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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to _______________
Commission File Number 001-36404
INPIXON
(Exact name of registrant as specified in its charter)
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Nevada |
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88-0434915 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
2479 E. Bayshore Road
Suite 195
Palo Alto, CA 94303
(Address of principal executive offices)
(Zip Code)
(408) 702-2167
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
|
Trading Symbol |
|
Name of each exchange on which each is registered |
Common Stock, par value $0.001 |
|
INPX |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
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|
|
|
|
|
|
|
Large accelerated filer |
¨ |
Accelerated filer |
¨ |
Non-accelerated filer |
x |
Smaller reporting company |
x |
|
|
Emerging growth company |
¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the issuer is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
|
|
|
|
|
|
|
|
Common Stock, Par Value $0.001 |
|
117,331,219 |
(Class) |
|
Outstanding at August 11, 2021 |
INPIXON
TABLE OF CONTENTS
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Page No. |
Special Note Regarding Forward-Looking Statements and Other Information Contained in this Report |
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PART I - FINANCIAL INFORMATION |
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ITEM 1. |
Financial Statements |
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Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 |
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Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 |
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Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2021 and 2020 |
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Condensed Consolidated Statements of Changes in Stockholders' Equity for the six months ended June 30, 2021 and 2020 |
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Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 |
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Notes to Unaudited Condensed Consolidated Financial Statements |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
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Item 4. |
Controls and Procedures |
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PART II - OTHER INFORMATION |
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Item 1. |
Legal Proceedings |
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Item 1A. |
Risk Factors |
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
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Item 3. |
Defaults Upon Senior Securities |
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Item 4. |
Mine Safety Disclosures |
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Item 5. |
Other Information |
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Item 6. |
Exhibits |
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Signatures |
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|
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION
CONTAINED IN THIS REPORT
This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains 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 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by looking for words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “would,” “should,” “could,” “may” or other similar expressions in this Form 10-Q. In particular, these include statements relating to future actions; prospective products, applications, customers and technologies; future performance or results of anticipated products; anticipated expenses; and projected financial results. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
•our history of losses;
•our ability to achieve profitability;
•our limited operating history with recent acquisitions;
•risks related to our recent acquisitions;
•our ability to successfully integrate companies or technologies we acquire;
•emerging competition and rapidly advancing technology in our industry that may outpace our technology;
•customer demand for the products and services we develop;
•the impact of competitive or alternative products, technologies and pricing;
•our ability to manufacture any products we develop;
•general economic conditions and events and the impact they may have on us and our potential customers, including, but not limited to supply chain challenges and other impacts resulting from COVID-19;
•our ability to obtain adequate financing in the future;
•our ability to consummate strategic transactions which may include acquisitions, mergers, dispositions or investments;
•our ability to maintain compliance with other continued listing requirements;
•lawsuits and other claims by third parties or investigations by various regulatory agencies that we are and may be become subject to and are required to report, including but not limited to, the U.S. Securities and Exchange Commission;
•our success at managing the risks involved in the foregoing items; and
•other factors discussed in this Form 10-Q.
We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Form 10-Q, particularly in the “Risk Factors” section, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make or collaborations or strategic partnerships we may enter into.
You should read this Form 10-Q and the documents that we have filed as exhibits to this Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Unless otherwise stated or the context otherwise requires, the terms “Inpixon” “we,” “us,” “our” and the “Company” refer collectively to Inpixon and, where appropriate, its subsidiaries.
Unless indicated otherwise in this Form 10-Q, all references to “$” refer to United States dollars, the lawful currency of the United States of America. References to “CAD” refer to Canadian dollars, the lawful currency of Canada. References to “INR” refer to Indian rupees, the lawful currency of India. References to “EUR” refer to euros, the single currency of Participating Member States of the European Union. References to “GBP” refer to the British pound, the lawful currency of the United Kingdom.
PART I — FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information which are the accounting principles that are generally accepted in the United States of America and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
In the opinion of management, the condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.
