v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 506 $ 376
Accounts receivable, net of allowances of $11 186 647
Notes receivable, net of reserves of $0 and $924, respectively 6,172 3,617
Other current assets 1,138 2,724
Current assets of discontinued operations 5,933
Total current assets 8,002 13,297
Property and equipment, net 80 38
Restricted cash 900
Customer lists, net 881 991
Tradenames, net 314 314
Cost method investment 340
Other assets 8 108
Non-current assets of discontinued operations 1,368
Total assets 10,185 16,456
Current Liabilities:    
Accounts payable 4,380 4,524
Accrued expenses 5,066 5,676
Deferred revenue 914 3,209
Income taxes payable 48 15
Bank debt, current portion 154 114
Notes payable, related parties 394 75
Derivative financial instruments 2,811 3,379
Term loans, current portion, net of debt discount 9,389 11,013
Current liabilities of discontinued operations 3,300 5,798
Total current liabilities 26,456 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 15,318 16,651
Total long-term liabilities 17,987 20,969
Total Liabilities 44,443 54,772
Commitments and Contingencies
Total temporary equity 887 887
Stockholders' Deficit:    
Common stock; $0.0001 par value; 1,000,000,000 shares authorized; 40,877,026 and 9,338,286 issued and 40,876,688 and 9,337,948 outstanding as of June 30, 2018 and December 31, 2017, respectively 4 2
Common stock warrants, no par 37 37
Treasury stock, at cost - 338 shares as of June 30, 2018 and December 31, 2017 (2) (2)
Additional paid-in capital 158,693 154,628
Accumulated deficit (193,327) (193,319)
Total InterCloud Systems, Inc. stockholders' deficit (34,595) (38,654)
Non-controlling interest (550) (549)
Total stockholders' deficit (35,145) (39,203)
Total liabilities and stockholders' deficit 10,185 16,456
Series M Preferred stock    
Long-term Liabilities:    
Total temporary equity 2,613 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

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Statements of Operations [Abstract]        
Revenue $ 1,457 $ 676 $ 6,222 $ 6,163
Cost of revenue 965 490 3,948 4,504
Gross profit 492 186 2,274 1,659
Operating expenses:        
Depreciation and amortization 71 47 130 236
Salaries and wages 834 1,248 1,563 2,920
Selling, general and administrative 590 1,437 1,425 3,464
Goodwill impairment charge 621 621
Intangible asset impairment charge 162 162
Total operating expenses 1,495 3,515 3,118 7,403
Loss from operations (1,003) (3,329) (844) (5,744)
Other income (expenses):        
Change in fair value of derivative instruments (24) (1,121) 4,219 (3,545)
Change in fair value of Series M preferred stock 122 171
Interest expense (506) (1,283) (929) (5,557)
(Loss) gain on extinguishment of debt, net (1,433) 117 (1,906) (1,054)
Loss on disposal of subsidiary (5,921) (6,043)
Other expense (14) (206) (639) (122)
Total other (expense) income (1,855) (8,414) 916 (16,321)
(Loss) income from continuing operations before income taxes (2,858) (11,743) 72 (22,065)
Provision for (benefit from) income taxes 11 (119) (153) (358)
Net (loss) income from continuing operations (2,869) (11,624) 225 (21,707)
Loss on discontinued operations, net of tax (454) (234) (4,610)
Net loss (2,869) (12,078) (9) (26,317)
Net (income) loss attributable to non-controlling interest (8) 121 1 138
Net loss attributable to InterCloud Systems, Inc. common stockholders $ (2,877) $ (11,957) $ (8) $ (26,179)
(Loss) income per share attributable to InterCloud Systems, Inc. common stockholders, basic and diluted:        
Net (loss) income from continuing operations $ (0.13) $ (9.67) $ 0.01 $ (22.69)
Net loss on discontinued operations, net of taxes (0.38) (0.01) (4.82)
Net loss per share $ (0.13) $ (10.04) $ 0.00 $ (27.51)
Weighted average common shares outstanding, basic and diluted 22,235,340 1,202,614 1,202,614 956,760

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (9) $ (26,317)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on discontinued operations 234 4,610
Depreciation and amortization 130 236
Amortization of debt discount and deferred debt issuance costs 193 3,644
Stock compensation for services 103 977
Change in fair value of derivative instruments (4,219) 3,545
Deferred income taxes (183) (398)
Loss on extinguishment of debt 1,906 1,054
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 2,167 595
Other assets 243 (2,632)
Accounts payable and accrued expenses 11 2,621
Income taxes 33
Deferred revenue (2,296) 1,964
Net cash used in operating activities of continuing operations (1,857) (3,273)
Net cash (used in) provided by operating activities of discontinued operations (97) 907
Net cash used in operating activities (1,760) (2,366)
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 (62) (24)
Issuance of notes receivable 63
Cash proceeds from sale of Highwire 4,000
Cash proceeds from sale of SDNE 422
Restricted cash proceeds from sale of SDNE 1,000
Net cash paid upon disposal of the AWS Entities (105)
Net cash paid upon the disposal of Nottingham (8)
Net cash provided by investing activities of continuing operations 2,926 5,348
Net cash used in investing activities of discontinued operations (5)
Net cash provided by investing activities 2,926 5,343
Cash flows from financing activities:    
Proceeds from bank borrowings 45
Repayments of bank borrowings (5) (4)
Repayment of term loans (486) (285)
Proceeds from related party loans 475
Repayments of related party loans (156)
Term loan-related repayments from proceeds of sale of the ADEX Entities (909)
Proceeds from term loans 70
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)
Debt issuance costs on new term loans (50)
Proceeds from bank borrowings 15
Net cash used in financing activities (1,036) (4,360)
Net decrease in cash 130 (1,383)
Cash, beginning of period 376 1,790
Cash, end of period 506 407
Supplemental disclosures of cash flow information:    
Cash paid for interest 57 152
Cash paid for income taxes 1 39
Non-cash investing and financing activities:    
Issuance of shares pursuant to conversion of debt 1,153 5,247
Addition to debt discount 70 1,826
Conversion of accounts payable into term loan 150
Issuance of shares of common stock pursuant to S-8 registration statement 251
Issuance of shares of common stock pursuant to conversion of Series M preferred stock $ 237

Source