PALO ALTO, Calif. and
TORONTO, March 3, 2020 /PRNewswire/ -- Inpixon
(Nasdaq: INPX), a leading indoor data company that specializes in
delivering indoor intelligence, today provided a business update
and reported financial results for the 2019 fiscal year ended
December 31, 2019.
Recent Key Milestones
- Acquired Vancouver-based,
Locality Systems Inc., expanding the product offering to include
Radio Frequency (RF) augmentation of video surveillance
systems
- Acquired Toronto based,
Jibestream, Inc., adding a dynamic and interactive mapping platform
into the suite of solutions and expanding the customer base to
include customers such as the entertainment and retail center,
American Dream, as well as Mall of America, the Pentagon, San
Francisco Airport and others
- Acquired assets from GTX Corp., expanding the Company's
intellectual property portfolio and solution offerings to include
GPS technologies and delivering seamless indoor and outdoor
positioning services
- Deployed indoor mapping solution with a leading national
retailer to enhance shopper experiences
- Announced plans for an ultra-wideband (UWB) module to deliver
centimeters-level positional accuracy for people and assets,
leading to the expansion of collaboration efforts with Mist
Systems, a Juniper Networks company
- Received a Notice of Allowance for a U.S. patent covering a
method of storing and analyzing data, further expanding Inpixon's
intellectual property portfolio
- Announced the release of IPA Connector for IBM® MaaS360® with
Watson integration to enable
enhanced location-based mobile device security
- Joined the VMware Technology Alliance Partner Program to
collaborate with VMware to deliver innovative solutions to enforce
mobile device security policies based on a device's specific
location including deactivation of phone features in a no-phone
zone using Inpixon's IPA AirWatch Connector
- Recognized as a Visionary in the 2020 Gartner Magic Quadrant
for Indoor Location Services, Global
Nadir Ali, Chief Executive
Officer of Inpixon, stated, "We are pleased with our fiscal 2019
results, and our successful completion of a number of key
acquisitions that are allowing us to expand our footprint within
the industry, as one of the only companies that can offer an
end-to-end solution for indoor intelligence. Our ability to
couple video surveillance capabilities with our indoor positioning
system, as well as a dynamic and interactive mapping solution with
a high-performance analytics engine, allows us to offer our
customers near real-time insights about their indoor spaces.
In turn, this provides customers with visibility, security and
business intelligence in a comprehensive way that we do not believe
is currently offered by other providers in the indoor positioning
market. In addition, we believe that the recent recognition by
Gartner, a highly respected independent research firm, of Inpixon
as a Visionary in their Magic Quadrant for Indoor Location
Services, Global, serves as a significant acknowledgment of the
capabilities of our platform, including the impact of our recent
enhancements as an industry-leading technology."
"As we look towards 2020, we look forward to building on the
opportunities for continued growth that our achievements last year
have allowed us to realize, not only through the addition of new
customers and expansion of existing relationships, but also by
increasing our market outreach efforts to further establish Inpixon
as a leading provider of indoor intelligence solutions. We
intend to continue to devote resources to optimizing our product
and service offerings with a product development roadmap that
includes expanding the use of UWB technology to
deliver centimeters-level positional accuracy for people
and assets, interacting with worldwide 5G deployments and enhancing
our positioning capabilities to offer an even better indoor
experience. We are excited about the possibilities to be
driven from some of our recent partnership and collaboration
efforts with VMWare, IBM Maas360, MobileIron and our recently
announced collaboration efforts with Mist Systems to integrate our
UWB technology into Mist's enterprise wireless infrastructure
solutions."
"As a result of our recent initiatives, revenue for the year
ended December 31, 2019 increased by
68% as compared to 2018. Our revenue growth reflects acquired
revenue as well as organic growth as we expand our customer base
and ecosystem of partners and distributors globally. At the same
time, our gross profit margin increased to 74% for 2019, versus 71%
last year. We believe the growth experienced and milestones
achieved in 2019, as well as our prospects for 2020, will enable us
to drive shareholder value. We look forward to providing further
updates along the way."