The results for the period ended June 30, 2021 are not necessarily indicative of the results of operations for the full year. These financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in our audited consolidated financial statements for the fiscal years December 31, 2020 and 2019 included in the annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2021.
INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except number of shares and par value data)
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2021 |
|
As of December 31, 2020 |
|
(Unaudited) |
|
(Audited) |
Assets |
|
|
|
|
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$ |
24,912 |
|
|
$ |
17,996 |
|
Accounts receivable, net of allowances of $234 and $235, respectively |
2,694 |
|
|
1,739 |
|
Notes and other receivables |
272 |
|
|
152 |
|
Inventory, net of reserve of $138 and $138, respectively |
1,919 |
|
|
1,243 |
|
Short-term investments |
45,303 |
|
|
7,998 |
|
Prepaid expenses and other current assets |
1,381 |
|
|
1,197 |
|
|
|
|
|
Total Current Assets |
76,481 |
|
|
30,325 |
|
|
|
|
|
Property and equipment, net |
1,499 |
|
|
1,445 |
|
Operating lease right-of-use asset, net |
1,775 |
|
|
2,077 |
|
Software development costs, net |
1,658 |
|
|
1,721 |
|
Investments in equity securities |
29,940 |
|
|
— |
|
Long-term investments |
2,500 |
|
|
2,500 |
|
Intangible assets, net |
36,530 |
|
|
14,203 |
|
Goodwill |
23,890 |
|
|
6,588 |
|
Other assets |
141 |
|
|
152 |
|
|
|
|
|
Total Assets |
$ |
174,414 |
|
|
$ |
59,011 |
|
The accompanying notes are an integral part of these financial statements
INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(In thousands, except number of shares and par value data)
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2021 |
|
As of December 31, 2020 |
|
(Unaudited) |
|
(Audited) |
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
1,726 |
|
|
$ |
908 |
|
Accrued liabilities |
5,717 |
|
|
2,739 |
|
Income tax liabilities |
6,750 |
|
|
— |
|
Operating lease obligation, current |
602 |
|
|
647 |
|
Deferred revenue |
2,780 |
|
|
1,922 |
|
Short-term debt |
4,251 |
|
|
5,401 |
|
Acquisition liability |
440 |
|
|
500 |
|
|
|
|
|
Total Current Liabilities |
22,266 |
|
|
12,117 |
|
|
|
|
|
Long Term Liabilities |
|
|
|
Operating lease obligation, noncurrent |
1,202 |
|
|
1,457 |
|
Other liabilities, noncurrent |
35 |
|
|
7 |
|
Acquisition liability, noncurrent |
5,425 |
|
|
750 |
|
|
|
|
|
Total Liabilities |
28,928 |
|
|
14,331 |
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
Preferred Stock -$0.001 par value; 5,000,000 shares authorized |
|
|
|
Series 4 Convertible Preferred Stock - 10,415 shares authorized; 1 issued, and 1 outstanding as of June 30, 2021 and December 31, 2020, respectively |
— |
|
|
— |
|
Series 5 Convertible Preferred Stock - 12,000 shares authorized; 126 issued, and 126 outstanding as of June 30, 2021 and December 31, 2020, respectively. |
— |
|
|
— |
|
Common Stock - $0.001 par value; 250,000,000 shares authorized; 116,454,028 and 53,178,462 issued and 116,454,027 and 53,178,461 outstanding as of June 30, 2021 and December 31, 2020, respectively. |
116 |
|
|
53 |
|
Additional paid-in capital |
322,196 |
|
|
225,613 |
|
Treasury stock, at cost, 1 share |
(695) |
|
|
(695) |
|
Accumulated other comprehensive income |
52 |
|
|
660 |
|
Accumulated deficit |
(178,931) |
|
|
(180,992) |
|
|
|
|
|
Stockholders’ Equity Attributable to Inpixon |
142,738 |
|
|
44,639 |
|
|
|
|
|
Non-controlling Interest |
2,748 |
|
|
41 |
|
|
|
|
|
Total Stockholders’ Equity |
145,486 |
|
|
44,680 |
|
|
|
|
|
Total Liabilities and Stockholders’ Equity |
$ |
174,414 |
|
|
$ |
59,011 |
|
The accompanying notes are an integral part of these financial statements
INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(Unaudited) |
