Financials

v3.8.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,341,634 $ 7,221,910
Accounts receivable, net of allowance for doubtful accounts of approximately $779,000 and $427,000, respectively 14,359,639 9,359,876
Prepaid expenses and other current assets 1,776,072 1,084,209
Total current assets 18,477,345 17,665,995
Property and equipment, net 13,769,882 14,248,915
Security deposits 615,585 630,373
Restricted cash 27,153 27,153
Goodwill 34,773,629 35,689,215
Intangible assets, net 58,760,920 63,617,471
Other assets 52,231 77,117
TOTAL ASSETS 126,476,745 131,956,239
Current liabilities:    
Term loan - current portion 5,687,500 2,979,167
Obligations under asset purchase agreements - current portion 603,192 546,488
Equipment financing obligations 1,186,115 1,002,578
Accounts payable and accrued expenses 25,674,946 19,722,838
Total current liabilities 33,151,753 24,251,071
Long-term liabilities:    
Notes payable - non-related parties, net of discount 31,822,773 31,431,602
Notes payable - related parties 918,135 875,750
Term Loan 55,782,094 60,731,204
Indebtedness under revolving credit facility 1,500,000 3,000,000
Obligations under asset purchase agreements 1,265,811 890,811
Equipment financing obligations 716,005 1,237,083
Derivative liabilities 760,965 348,650
Total liabilities 125,917,536 122,766,171
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 14,341 and 17,299 shares issued and outstanding 143 174
Common stock, $0.01 par value, 90,000,000 shares authorized, 22,296,683 and 20,642,028 shares issued and outstanding 222,967 206,422
Capital in excess of par value 193,642,257 192,233,032
Accumulated deficit (193,312,093) (183,249,560)
Total Fusion Telecommunications International, Inc. stockholders' equity 553,274 9,190,068
Noncontrolling interest 5,935 0
Total stockholders' equity 559,209 9,190,068
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 126,476,745 $ 131,956,239

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenues $ 36,355,187 $ 30,159,019 $ 110,256,069 $ 95,041,024
Cost of revenues, exclusive of depreciation and amortization, shown separately below 19,749,188 17,431,477 59,921,649 55,875,267
Gross profit 16,605,999 12,727,542 50,334,420 39,165,757
Depreciation and amortization 3,711,253 2,998,628 11,149,010 8,946,781
Selling, general and administrative expenses 13,649,349 11,408,048 42,115,158 34,102,847
Total operating expenses 17,360,602 14,406,676 53,264,168 43,049,628
Operating loss (754,603) (1,679,134) (2,929,748) (3,883,871)
Other (expenses) income:        
Interest expense 2,204,520 1,625,195 6,468,916 4,877,828
(Loss) gain on change in fair value of derivative liabilities (617,820) 152,057 (544,486) 380,099
Loss on disposal of property and equipment (161,037) (13,959) (253,087) (86,777)
Other income, net 47,694 32,028 177,539 120,291
Total other expenses (2,935,683) (1,455,069) (7,088,950) (4,464,215)
Loss before income taxes (3,690,286) (3,134,203) (10,018,698) (8,348,086)
Provision for income taxes 10,200 10,951 41,111 10,951
Net loss (3,700,486) (3,145,154) (10,059,809) (8,359,037)
Less: Net income attributable to non-controlling interest (2,724) 0 (2,724) 0
Net loss attributable to Fusion Telecommunications International, Inc. (3,703,210) (3,145,154) (10,062,533) (8,359,037)
Preferred stock dividends 241,191 285,646 1,735,798 2,102,467
Net loss attributable to common stockholders $ (3,944,401) $ (3,430,800) $ (11,798,331) $ (10,461,504)
Basic and diluted loss per common share $ (0.18) $ (0.23) $ (0.54) $ (0.72)
Weighted average common shares outstanding:        
Basic and diluted 22,352,341 14,990,816 21,828,816 14,536,893

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (10,059,809) $ (8,359,037)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 11,149,010 8,946,781
Loss on disposal of property and equipment 253,087 86,777
Stock-based compensation 699,668 572,996
Stock issued for services rendered or in settlement of liabilities 184,560 105,256
Amortization of debt discount and deferred financing fees 630,279 477,751
Loss (gain) on the change in fair value of derivative liability 544,487 (380,099)
Changes in operating assets and liabilities:    
Accounts receivable (4,446,433) (410,771)
Prepaid expenses and other current assets (876,267) (1,373,378)
Other assets 24,885 (317,927)
Accounts payable and accrued expenses 5,786,081 (1,258,968)
Net cash provided by (used in) operating activities 3,889,548 (1,910,619)
Cash flows from investing activities:    
Purchase of property and equipment (3,940,382) (3,782,232)
Proceeds from the sale of property and equipment 96,344 28,736
Noncontrolling interest 3,211 0
(Payment) for acquisitions, net of cash acquired (558,329) 16,895
Refunds of purchase price from acquisitions 150,000 392,617
Return of security deposits 14,788 26,750
Net cash used in investing activities (4,234,368) (3,317,234)
Cash flows from financing activities:    
Proceeds from the exercise of common stock purchase warrants 780,951 0
Repayments of term loan (2,437,500) (824,973)
Repayments of revolving debt, net (1,500,000) 0
Payments for obligations under asset purchase agreements (583,892) 0
Payments on equipment financing obligations (795,015) (743,647)
Net cash used in financing activities (4,535,456) (1,568,620)
Net change in cash and cash equivalents (4,880,276) (6,796,473)
Cash and cash equivalents, including restricted cash, beginning of period 7,249,063 7,705,666
Cash and cash equivalents, including restricted cash, end of period $ 2,368,787 $ 909,193

Source