Financial Results
Revenues for the year ended December 31,
2019 were $6.3 million
compared to $3.8 million for the
comparable period in the prior year for an increase of $2.5 million, or approximately 68%. Revenues
increased from the comparable period due to an increase in our IPA
product and services revenues and from mapping service revenue. The
gross profit margin for the year ended December 31, 2019 was 74% compared to 71% for the
year ended December 31, 2018. This
increase in margin is primarily due to the sales mix of products
and services sold during the year ended December 31, 2019. Net loss attributable to
stockholders for the year ended December 31,
2019 was $34.0 million
compared to $24.6 million for the
comparable period in the prior year. This increase in loss of
$9.4 million was primarily
attributable to the $10.6 million
fair value adjustment related to the uncertainty of being repaid in
connection with that certain note receivable from Sysorex ,
which has been classified as "held for sale" and for which the
Company has established a full valuation allowance, higher
operating and interest expense offset by higher margin IPA revenue
during the year ended December 31,
2019. Non-GAAP(1) Adjusted EBITDA for the year
ended December 31, 2019 was a loss of
$11.1 million compared to a loss of
$15.0 million for the prior year
period. EBITDA is defined as net income (loss) before interest,
provision for income taxes, and depreciation and amortization.
Adjusted EBITDA is used by our management as a metric by which it
manages the business. It is defined as EBITDA plus adjustments for
other income or expense items, non-recurring items and non-cash
stock-based compensation.
Proforma non-GAAP(1) net loss per basic and diluted
common share for the year ended December 31,
2019 was ($18.75) compared to
a loss of ($1,087.66) per share for
the prior year period. Proforma non-GAAP(1) net income
(loss) per share is used by our Company's management as an
evaluation tool as it manages the business and is defined as net
income (loss) per basic and diluted share adjusted for stock based
compensation, amortization of intangibles, provision for doubtful
accounts, severance costs, acquisition costs, costs associated with
public offerings and one time charges including loss on the
exchange of debt for equity and provision for valuation allowance
on held for sale loan.
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(1)
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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."
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Conference Call
Management will host a conference call at 4:30 PM Eastern Time on Wednesday, March 4, 2020
to discuss the Company's financial results, as well as the
Company's corporate progress and other developments.
The conference call will be available via telephone by dialing
toll free 844-602-0380 for U.S. callers or +1 862-298- 0970 for
international callers, or on the Company's Investors section of the
website: ir.inpixon.com.
A webcast replay will be available on the Company's Investors
section of the website, ir.inpixon.com, through June 6, 2020. A telephone replay of the call will
be available approximately one hour following the call, through
March 10, 2020, and can be accessed
by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for
international callers and entering conference ID: 33384.
About Inpixon
Inpixon® (Nasdaq: INPX) is an indoor intelligence company that
specializes in capturing, interpreting and giving context to indoor
data so it can be translated into actionable intelligence. The
company's indoor location and data platform ingests diverse data
from IoT, third-party and proprietary sensors designed to detect
and position all active cellular, Wi-Fi, UWB and Bluetooth devices,
and uses a proprietary process that ensures anonymity. Paired with
a high-performance data analytics engine, patented algorithms, and
advanced mapping technology, Inpixon's solutions are leveraged by a
multitude of industries to do good with indoor data. This
multidisciplinary depiction of indoor data enables users to
increase revenue, decrease costs, and enhance safety. Inpixon
customers can boldly take advantage of location awareness,
analytics, sensor fusion and the Internet of Things (IoT) to
uncover the untold stories of the indoors. For the latest insights,
follow Inpixon on LinkedIn, Twitter, and
visit inpixon.com.
Safe Harbor Statement
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 the
control of Inpixon and its subsidiaries, 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 economic conditions, the performance of
management and employees, Inpixon's ability to maintain compliance
with Nasdaq's minimum bid price requirement and other continued
listing requirements, including during a panel monitoring period
ending on February 5, 2021, the
ability to obtain financing, competition, general economic
conditions and other factors that are detailed in Inpixon's
periodic and current reports available for review at sec.gov.
Furthermore, Inpixon operates 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.
Inpixon disclaims any intention to, and undertakes 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 in
the United States ("GAAP"") are
useful measures of operations. EBIDTA, Adjusted EBITDA and pro
forma net loss per share are non-GAAP measures. Inpixon 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 Inpixon defines "Adjusted EBITDA" as EBITDA plus
adjustments for deemed dividends, other income or expense items,
non-recurring items and non-cash items. Inpixon defines "pro forma
net loss per share" as GAAP net loss per share adjusted for deemed
dividends, stock based compensation, amortization of intangibles,
provision for doubtful accounts, severance costs, acquisition
costs, costs associated with public offerings and one time
charges including loss on the exchange of debt for equity and
provision for valuation allowance on held for sale loan.
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 Inpixon'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
Inpixon's results as reported under GAAP.
