[March 05, 2015] |
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Sysorex Reports Fourth Quarter and 2014 Financial Results
Sysorex (NASDAQ:SYRX), a global leader in big data analytics and
location-based mobile solutions, today reported financial results for
the fourth quarter and year ended December 31, 2014.
2014 Fourth Quarter Financial Highlights:
-
2014 revenue of $15 million
-
2014 gross margin of 29%
-
2014 GAAP net loss of $0.09 per share
-
Proforma Non-GAAP net loss1 of $0.05 per share
-
2014 Non-GAAP Adjusted EBITDA1 loss of $0.9 million
2014 Fiscal Year End Financial Highlights:
-
2014 revenue of $63 million
-
2014 gross margin of 30%
-
2014 GAAP net loss of $0.42 per share
-
Proforma Non-GAAP net loss1 of $0.14 per share
-
2014 Non-GAAP Adjusted EBITDA1 loss of $1.9 million
Nadir Ali, CEO of Sysorex stated: "I am proud of all that our team
achieved in 2014. We have successfully executed on our transformation
from a lower margin systems integrator to a higher margin technology
company delivering data analytics. Blending real world data and digital
data using our proprietary location-based technologies coupled with our
analytics products and services, we believe Sysorex is positioned to be
a leader in big data, security, and the Internet of Things."
2014 Fiscal Year End Financial Results
Revenue: Total revenue for the year ended December 31, 2014 was
$63 million, an increase of approximately 25% over 2013 total revenue of
$51 million. The increase is primarily due to the acquisitions we have
completed and excludes approximately $1 million in sales from our IT
commercial operating segment that was not recognized in the fourth
quarter as a result of a shipment that was delayed until the first week
of 2015. Total 2014 revenue included $52 million of IT commercial
revenue, $5 million of IT government revenue, $4 million of eSolutions
revenue, and $2 million of Location-based Technology revenue.
Gross Profit: Total gross profit for the year ended December 31,
2014 was $18.7 million, compared to $12.2 million in 2013. Gross margin
for 2014 was approximately 30% compared to approximately 24% for 2013.
The increase in gross margin is a result of our sales shifting to higher
margin products from recent acquisitions and an increase in revenue from
our data analytics and managed services in the IT commercial operating
segment.
Net Loss: GAAP net loss attributable to the stockholders for 2014
was $7.5 million, compared to a net loss of $4.3 million for 2013. GAAP
net loss per share for 2014 was $0.42, compared to a net loss per share
of $0.35 for 2013. The increase in net loss was primarily attributable
to the AirPatrol acquisition, amortization of intangibles, stock-based
compensation and other expenses related to being a public company.
Non-GAAP net loss1: 2014 pro-forma
non-GAAP net loss was $2.6 million, compared to a non-GAAP net income of
$132,000 for 2013. 2014 pro-forma non-GAAP net loss per share was $0.14,
compared to a non-GAAP net income per share of $0.01 for 2013. Non-GAAP
net loss or income per share is defined as net loss or income per basic
and diluted share adjusted for non-cash items including stock based
compensation, amortization of intangibles and one time charges including
gain on the settlement of obligations, acquisition costs and the costs
associated with the public offering.
Non-GAAP adjusted EBITDA1: Total
non-GAAP adjusted EBITDA was a loss of $1.9 million compared to income
of $569,000 for 2013. Non-GAAP adjusted EBITDA is defined as net income
(loss) before interest, provision for (benefit from) income taxes, and
depreciation and amortization plus adjustments for other income or
expense items, non-recurring items and non-cash stock-based compensation.
1 A reconciliation of GAAP to non-GAAP financial measures is
provided in the financial statement tables included in this press
release. An explanation of these measures is also included under the
heading "Non-GAAP Financial Measures."
2014 Business Highlights
-
Sysorex announces strategic partnership with Geneseo's subsidiary
ColoHub; Geneseo Completes $2M Strategic Investment in Sysorex.
-
Sysorex raises net proceeds of $17.7 million in a closing of its
initial public offering and uplists to the Nasdaq Capital Market.
-
Sysorex completes acquisition of AirPatrol Corporation.
-
Lilien Systems named to CIO Review's 100 most promising big data
companies for 2014.
