,234 9,856
Loans receivable, net of reserves of $924 and $891, respectively 3,617 382
Other current assets 2,724 1,633
Current assets of discontinued operations 41 4,737
Total current assets 13,297 18,389
Property and equipment, net 44 346
Goodwill 16,987
Customer lists, net 1,751 4,521
Tradenames, net 908 3,178
Other intangible assets, net 256
Cost method investment 340
Other assets 116 240
Non-current assets of discontinued operations 10,652
Total assets 16,456 54,569
Current Liabilities:    
Accounts payable 4,652 6,459
Accrued expenses 8,008 9,660
Deferred revenue 3,209 1,947
Income taxes payable 15 53
Bank debt, current portion 114 121
Notes payable, related parties 75 9,531
Contingent consideration 515
Derivative financial instruments 3,379 1,749
Term loans, current portion, net of debt discount 11,013 21,147
Current liabilities of discontinued operations 3,338 6,620
Total current liabilities 33,803 57,802
Long-term Liabilities:    
Notes payable, related parties, net of current portion 8,632
Deferred income taxes 239 1,002
Term loans, net of current portion, net of debt discount 1,058 1,860
Derivative financial instruments 16,651 1,316
Total long-term liabilities 20,969 12,810
Total Liabilities 54,772 70,612
Commitments and Contingencies (Note 15)
Total temporary equity 887
Stockholders' Deficit:    
Common stock; $0.0001 par value; 1,000,000,000 and 500,000,000 shares authorized; 9,338,286 and 285,193 issued and 9,337,948 and 282,124 outstanding as of December 31, 2017 and 2016, respectively 92 2
Common stock warrants, no par 37 1,727
Treasury stock, at cost - 338 and 3,069 shares at December 31, 2017 and 2016, respectively (2) (1)
Additional paid-in capital 154,538 130,869
Accumulated deficit (193,319) (148,983)
Total InterCloud Systems, Inc. stockholders' deficit (38,654) (16,386)
Non-controlling interest (549) 343
Stockholders' (deficit) equity (39,203) (16,043)
Total liabilities and stockholders' deficit 16,456 54,569
Series J Preferred Stock [Member]    
Stockholders' Deficit:    
Preferred Stock
Series K Preferred Stock [Member]    
Long-term Liabilities:    
Total temporary equity 735
Series L Preferred Stock [Member]    
Long-term Liabilities:    
Total temporary equity 152
Series M Preferred Stock [Member]    
Long-term Liabilities:    
Total temporary equity $ 3,021

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v3.8.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Statements of Operations [Abstract]    
Revenue $ 34,520 $ 59,110
Cost of revenue 27,492 45,002
Gross profit 7,028 14,108
Operating expenses:    
Depreciation and amortization 559 1,326
Salaries and wages 6,412 13,856
Selling, general and administrative 6,966 11,443
Goodwill impairment charge 7,992
Intangible asset impairment charge 1,522
Total operating expenses 23,451 26,625
Loss from operations (16,423) (12,517)
Other income (expenses):    
Change in fair value of derivative instruments 3,530 17,545
Change in fair value of Series M preferred stock (6)
Interest expense (7,050) (13,754)
Gain on conversion of debt 416
Gain (loss) on extinguishment of debt, net (8,857) (9,587)
Loss on investment in equity method investee (807)
Loss on disposal of subsidiary (13,061) (326)
Other expense (2,138) (1,563)
Total other expense (27,582) (8,076)
Loss from continuing operations before (benefit from) provision for income taxes (44,005) (20,593)
(Benefit from) provision for income taxes (672) 207
Net loss from continuing operations (43,333) (20,800)
Loss on discontinued operations, net of tax (1,559) (5,672)
Net loss (44,892) (26,472)
Net (loss) income attributable to non-controlling interest (556) 11
Net loss attributable to InterCloud Systems, Inc. common stockholders $ (44,336) $ (26,483)
Loss per share attributable to InterCloud Systems, Inc. common stockholders, basic and diluted:    
Net loss from continuing operations $ (14.04) $ (19.82)
Net income (loss) on discontinued operations, net of taxes (0.51) (5.4)
Net loss per share $ (14.55) $ (25.23)
Weighted average common shares outstanding, basic and diluted 3,046,643 1,049,866

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (44,892) $ (26,472)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net (income) loss from discontinued operations 1,559 5,672
Depreciation and amortization 559 1,326
Provision for bad debts 675 30
Amortization of debt discount and deferred debt issuance costs 2,897 6,903
Stock compensation for services 634 3,385
Issuance of shares to non-employees for services 12 104
Loss on investment in equity method investee 23
Change in fair value of derivative instruments (3,530) (17,545)
Change in fair value of Series M preferred stock 6
Deferred income taxes (763) (35)
Gain (loss) on conversion of debt (416)
Loss on extinguishment of debt 8,857 9,587
Write off of investment in equity method investee 777
Reserve for loans to employees 891
Loss on disposal of subsidiary 4,620 (326)
Goodwill impairment 7,992
Intangible asset impairment 1,522
Changes in operating assets and liabilities:    
Accounts receivable 75 303
Other assets 132 813
Deferred revenue 769 (33)
Accounts payable and accrued expenses 3,948 1,713
Income taxes payable (38) (599)
Net cash used in operating activities of continuing operations (14,966) (13,899)
Net cash provided by operating activities of discontinued operations 13,208 2,870
Net cash used in operating activities (1,758) (11,029)
Cash flows from investing activities:    
Purchases of equipment (29) (93)
Disposal of vehicle 1
Issuance of notes receivable 484 (873)
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)
Cash received for acquired assets 112
Net cash provided by (used in) investing activities of continuing operations 5,477 (854)
Net cash provided by investing activities of discontinued operations 21,852
Net cash provided by investing activities 5,477 20,998
Cash flows from financing activities:    
Proceeds from bank borrowing 15
Repayments of bank borrowings (7) (10)
Proceeds from term loans 680 495
Proceeds from related-party loans 75
Repayments of term loans (1,475) (15,083)
Term loan-related payments from proceeds of sale of Highwire (3,625)
Repayments of receivables purchase agreements (481)
Cancellation of shares issued for interest (1)
Proceeds from third-party borrowings 1,474
Repayments of third-party borrowings (1,000)
Restricted cash applied to long term loans (2,000)
Repurchase of common shares 1
Net cash used in financing activities (4,819) (16,123)
Net decrease in cash (1,100) (6,154)
Cash, beginning of year 1,781 7,935
Cash, end of year 681 1,781
Supplemental disclosures of cash flow information:    
Cash paid for interest 232 3,012
Cash paid for income taxes 86 115
Non-cash investing and financing activities:    
Issuance of shares pursuant to conversion of debt 16,147 7,216
Addition to debt discount 2,387 3,042
Issuance of shares of Series J preferred stock pursuant to conversion of related-party debt 4,917
Issuance of shares of Series K preferred stock pursuant to conversion of term loan debt 735
Issuance of shares of Series L preferred stock pursuant to conversion of term loan debt 152
Issuance of shares of Series M preferred stock pursuant to cancellation of warrants 3,021
Acqusition of interest in SDN Systems, LLC 336
Issuance of warrants pursuant to acquisition 36
Issuance of warrant pursuant to JGB Waltham and JGB Concord amendment 972
Issuance of shares pursuant to acquisitions 1,174
Issuance of shares in lieu of cash compensation 189
Issuance of warrants for settlement of accounts payable 460
Issuance of shares for payout of incentives earned 50
Issuance of shares pursuant to loan covenants 828
Issuance of shares pursuant to bridge financing agreement $ 320

Source