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INPIXON AND
SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In thousands,
except number of shares and par value data)
|
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|
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As
of
|
|
|
December 31,
2019
|
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December 31,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
ASSETS
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
$
|
4,777
|
|
$
|
1,008
|
|
Accounts
receivable, net
|
|
|
1,108
|
|
|
1,280
|
|
Notes
and other receivables
|
|
|
74
|
|
|
4
|
|
Inventory
|
|
|
400
|
|
|
568
|
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Prepaid
assets and other current assets
|
|
|
406
|
|
|
496
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|
Total Current
Assets
|
|
|
6,765
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|
|
3,356
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|
|
|
|
|
|
|
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Property and
equipment, net
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|
145
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|
202
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|
Operating lease
right-of-use asset, net
|
|
|
1,585
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|
|
--
|
|
Software development
costs, net
|
|
|
1,544
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|
|
1,690
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|
Intangible assets,
net
|
|
|
8,400
|
|
|
4,509
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|
Goodwill
|
|
|
2,070
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|
|
--
|
|
Loan to related party
- held for sale
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|
|
--
|
|
|
2,204
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|
Receivable from
related party
|
|
|
616
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|
|
--
|
|
Other
assets
|
|
|
94
|
|
|
217
|
|
Total
Assets
|
|
$
|
21,219
|
|
$
|
12,178
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|
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|
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|
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LIABILITIES AND
STOCKHOLDERS' EQUITY
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|
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|
|
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Current
Liabilities
|
|
|
|
|
|
|
|
Accounts
payable
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|
$
|
2,383
|
|
$
|
1,129
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|
Accrued
liabilities
|
|
|
1,863
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|
|
1,793
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Operating lease obligation
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|
|
776
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|
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--
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Deferred
revenue
|
|
|
912
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|
|
234
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|
Short-term debt
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|
|
7,304
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|
|
4,127
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Acquisition liability
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|
|
502
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|
|
--
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|
Total Current
Liabilities
|
|
|
13,740
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|
|
7,283
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|
|
|
|
|
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|
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Long Term
Liabilities
|
|
|
|
|
|
|
|
Long-term debt
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|
|
--
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|
|
74
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|
Operating lease obligations, noncurrent
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|
837
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|
|
--
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|
Other
liabilities
|
|
|
7
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|
|
19
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|
Deferred
tax liability, noncurrent
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|
|
87
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|
|
--
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|
Acquisition liability, noncurrent
|
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|
500
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|
|
--
|
|
Total
Liabilities
|
|
|
15,171
|
|
|
7,376
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|
|
|
|
|
|
|
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Commitments and
Contingencies
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|
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Stockholders'
Equity
|
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|
|
|
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|
Pref
Stock - $0.001 par value; 5,000,000 shares auth, consisting of
Series 4 Convertible
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|
|
|
|
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Pref Stock - 10,415
shares auth; 1 and 1 issued, and 1 and 1 outstanding as of Dec. 31,
2019 and Dec. 31, 2018, respectively, Series 5 Convertible Pref
Stock - 12,000 shares auth; 126 and 0 issued, and 126 and 0
outstanding as of Dec. 31, 2019 and Dec. 31, 2018,
respectively.
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|
|
--
|
|
|
--
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|
Common
Stock - $0.001 par value; 250,000,000 shares authorized;
|
|
|
|
|
|
|
|
4,234,922 and 35,159
issued and 4,234,922 and 35,158 outstanding as of December 31, 2019 and December 31, 2018,
respectively.