-
AirPatrol joins Good Technology's Partner Eco-system.
-
AirPatrol announces support for Airwatch Enterprise Mobility
Management Platform.
-
AirPatrol received two patents for mobile location and security.
-
Lilien Systems joins FireEye Fuel Partner Program.
-
Sysorex named one of the largest Big Data firms in Seattle area and
announces $1.3 million in new Pacific Northwest projects.
-
Sysorex's next generation analytics solution wins customers in
biopharmaceuticals, fraud prevention and online gaming.
All results summarized in this press release (including the financial
statement tables) should be considered preliminary, are qualified in
their entirety by the financial statement tables included in this press
release and are subject to change. Please refer to Sysorex's Annual
Report on Form 10-K for the year ended December 31, 2014, which will be
filed with the Securities and Exchange Commission on or about March 26,
2015.
Conference Call Information
Management will host a conference call today, Thursday, March 5, 2015,
at 4:30pm Eastern Time to review financial results and corporate
highlights. Following management's formal remarks, there will be a
question and answer session.
To listen to the conference call, interested parties within the U.S.
should call 1-866-652-5200. International callers should call
+1-412-317-6060. All callers should ask for the Sysorex conference call.
The conference call will also be available through a live webcast at www.sysorex.com.
A replay of the call will be available approximately one hour after the
end of the call through April 6, 2015. The replay can be accessed via
Sysorex's website or by dialing 1-877-344-7529 (U.S.) or +1-412-317-0088
(international). The replay conference playback code is 10061604.
Forward-Looking Statements
All statements in this release that are not based on historical fact are
"forward looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the provisions of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. While management has based
any forward looking statements included in this release on its current
expectations, the information on which such expectations were based may
change. These forward looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties and other factors, many of which are outside of our
control, which could cause actual results to materially differ from such
statements. Such risks, uncertainties, and other factors include, but
are not limited to, the fluctuation of global economic conditions, the
performance of management and our employees, our ability to obtain
financing, competition, general economic conditions and other factors
that are to be detailed in our periodic and current reports available
for review at www.sec.gov.
Furthermore, we operate in a highly competitive and rapidly changing
environment where new and unanticipated risks may arise. Accordingly,
investors should not place any reliance on forward-looking statements as
a prediction of actual results. We disclaim any intention to, and
undertake no obligation to, update or revise forward-looking statements.
Non-GAAP Financial Measures
Management believes that certain financial measures not in accordance
with generally accepted accounting principles ("GAAP") are useful
measures of operations. EBIDTA, Adjusted EBITDA and pro forma net loss
per share are non-GAAP measures. Sysorex defines "EBITDA" as net income
(loss) before interest, provision for (benefit from) income taxes, and
depreciation and amortization. Management uses Adjusted EBITDA as the
matrix in which it manages the business and Sysorex defines "Adjusted
EBITDA" as EBITDA plus adjustments for other income or expense items,
non-recurring items and non-cash stock-based compensation. Sysorex
defines "pro forma net loss per share" as GAAP net loss per share
adjusted for stock-based compensation, amortization of intangibles and
one time non-recurring charges such as acquisition and offering costs.
Management provides Adjusted EBITDA and pro forma net loss per share
measures so that investors will have the same financial information that
management uses, which may assist investors in assessing Sysorex's
performance on a period-over-period basis. Adjusted EBITDA or pro forma
net loss per share is not a measure of financial performance under GAAP,
and should not be considered an alternative to net income (loss) or any
other measure of performance under GAAP, or to cash flows from
operating, investing or financing activities as an indicator of cash
flows or as a measure of liquidity. Adjusted EBITDA and pro forma net
loss per share have limitations as analytical tools and should not be
considered either in isolation or as a substitute for analysis of
Sysorex's results as reported under GAAP.
About Sysorex
Through focused, custom technology solutions, Sysorex (NASDAQ:SYRX)
provides cyber security, data analytics, cloud solutions, Mobile/BYOD
solutions and strategic outsourcing to government and commercial clients
in major industries around the world. From identifying security risks to
helping clients realize value from their big data strategies, Sysorex
has the experience, technology, partners, and agility to be your trusted
IT partner. Visit www.sysorex.com,
follow @Sysorex
and Like
us on Facebook.