Revenues |
$ |
3,453 |
|
|
1,076 |
|
|
6,407 |
|
|
$ |
2,880 |
|
|
|
|
|
|
|
|
|
Cost of Revenues |
896 |
|
|
305 |
|
|
1,780 |
|
|
814 |
|
|
|
|
|
|
|
|
|
Gross Profit |
2,557 |
|
|
771 |
|
|
4,627 |
|
|
2,066 |
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
Research and development |
3,223 |
|
|
1,278 |
|
|
5,931 |
|
|
2,612 |
Sales and marketing |
2,073 |
|
|
1,468 |
|
|
3,712 |
|
|
2,159 |
General and administrative |
8,828 |
|
|
2,476 |
|
|
17,999 |
|
|
6,268 |
Acquisition-related costs |
535 |
|
|
169 |
|
|
1,005 |
|
|
196 |
Amortization of intangibles |
1,191 |
|
|
508 |
|
|
1,693 |
|
|
1,524 |
|
|
|
|
|
|
|
|
Total Operating Expenses |
15,850 |
|
|
5,899 |
|
|
30,340 |
|
|
12,759 |
|
|
|
|
|
|
|
|
|
Loss from Operations |
$ |
(13,293) |
|
|
(5,128) |
|
|
(25,713) |
|
|
$ |
(10,693) |
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
Interest income (expense), net |
1,555 |
|
|
(777) |
|
|
1,206 |
|
|
(1,397) |
|
Loss on exchange of debt for equity |
— |
|
|
(47) |
|
|
(30) |
|
|
(132) |
|
Benefit (provision) for valuation allowance on related party loan - held for sale |
7,462 |
|
|
(835) |
|
|
7,345 |
|
|
(835) |
|
Other income (expense) |
125 |
|
|
(517) |
|
|
511 |
|
|
(499) |
|
Gain on related party loan - held for sale |
49,817 |
|
|
— |
|
|
49,817 |
|
|
— |
|
Unrealized loss on equity securities |
(28,965) |
|
|
— |
|
|
(28,965) |
|
|
— |
|
Total Other Income (Expense) |
29,994 |
|
|
(2,176) |
|
|
29,884 |
|
|
(2,863) |
|
|
|
|
|
|
|
|
|
Net Income (Loss), before tax |
16,701 |
|
|
(7,304) |
|
|
4,171 |
|
|
(13,556) |
|
Income tax (provision) benefit |
(2,195) |
|
|
— |
|
|
(2,204) |
|
|
87 |
|
Net Income (Loss) |
$ |
14,506 |
|
|
(7,304) |
|
|
1,967 |
|
|
$ |
(13,469) |
|
|
|
|
|
|
|
|
|
Net (Loss) Income Attributable to Non-controlling Interest |
(253) |
|
|
19 |
|
|
(235) |
|
|
9 |
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Stockholders of Inpixon |
$ |
14,759 |
|
|
$ |
(7,323) |
|
|
2,202 |
|
|
$ |
(13,478) |
|
|
|
|
|
|
|
|
|
Net Income (Loss) Per Share - Basic |
$ |
0.13 |
|
|
$ |
(0.32) |
|
|
$ |
0.02 |
|
|
$ |
(0.97) |
|
Net Income (Loss) Per Share - Diluted |
$ |
0.13 |
|
|
$ |
(0.32) |
|
|
$ |
0.02 |
|
|
$ |
(0.97) |
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
Basic |
110,040,532 |
|
|
22,823,976 |
|
|
94,577,520 |
|
|
13,931,245 |
|
Diluted |
110,041,378 |
|
|
22,823,976 |
|
|
94,591,619 |
|
|
13,931,245 |
|
The accompanying notes are an integral part of these financial statements
INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Unaudited |
Net Income (Loss) |
$ |
14,506 |
|
|
$ |
(7,304) |
|
|
$ |
1,967 |
|
|
$ |
(13,469) |
|
Unrealized foreign exchange (loss) gain from cumulative translation adjustments |
$ |
52 |
|
|
$ |
318 |
|
|
$ |
(619) |
|
|
$ |
(295) |
|
|
|
|
|
|
|
|
|
Comprehensive Income (Loss) |
$ |
14,558 |
|
|
$ |
(6,986) |
|
|
$ |
1,348 |
|
|
$ |
(13,764) |
|
The accompanying notes are an integral part of these financial statements
INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(Unaudited)
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 4 Convertible Preferred Stock |
|
Series 5 Convertible Preferred Stock |
|
Common Stock |
|
Additional Paid-In Capital |
|
Treasury Stock |
|
Accumulated Other Comprehensive Income (Loss) |
|
Accumulated Deficit |
|
Non-Controlling Interest |
|
Total Stockholders’ (Deficit) Equity |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
|
Shares |
|
Amount |
|
|
|
|
Balance - January 1, 2021 |
1 |
|
|
$ |
— |
|
|
126 |
|
|
$ |
— |
|
|
53,178,462 |
|
|
$ |
53 |
|
|
$ |
225,613 |
|
|
(1) |
|
|
$ |
(695) |
|
|
$ |
660 |
|
|
$ |
(180,992) |
|
|
$ |
41 |
|
|
$ |
44,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issued for registered direct offering |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15,800,000 |