|
|
|
4
|
|
|
--
|
|
Additional paid-in capital
|
|
|
158,382
|
|
|
123,226
|
|
Treasury
stock, at cost, 1 share
|
|
|
(695)
|
|
|
(695)
|
|
Accumulated other comprehensive income
|
|
|
94
|
|
|
26
|
|
Accumulated deficit (excluding $2,442 reclassified to additional
paid in capital in quasi-reorganization)
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|
|
(151,763)
|
|
|
(117,773)
|
|
Stockholders' Equity Attributable to Inpixon
|
|
|
6,022
|
|
|
4,784
|
|
|
|
|
|
|
|
|
Non-controlling interest
|
|
|
26
|
|
|
18
|
|
|
|
|
|
|
|
|
Total
Stockholders' Equity
|
|
|
6,048
|
|
|
4,802
|
|
|
|
|
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
21,219
|
|
$
|
12,178
|
|
INPIXON AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
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|
|
|
|
|
|
For the Years
Ended
|
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
|
|
|
Revenues
|
|
$
|
6,301
|
|
$
|
3,756
|
|
Cost of
Revenues
|
|
|
1,609
|
|
|
1,076
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
4,692
|
|
|
2,680
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Research
and development
|
|
|
3,893
|
|
|
1,231
|
|
Sales
and marketing
|
|
|
3,043
|
|
|
1,726
|
|
General
and administrative
|
|
|
13,660
|
|
|
14,149
|
|
Acquisition-related costs
|
|
|
1,277
|
|
|
108
|
|
Impairment of goodwill
|
|
|
--
|
|
|
636
|
|
Amortization of intangibles
|
|
|
3,629
|
|
|
3,232
|
|
Total Operating
Expenses
|
|
|
25,502
|
|
|
21,082
|
|
|
|
|
|
|
|
|
Loss from
Operations
|
|
|
(20,810)
|
|
|
(18,402)
|
|
|
|
|
|
|
|
|
Other Income
(Expense)
|
|
|
|
|
|
|
|
Interest
expense, net
|
|
|
(2,277)
|
|
|
(1,241)
|
|
Loss on
exchange of debt for equity
|
|
|
(294)
|
|
|
--
|
|
Change
in fair value of derivative liability
|
|
|
--
|
|
|
48
|
|
Gain on
the sale of Sysorex Arabia
|
|
|
--
|
|
|
23
|
|
Provision for valuation allowance on related party loan - held for
sale
|
|
|
(10,627)
|
|
|
--
|
|
Other
income/(expense)
|
|
|
(558)
|
|
|
(211)
|
|
Total Other Income
(Expense)
|
|
|
(13,756)
|
|
|
(1,381)
|
|
|
|
|
|
|
|
|
Net Loss from
Continuing Operations, before tax
|
|
|
(34,566)
|
|
|
(19,783)
|
|
Income
tax benefit
|
|
|
584
|
|
|
--
|
|
Net loss from
Continuing Operations
|
|
|
(33,982)
|
|
|
(19,783)
|
|
Loss from
Discontinued Operations, Net of Tax
|
|
|
--
|
|
|
(4,778)
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
|
(33,982)
|
|
|
(24,561)
|
|
|
|
|
|
|
|
|
Net Income
Attributable to Non-controlling Interest
|
|
|
9
|
|
|
11
|
|
|
|
|
|
|
|
|
Net Loss
Attributable to Stockholders of Inpixon
|
|
$
|
(33,991)
|
|
$
|
(24,572)
|
|
|
|
|
|
|
|
|
Deemed
dividend to preferred stockholders
|
|
|
--
|
|
|
(6,407)
|
|
Deemed
dividend for triggering of warrant down round feature
|
|
|
(1,250)
|
|
|
(13,645)
|
|
Net Loss
Attributable to Common Stockholders
|
|
$
|
(35,241)
|
|
$
|
(44,624)
|
|
|
|
|
|
|
|
|
Net Loss Per Basic
and Diluted Common Share
|
|
|
|
|
|
|
|
Loss
from continuing operations
|
|
$
|
(47.52)
|
|
$
|
(2,322.30)
|
|
Loss
from discontinued operations
|
|
|
--
|
|
|
(278.47)
|
|
Net Loss Per Share
- Basic and Diluted
|
|
$
|
(47.52)
|
|
$
|
(2,600.77)
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
|
Basic
and Diluted
|
|
|
741,530
|
|
|
17,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Loss
|
|
|
|
|
|
|
|
Net
Loss
|
|
$
|
(33,982)
|
|
$
|
(24,561)
|
|
Unrealized foreign exchange
gain/(loss) from cumulative translation adjustments
|
|
|
68
|
|
|
(5)
|
|
Comprehensive
Loss
|
|
$
|
(33,914)
|
|
$
|