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SYSOREX
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
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December 31, 2014 (Unaudited)
|
|
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December 31, 2013 (Audited)
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ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
3,228
|
|
|
$
|
2,104
|
|
Marketable securities
|
|
|
-
|
|
|
|
125
|
|
Accounts receivable, net
|
|
|
8,225
|
|
|
|
9,581
|
|
Notes receivable, related party
|
|
|
90
|
|
|
|
-
|
|
Notes and other receivables
|
|
|
1,294
|
|
|
|
1,377
|
|
Inventory
|
|
|
610
|
|
|
|
75
|
|
Prepaid licenses and maintenance contracts
|
|
|
7,151
|
|
|
|
6,120
|
|
Other current assets
|
|
|
1,463
|
|
|
|
453
|
|
Total current assets
|
|
|
22,061
|
|
|
|
19,835
|
|
Prepaid licenses and maintenance contracts
|
|
|
6,200
|
|
|
|
4,268
|
|
Property and equipment, net
|
|
|
1,308
|
|
|
|
291
|
|
Software development costs, net
|
|
|
278
|
|
|
|
57
|
|
Intangible assets, net
|
|
|
17,676
|
|
|
|
7,328
|
|
Goodwill
|
|
|
13,166
|
|
|
|
5,708
|
|
Other assets
|
|
|
1,371
|
|
|
|
1,386
|
|
Total assets
|
|
$
|
62,060
|
|
|
$
|
38,874
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LIABILITIES AND STOCKHOLDERS' EQUITY
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|
|
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Current liabilities:
|
|
|
|
|
|
|
|
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Accounts payable
|
|
$
|
7,468
|
|
|
$
|
8,435
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|
Accrued liabilities
|
|
|
3,299
|
|
|
|
3,842
|
|
Deferred revenue
|
|
|
8,689
|
|
|
|
7,402
|
|
Short-term debt
|
|
|
5,418
|
|
|
|
7,761
|
|
Total current liabilities
|
|
|
24,874
|
|
|
|
27,440
|
|
Deferred revenue
|
|
|
7,181
|
|
|
|
4,845
|
|
Long-term debt
|
|
|
100
|
|
|
|
292
|
|
Other liabilities
|
|
|
684
|
|
|
|
-
|
|
Total liabilities
|
|
|
32,839
|
|
|
|
32,577
|
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Commitments and contingencies
|
|
|
-
|
|
|
|
-
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Stockholders' equity:
|
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|
|
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Preferred stock, $0.001 par value; 5,000,000 shares authorized; no
shares issued or outstanding
|
|
|
-
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|
|
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-
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Common stock, $0.001 par value; 50,000,000 shares authorized;
19,707,262 and 14,094,532 issued and outstanding
|
|
|
20
|
|
|
|
14
|
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Additional paid-in capital
|
|
|
52,122
|
|
|
|
21,532
|
|
Due from Sysorex Consulting Inc.