|
|
16 |
|
|
74,058 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
74,074 |
|
Common shares issued for extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
893,921 |
|
|
1 |
|
|
1,499 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,500 |
|
Common shares issued for cashless stock options exercised |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,977 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common shares issued for net proceeds from warrants exercised |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
31,505,088 |
|
|
32 |
|
|
3,747 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,779 |
|
Stock options granted to employees and consultants for services |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,096 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,096 |
|
Cumulative translation adjustment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(671) |
|
|
— |
|
|
— |
|
|
(671) |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(12,557) |
|
|
18 |
|
|
(12,539) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - March 31, 2021 |
1 |
|
|
$ |
— |
|
|
126 |
|
|
$ |
— |
|
|
101,382,448 |
|
|
$ |
101 |
|
|
$ |
310,013 |
|
|
(1) |
|
|
$ |
(695) |
|
|
$ |
(11) |
|
|
$ |
(193,549) |
|
|
$ |
59 |
|
|
$ |
115,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options and restricted stock awards granted to employees for services |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,053 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,053 |
|
Common shares issued for Game Your Game acquisition |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,179,077 |
|
|
1 |
|
|
1,402 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,811 |
|
|
4,214 |
|
Common shares issued for Visualix acquisition |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
369,563 |
|
|
— |
|
|
429 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
429 |
|
Common shares issued for the CXApp |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8,849,538 |
|
|
9 |
|
|
9,991 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10,000 |
|
Common shares for cashless stock options exercised |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
414 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common shares issued for restricted stock grants |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,672,988 |
|
|
5 |
|
|
(5) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Taxes paid on stock based compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,687) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,687) |
|
Cumulative translation adjustment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
63 |
|
|
(141) |
|
|
130 |
|
|
52 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
14,759 |
|
|
(253) |
|
|
14,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - June 30, 2021 |
1 |
|
$ |
— |
|
|
126 |
|
$ |
— |
|
|
116,454,028 |
|
|
$ |
116 |
|
|
$ |
322,196 |
|
|
(1) |
|
|
$ |
(695) |
|
|
$ |
52 |
|
|
$ |
(178,931) |
|
|
$ |
2,748 |
|
|
$ |
145,486 |
|
The accompanying notes are an integral part of these financial statements
INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (CONTINUED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(Unaudited)
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 4 Convertible Preferred Stock |
|
Series 5 Convertible Preferred Stock |
|
Common Stock |
|
Additional Paid-In Capital |
|
Treasury Stock |
|
Accumulated Other Comprehensive Income (Loss) |
|
Accumulated Deficit |
|
Non-Controlling Interest |
|
Total Stockholders’ (Deficit) Equity |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
|
Shares |
|
Amount |
|
|
|
|
Balance - January 1, 2020 |
1 |
|
|
$ |
— |
|
|
126 |
|
|
$ |
— |
|
|
4,234,923 |
|
|
$ |
4 |
|
|