(24,566)
|
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INPIXON AND
SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands)
|
|
|
|
|
|
|
|
|
|
For the Years
Ended
December
31,
|
|
|
|
|
2019
|
|
2018
|
|
(Audited)
|
|
Cash Flows Used In
Operating Activities
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(33,982)
|
|
$
|
(24,561)
|
|
Adjustment to
reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
1,123
|
|
|
1,570
|
|
Amortization of intangible
assets
|
|
|
3,633
|
|
|
4,616
|
|
Impairment of
goodwill
|
|
|
--
|
|
|
636
|
|
Amortization
of right of use asset
|
|
|
398
|
|
|
--
|
|
Stock based
compensation
|
|
|
3,489
|
|
|
1,494
|
|
Amortization
of technology
|
|
|
66
|
|
|
66
|
|
Loss on
exchange of debt for equity
|
|
|
294
|
|
|
--
|
|
Change in fair
value of derivative liability
|
|
|
--
|
|
|
(48)
|
|
Amortization
of debt discount
|
|
|
2,221
|
|
|
703
|
|
Provision for
doubtful accounts
|
|
|
558
|
|
|
(659)
|
|
Gain on
earnout
|
|
|
--
|
|
|
(934)
|
|
Gain on the
settlement of liabilities
|
|
|
--
|
|
|
(307)
|
|
Provision for
the valuation allowance held for sale loan
|
|
|
10,627
|
|
|
--
|
|
Gain on the
sale of Sysorex Arabia
|
|
|
--
|
|
|
(23)
|
|
Income tax
benefit
|
|
|
(584)
|
|
|
--
|
|
Other
|
|
|
(223)
|
|
|
(73)
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
and other receivables
|
|
|
46
|
|
|
744
|
|
Inventory
|
|
|
171
|
|
|
222
|
|
Other current
assets
|
|
|
156
|
|
|
481
|
|
Prepaid licenses and
maintenance contracts
|
|
|
--
|
|
|
(5)
|
|
Other
assets
|
|
|
(412)
|
|
|
(22)
|
|
Accounts
payable
|
|
|
1,189
|
|
|
(8,445)
|
|
Accrued
liabilities
|
|
|
521
|
|
|
(2,412)
|
|
Deferred
revenue
|
|
|
(507)
|
|
|
246
|
|
Other
liabilities
|
|
|
551
|
|
|
(54)
|
|
Total
Adjustments
|
|
|
23,317
|
|
|
(2,204)
|
|
Net Cash Used in
Operating Activities
|
|
|
(10,665)
|
|
|
(26,765)
|
|
|
|
|
|
|
|
|
Cash Flows Used in
Investing Activities
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(89)
|
|
|
(88)
|
|
Investment in capitalized
software
|
|
|
(927)
|
|
|
(804)
|
|
Investment in Pod Technology
|
|
|
--
|
|
|
(175)
|
|
Cash spun
off as a result of de-consolidation
|
|
|
--
|
|
|
(362)
|
|
Cash paid
for the acquisition of GTX
|
|
|
(250)
|
|
|
--
|
|
Cash paid
for the acquisition of Locality
|
|
|
(204)
|
|
|
--
|
|
Cash paid
for the acquisition of Jibestream
|
|
|
(3,714)
|
|
|
--
|
|
Cash
acquired in the Locality acquisition
|
|
|
70
|
|
|
--
|
|
Cash
acquired in the Jibestream acquisition
|
|
|
6
|
|
|
--
|
|
Net Cash Flows
Used in Investing Activities
|
|
|
(5,108)
|
|
|
(1,429)
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
Net
proceeds (repayments) to bank facility
|
|
|
127
|
|
|
(1,119)
|
|
Net
proceeds from issuance of common stock, preferred stock and
warrants
|
|
|
20,725
|
|
|
28,960
|
|
Repayment of notes payable
|
|
|
(70)
|
|
|
(181)
|
|
Loans to
related party
|
|
|
(10,276)
|
|
|
(3,244)
|
|
Repayments from related party
|
|
|
1,832
|
|
|
1,040
|
|
Advances
to related party
|
|
|
(31)
|
|
|
--
|
|
Loan to
Jibestream
|
|
|
(141)
|
|
|
--
|
|
Loan to
GTX
|
|
|
(50)
|
|
|
--
|
|
Net
proceeds from promissory notes
|
|
|
7,500
|
|
|
3,540
|
|
Repayment of acquisition liability to Locality
shareholders
|
|
|
(210)
|
|
|
--
|
|
Net Cash Provided
By Financing Activities
|
|
|
19,406
|
|
|
28,996
|
|
|
|
|
|
|
|
|
Effect of Foreign
Exchange Rate on Changes on Cash
|
|
|
68
|
|
|
(5)
|
|
|
|
|
|
|
|
|
Net (Decrease)
Increase in Cash, Cash Equivalents and Restricted
Cash
|
|
|
3,701