|
|
|
(666
|
)
|
|
|
(666
|
)
|
Accumulated other comprehensive income (loss)
|
|
|
(18
|
)
|
|
|
3
|
|
Accumulated deficit
|
|
|
(20,641
|
)
|
|
|
(13,106
|
)
|
Stockholders' equity
|
|
|
30,817
|
|
|
|
7,777
|
|
Non-controlling interest
|
|
|
(1,596
|
)
|
|
|
(1,480
|
)
|
Total stockholders' equity attributable to common stockholders
|
|
|
29,221
|
|
|
|
6,297
|
|
Total liabilities and stockholders' equity
|
|
$
|
62,060
|
|
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$
|
38,874
|
|
|
|
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SYSOREX CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS (In thousands, except share data)
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|
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Three Months Ended December 31,
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Twelve Months Ended December 31,
|
|
|
2014 (Unaudited)
|
|
2013 (Unaudited)
|
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2014 (Unaudited)
|
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2013 (Audited)
|
Net revenues
|
|
$
|
15,201
|
|
|
$
|
16,480
|
|
|
$
|
62,949
|
|
|
$
|
50,572
|
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Cost of net revenues
|
|
|
10,767
|
|
|
|
12,463
|
|
|
|
44,209
|
|
|
|
38,317
|
|
Gross profit
|
|
|
4,434
|
|
|
|
4,017
|
|
|
|
18,740
|
|
|
|
12,255
|
|
Operating expenses:
|
|
|
|
|
|
|
|
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Compensation and related benefits
|
|
|
4,434
|
|
|
|
3,101
|
|
|
|
15,706
|
|
|
|
8,859
|
|
Professional fees and consulting expenses
|
|
|
595
|
|
|
|
636
|
|
|
|
2,553
|
|
|
|
1,700
|
|
Occupancy
|
|
|
376
|
|
|
|
150
|
|
|
|
1,066
|
|
|
|
417
|
|
Acquisition transaction/financing costs
|
|
|
(179
|
)
|
|
|
244
|
|
|
|
1,016
|
|
|
|
1,813
|
|
Costs associated with public offering
|
|
|
-
|
|
|
|
269
|
|
|
|
45
|
|
|
|
543
|
|
Amortization of intangibles
|
|
|
893
|
|
|
|
329
|
|
|
|
2,913
|
|
|
|
822
|
|
Other administrative
|
|
|
497
|
|
|
|
799
|
|
|
|
3,147
|
|
|
|
2,017
|
|
Total operating expenses
|
|
|
6,616
|
|
|
|
5,528
|
|
|
|
26,446
|
|
|
|
16,171
|
|
Loss from operations
|
|
|
(2,182
|
)
|
|
|
(1,511
|
)
|
|
|
(7,706
|
)
|
|
|
(3,916
|
)
|
Other income (expense):
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(80
|
)
|
|
|
(136
|
)
|
|
|
(387
|
)
|
|
|
(315
|
)
|
Gain on settlement of obligation
|
|
|
394
|
|
|
|
-
|
|
|
|
394
|
|
|
|
155
|
|
Change in fair value of derivative liability
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(489
|
)
|
Other
|
|
|
15
|
|
|
|
18
|
|
|
|
47
|
|
|
|
30
|
|
Total other income (expense)
|
|
|
329
|
|
|
|
(118
|
)
|
|
|
54
|
|
|
|
(619
|
)
|
Loss before income taxes
|
|
|
(1,853
|
)
|
|
|
(1,629
|
)
|
|
|
(7,652
|
)
|
|
|
(4,535
|
)
|
Provision for income taxes
|
|
|
35
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net loss
|
|
|
(1,818
|
)
|
|
|
(1,629
|
)
|
|
|
(7,652
|
)
|
|
|
(4,535
|
)
|
Net loss attributable to non-controlling interest
|
|
|
(12
|
)
|
|
|
(168
|
)
|
|
|
(116
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)
|
|
|
(272
|
)
|
Net loss attributable to common stockholders
|
|
$
|
(1,806
|
)
|
|
$
|
(1,461
|
)
|
|
$
|
(7,536
|
)
|
|
$
|
(4,263
|
)
|
Comprehensive loss:
|
|
|
|
|
|
|
|
|
Unrealized holding loss in marketable securities including
reclassification adjustment of realized gains included in net
income
|
|
-
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
3
|
|
Unrealized foreign exchange loss from cumulative translation
adjustments
|
|
|
(7
|
)
