Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,530,388 $ 7,221,910
Accounts receivable, net of allowance for doubtful accounts of approximately $700,000 and $427,000, respectively 12,963,068 9,359,876
Prepaid expenses and other current assets 2,091,244 1,084,209
Total current assets 17,584,700 17,665,995
Property and equipment, net 12,856,534 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 56,156,023 63,617,471
Other assets 43,937 77,117
TOTAL ASSETS 122,057,561 131,956,239
Current liabilities:    
Term loan - current portion 6,500,000 2,979,167
Obligations under asset purchase agreements - current portion 227,760 546,488
Equipment financing obligations 1,206,773 1,002,578
Accounts payable and accrued expenses 25,089,046 19,722,838
Total current liabilities 33,023,579 24,251,071
Long-term liabilities:    
Notes payable - non-related parties, net of discount 31,953,163 31,431,602
Notes payable - related parties 928,081 875,750
Term Loan 54,222,668 60,731,204
Indebtedness under revolving credit facility 1,500,000 3,000,000
Obligations under asset purchase agreements 222,240 890,811
Equipment financing obligations 590,601 1,237,083
Derivative liabilities 872,900 348,650
Total liabilities 123,313,232 122,766,171
Commitments and contingencies
Stockholders' equity (deficit):    
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 14,216 and 17,299 shares issued and outstanding 142 174
Common stock, $0.01 par value, 90,000,000 shares authorized, 22,471,133 and 20,642,028 shares issued and outstanding 224,712 206,422
Capital in excess of par value 195,865,425 192,233,032
Accumulated deficit (197,264,083) (183,249,560)
Total Fusion Telecommunications International, Inc. stockholders' (deficit) equity (1,173,804) 9,190,068
Noncontrolling interest (81,867) 0
Total stockholders' (deficit) equity (1,255,671) 9,190,068
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 122,057,561 $ 131,956,239

Source

v3.8.0.1
Consolidated Statements Of Operations - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Consolidated Statements Of Operations    
Revenues $ 150,530,557 $ 124,654,270
Cost of revenues, exclusive of depreciation and amortization, shown separately below 83,033,401 70,667,382
Gross profit 67,497,156 53,986,888
Depreciation and amortization 14,521,047 13,096,587
Selling, general and administrative expenses 57,724,202 48,524,923
Asset impairment charge 641,260 0
Total operating expenses 72,886,508 61,621,510
Operating loss (5,389,352) (7,634,622)
Other (expenses) income:    
Interest expense (8,648,600) (6,742,143)
(Loss) gain on change in fair value of derivative liabilities (909,272) 265,383
Loss on disposal of property and equipment (311,707) (129,119)
Loss on extinguishment of debt 0 (214,294)
Gain on change in fair value of contingent liability 1,011,606 0
Other income, net 209,235 128,987
Total other expenses (8,648,738) (6,691,186)
Loss before income taxes (14,038,090) (14,325,808)
(Provision) benefit for income taxes (61,511) 1,609,485
Net loss (14,099,601) (12,716,323)
Less: Net income attributable to non-controlling interest 85,078 0
Net loss attributable to Fusion Telecommunications International, Inc. (14,014,523) (12,716,323)
Preferred stock dividends (1,837,527) (2,388,007)
Net loss attributable to common stockholders $ (15,852,050) $ (15,104,330)
Basic and diluted loss per common share $ (0.72) $ (0.98)
Weighted average common shares outstanding:    
Basic and diluted 21,969,601 15,406,184

Source

v3.8.0.1
Condensed Consolidated Interim Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (14,099,601) $ (12,716,323)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 14,521,047 13,096,587
Deferred taxes 0 (1,669,485)
Asset impairment charge 641,260 0
Gain on change in fair value of contingent liability (1,011,606) 0
Loss on disposal of property and equipment 311,707 129,119
Stock-based compensation 2,483,714 878,343
Issuance of common stock for services rendered 179,450 118,150
Loss on extinguishment on debt 0 214,294
Amortization of debt discount and deferred financing fees 836,189 663,046
Loss (gain) on the change in fair value of derivative liability 909,272 (265,383)
Changes in operating assets and liabilities:    
Accounts receivable (3,331,828) 578,134
Prepaid expenses and other current assets (1,501,871) 585,928
Other assets 33,180 (31,678)
Accounts payable and accrued expenses 5,350,183 (1,254,445)
Net cash used in operating activities 5,321,096 326,287
Cash flows from investing activities:    
Purchase of property and equipment (4,345,358) (4,766,214)
Proceeds from the sale of property and equipment 167,245 234,753
Contribution from noncontrolling interest 3,211 0
Payment for acquisitions, net of cash acquired (558,329) (23,273,892)
Refunds of purchase price from acquisitions 150,000 262,683
Return (payment) of security deposits 14,788 (55,335)
Net cash (used in) investing activities (4,568,443) (27,598,005)
Cash flows from financing activities:    
Proceeds from the exercise of common stock purchase warrants 974,076 0
Proceeds from sale of common stock, net of offering costs 0 2,345,146
Proceeds from term loan 0 65,000,000
Repayments of notes payable 0 (571,484)
Repayments of term loan (3,250,000) (25,000,000)
(Repayments) proceeds from revolving debt, net (1,500,000) (12,000,000)
Payment of financing fees 0 (1,323,250)
Payments for obligations under asset purchase agreements (548,892) (641,665)
Payments on equipment financing obligations (1,119,359) (993,632)
Net cash used in financing activities (5,444,175) 26,815,115
Net change in cash and cash equivalents (4,691,522) (456,603)
Cash and cash equivalents, including restricted cash, beginning of year 7,249,063 7,705,666
Cash and cash equivalents, including restricted cash, end of year $ 2,557,541 $ 7,249,063

Source