|
|
|
797
|
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - Beginning of period
|
|
|
1,148
|
|
|
351
|
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash - End of period
|
|
$
|
4,849
|
|
$
|
1,148
|
|
Reconciliation of
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
For the Years
Ended
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
Net loss attributable
to common stockholders
|
|
$
|
(35,241)
|
|
$
|
(44,624)
|
|
Adjustments:
|
|
|
|
|
|
|
|
Non-recurring
one-time charges:
|
|
|
|
|
|
|
|
Impairment of
goodwill
|
|
|
--
|
|
|
636
|
|
Write off project
expenses
|
|
|
--
|
|
|
726
|
|
Gain on
earnout
|
|
|
--
|
|
|
(934)
|
|
Gain on the sale of
Sysorex Arabia
|
|
|
--
|
|
|
(23)
|
|
Change in the fair
value of derivative liability
|
|
|
--
|
|
|
(48)
|
|
Gain on the sale of
contracts
|
|
|
--
|
|
|
(601)
|
|
Gain on the
settlement of obligations
|
|
|
--
|
|
|
(307)
|
|
Provision for
valuation allowance on held for sale loan
|
|
|
10,627
|
|
|
--
|
|
Loss on exchange of
debt for equity
|
|
|
294
|
|
|
--
|
|
Settlement of
litigation
|
|
|
6
|
|
|
559
|
|
Acquisition
transaction/financing costs
|
|
|
1,277
|
|
|
108
|
|
Costs associated with
public offering
|
|
|
50
|
|
|
327
|
|
Severance
|
|
|
161
|
|
|
15
|
|
Provision for
doubtful accounts
|
|
|
558
|
|
|
(659)
|
|
Deemed dividend to
preferred stockholders
|
|
|
--
|
|
|
6,407
|
|
Deemed dividend for
triggering of warrant down round feature
|
|
|
1,250
|
|
|
13,645
|
|
Stock-based
compensation – compensation and related benefits
|
|
|
3,489
|
|
|
1,494
|
|
Interest expense,
net
|
|
|
2,277
|
|
|
2,044
|
|
Income tax
benefit
|
|
|
(584)
|
|
|
--
|
|
Depreciation and
amortization
|
|
|
4,752
|
|
|
6,186
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
(11,084)
|
|
$
|
(15,049)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except
share data)
|
|
For the Years
Ended
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
Net loss attributable
to common stockholders
|
|
$
|
(35,241)
|
|
$
|
(44,624)
|
|
Adjustments:
|
|
|
|
|
|
|
|
Non-recurring
one-time charges:
|
|
|
|
|
|
|
|
Impairment of
goodwill
|
|
|
--
|
|
|
636
|
|
Write off project
expenses
|
|
|
--
|
|
|
726
|
|
Gain on
earnout
|
|
|
--
|
|
|
(934)
|
|
Gain on the sale of
Sysorex Arabia
|
|
|
--
|
|
|
(23)
|
|
Change in the fair
value of derivative liability
|
|
|
--
|
|
|
(48)
|
|
Gain on the sale of
contracts
|
|
|
--
|
|
|
(601)
|
|
Gain on the
settlement of obligations
|
|
|
--
|
|
|
(307)
|
|
Loss on exchange of
debt for equity
|
|
|
294
|
|
|
--
|
|
Provision for
valuation allowance on held for sale loan
|
|
|
10,627
|
|
|
--
|
|
Settlement of
litigation
|
|
|
6
|
|
|
559
|
|
Acquisition
transaction/financing costs
|
|
|
1,277
|
|
|
108
|
|
Costs associated with
public offering
|
|
|
50
|
|
|
327
|
|
Severance
|
|
|
161
|
|
|
15
|
|
Provision for
doubtful accounts
|
|
|
558
|
|
|
(659)
|
|
Deemed dividend to
preferred stockholders
|
|
|
--
|
|
|
6,407
|
|
Deemed dividend for
triggering of warrant down round feature
|
|
|
1,250
|
|
|
13,645
|
|
Stock-based
compensation – compensation and related benefits
|
|
|
3,489
|
|
|
1,494
|
|
Amortization of
intangibles
|
|
|
3,629
|
|
|
4,617
|
|
Proforma non-GAAP net
loss
|
|
|
$(13,900)
|
|
|
$(18,662)
|
|
Proforma non-GAAP net
loss per basic and diluted common share
|
|
|
$
(18.75)
|
|
$
|
(1,087.66)
|
|
Weighted average
basic and diluted common shares outstanding
|
|
|
741,530
|
|
|
17,158
|
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