|
|
|
-
|
|
|
|
(18
|
)
|
|
|
-
|
|
Comprehensive loss
|
|
$
|
(1,813
|
)
|
|
$
|
(1,461
|
)
|
|
$
|
(7,557
|
)
|
|
$
|
(4,260
|
)
|
|
|
|
|
|
|
|
|
|
Net loss per basic and diluted common share
|
|
$
|
(0.09
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(0.35
|
)
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic and Diluted
|
|
|
19,649,288
|
|
|
|
14,085,208
|
|
|
|
18,111,210
|
|
|
|
12,287,778
|
|
|
|
|
|
SYSOREX
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, except share data)
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
2014 (Unaudited)
|
|
|
2013 (Audited)
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(7,651
|
)
|
|
$
|
(4,535
|
)
|
Adjustment to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
293
|
|
|
|
122
|
|
Amortization of intangible assets
|
|
|
2,913
|
|
|
|
822
|
|
Acquisition shares adjustment
|
|
|
(12
|
)
|
|
|
-
|
|
Stock based compensation
|
|
|
1,723
|
|
|
|
1,202
|
|
Other
|
|
|
(4
|
)
|
|
|
(3
|
)
|
Amortization of debt discount
|
|
|
-
|
|
|
|
17
|
|
Change in the fair value of derivative liability
|
|
|
-
|
|
|
|
489
|
|
Gain on settlement of obligations
|
|
|
(394
|
)
|
|
|
(155
|
)
|
Provision for doubtful accounts
|
|
|
(14
|
)
|
|
|
414
|
|
Amortization of deferred financing costs
|
|
|
91
|
|
|
|
30
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
1,391
|
|
|
|
(4,597
|
)
|
Other receivables
|
|
|
(394
|
)
|
|
|
-
|
|
Inventory
|
|
|
(269
|
)
|
|
|
(20
|
)
|
Other current assets
|
|
|
(922
|
)
|
|
|
(83
|
)
|
Prepaid licenses and maintenance contracts
|
|
|
(2,963
|
)
|
|
|
(1,241
|
)
|
Deposits
|
|
|
-
|
|
|
|
370
|
|
Other assets
|
|
|
245
|
|
|
|
266
|
|
Accounts payable
|
|
|
(1,204
|
)
|
|
|
2,376
|
|
Accrued Liabilities
|
|
|
(1,498
|
)
|
|
|
939
|
|
Deferred revenue
|
|
|
3,623
|
|
|
|
859
|
|
Other liabilities
|
|
|
510
|
|
|
|
-
|
|
Total Adjustments
|
|
|
3,115
|
|
|
|
1,807
|
|
Net Cash Used in Operating Activities
|
|
|
(4,536
|
)
|
|
|
(2,728
|
)
|
Cash Flows From (Used in) Investing Activities:
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(1,053
|
)
|
|
|
(79
|
)
|
Proceeds from the sale of marketable securities
|
|
|
125
|
|
|
|
486
|
|
Investment in capitalized software
|
|
|
(235
|
)
|
|
|
(57
|
)
|
Cash paid for Lilien
|
|
|
-
|
|
|
|
(3,000
|
)
|
Cash acquired in Lilien acquisition
|
|
|
-
|
|
|
|
1,112
|
|
Cash acquired in Shoom acquisition
|
|
|
-
|
|
|
|
3,669
|
|
Loan to non-related company
|
|
|
-
|
|
|
|
(1,000
|
)
|
Cash paid for AirPatrol
|
|
|
(9,514
|
)
|
|
|
-
|
|
Cash acquired in AirPatrol acquisition
|
|
|
71
|
|
|
|
-
|
|
Repayment of loans to other parties
|
|
|
1,000
|
|
|
|
-
|
|
Release of restricted cash
|
|
|
70
|
|
|
|
-
|
|
Net Cash Flows From (Used in) Investing Activities:
|
|
|
(9,536)
|
|
|
|
1,131
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
Advances from bank facility
|
|
|
-
|
|
|
|
5,698
|
|
Proceeds from term loan
|
|
|
-
|
|
|
|
750
|
|
Repayment of line of credit
|
|
|
(1,799
|
)
|
|
|
-
|
|
Repayment of term loan
|
|
|
(375
|
)
|
|
|
-
|
|
Net proceeds from issuance of common stock
|
|
|
2,080
|
|
|
|
-
|
|
Net proceeds from capital raise
|
|
|
16,615
|
|
|
|
-
|
|
Net proceeds from conversion of employee options
|
|
|
13
|
|
|
|
-
|
|
Repayment of advances to related parties
|
|
|
-
|
|
|
|
(184
|
)
|
Repayment of notes payable
|
|
|
(300
|
)
|
|
|
(2,168
|
)
|
Repayment of factor
|
|
|
-
|
|
|
|
(46
|
)
|
Advance from Duroob Technology
|
|
|
-
|
|
|
|
567
|
|
Deferred financing fees
|
|
|
-
|
|
|
|
(7
|
)
|
Cash deposited in escrow - restricted cash
|
|
|
-
|
|
|
|
(500
|
)
|
Advance to related party
|
|
|
(90
|
)
|
|
|
-
|
|
Advances to third parties
|
|
|
(950
|
)
|
|
|
-
|
|
Repayment of advance from Duroob Technology
|
|
|
(160
|
)
|
|
|
(312
|
)
|
Repayment of notes receivable from third parties
|
|
|
180
|
|
|
|
-
|
|
Repayment of convertible notes
|
|
|
-
|
|
|
|
(105
|
)
|
Net Cash Provided by Financing Activities
|
|
|
15,214
|
|
|
|
3,693
|
|
Effect of Foreign Exchange Rate on Changes on Cash
|
|
|
(18
|
)
|
|
|
-
|
|
Net increase in Cash and Cash Equivalents
|
|
|
1,124
|
|
|
|
2,096
|
|
Cash and Cash Equivalents - Beginning of period
|
|
|
2,104
|
|
|
|
8
|
|
Cash and Cash Equivalents - End of period
|
|
$
|
3,228
|
|
|
$
|
2,104
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures:
(thousands, except per share data)
|
|
Three Months Ended
December 31,
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
(1,806
|
)
|
|
$
|
(1,461
|
)
|
|
$
|
(7,536
|
)
|
|
$
|
(4,263
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-recurring one-time charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition transaction/financing costs
|
|
|
(179
|
)
|
|
|
230
|
|
|
|
676
|
|
|
|
1,495
|
|
Stock-based compensation - acquisition costs
|
|
|
-
|
|
|
|
14
|
|
|
|
340
|
|
|
|
318
|
|
Costs associated with public offering
|
|
|
-
|
|
|
|
269
|
|
|
|
45
|
|
|
|
543
|
|
Gain on fair value of adjustment of earn-out liability
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Gain on settlement of obligations
|
|
|
(394
|
)
|
|
|
-
|
|
|
|
(394
|
)
|
|
|
(155
|
)
|
Change in the fair value of derivative liability
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
489
|
|
Stock-based compensation - compensation and related benefits
|
|
|
444
|
|
|
|
469
|
|
|
|
1,382
|
|
|
|
883
|
|
Amortization of intangibles
|
|
|
893
|
|
|
|
329
|
|
|
|
2,913
|
|
|
|
822
|
|
Proforma non-GAAP net loss
|
|
$
|
(1,042
|
)
|
|
$
|
(150
|
)
|
|
$
|
(2,574
|
)
|
|
$
|
132
|
|
Proforma non-GAAP net loss per basic and diluted common share
|
|
$
|
(0.05
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.01
|
)
|
Weighted average basic and diluted common shares outstanding
|
|
|
19,649,288
|
|
|
|
14,085,208
|
|
|
|
18,111,210
|
|
|
|
12,287,778
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
(1,806
|
)
|
|
$
|
(1,461
|
)
|
|
$
|
(7,536
|
)
|
|
$
|
(4,263
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-recurring one-time charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition transaction/financing costs
|
|
|
(179
|
)
|
|
|
230
|
|
|
|
676
|
|
|
|
1,495
|
|
Stock-based compensation - acquisition costs
|
|
|
-
|
|
|
|
14
|
|
|
|
340
|
|
|
|
318
|
|
Costs associated with public offering
|
|
|
-
|
|
|
|
269
|
|
|
|
45
|
|
|
|
543
|
|
Gain on fair value of adjustment of earn-out liability
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Gain on settlement of obligations
|
|
|
(394
|
)
|
|
|
-
|
|
|
|
(394
|
)
|
|
|
(155
|
)
|
Change in the fair value of derivative liability
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
489
|
|
Stock-based compensation - compensation and related benefits
|
|
|
444
|
|
|
|
469
|
|
|
|
1,382
|
|
|
|
883
|
|
Interest expense
|
|
|
80
|
|
|
|
136
|
|
|
|
387
|
|
|
|
315
|
|
Taxes
|
|
|
(35
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Depreciation and amortization
|
|
|
989
|
|
|
|
371
|
|
|
|
3,205
|
|
|
|
944
|
|
Adjusted EBITDA
|
|
$
|
(901
|
)
|
|
$
|
28
|
|
|
|
(1,895
|
)
|
|
$
|
569
|
|
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