$ |
158,383 |
|
|
(1) |
|
|
$ |
(695) |
|
|
$ |
96 |
|
|
$ |
(151,762) |
|
|
$ |
26 |
|
|
$ |
6,052 |
|
Stock options granted to employees and consultants for services |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
399 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
399 |
|
Common Shares issued for net cash proceeds of a public offering |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
937,010 |
|
|
1 |
|
|
1,251 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,252 |
|
Common shares issued for extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,896,557 |
|
|
2 |
|
|
4,192 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,194 |
|
Cumulative translation adjustment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(613) |
|
|
— |
|
|
(1) |
|
|
(614) |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(6,158) |
|
|
(10) |
|
|
(6,168) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - March 31, 2020 |
1 |
|
|
$ |
— |
|
|
126 |
|
|
$ |
— |
|
|
7,068,490 |
|
|
$ |
7 |
|
|
$ |
164,225 |
|
|
(1) |
|
|
$ |
(695) |
|
|
$ |
(517) |
|
|
$ |
(157,920) |
|
|
$ |
15 |
|
|
$ |
5,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options granted to employees for services |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
286 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
286 |
|
Common and preferred shares issued for net cash proceeds from a public offering |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
29,033,036 |
|
|
29 |
|
|
40,490 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
40,519 |
|
Common shares issued for extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,889,990 |
|
|
4 |
|
|
4,588 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,592 |
|
Common shares issued for extinguishment of liability |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
183,486 |
|
|
|
|
200 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
200 |
|
Cumulative translation adjustment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
318 |
|
|
— |
|
|
— |
|
|
318 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,322) |
|
|
19 |
|
|
(7,303) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - June 30, 2020 |
1 |
|
|
$ |
— |
|
|
126 |
|
|
$ |
— |
|
|
40,175,002 |
|
|
$ |
40 |
|
|
$ |
209,789 |
|
|
(1) |
|
|
$ |
(695) |
|
|
$ |
(199) |
|
|
$ |
(165,242) |
|
|
$ |
34 |
|
|
$ |
43,727 |
|
The accompanying notes are an integral part of these financial statements
INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
2021 |
|
2020 |
Cash Flows Used in Operating Activities |
(Unaudited) |
|
|
|
|
Net income (loss) |
$ |
1,967 |
|
|
$ |
(13,469) |
|
Adjustment to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
625 |
|
|
384 |
|
Amortization of intangible assets |
2,007 |
|
|
1,524 |
|
Amortization of right of use asset |
370 |
|
|
356 |
|
Stock based compensation |
7,149 |
|
|
685 |
|
Loss on exchange of debt for equity |
30 |
|
|
132 |
|
Amortization of debt discount |
224 |
|
|
1,909 |
|
Accrued interest income, related party |
(1,627) |
|
|
(32) |
|
Unrealized gain on note |
(490) |
|
|
— |
|
(Recovery) provision for valuation allowance for held for sale loan |
(7,345) |
|
|
835 |
|
Provision for valuation allowance for related party receivable |
— |
|
|
648 |
|
Gain on settlement of related party promissory note and loan related party receivable |
(49,817) |
|
|
— |
|
Deferred income tax |
(4,507) |
|
|
(87) |
|
Unrealized loss on equity securities |
28,965 |
|
|
— |
|
Other |
57 |
|
|
21 |
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable and other receivables |
532 |
|
|
(107) |
|
Inventory |
(555) |
|
|
22 |
|
Prepaid expenses and other current assets |
(319) |
|
|
(905) |
|
Other assets |
203 |
|
|
(13) |
|
Accounts payable |
(331) |
|
|
(1,539) |
|
Accrued liabilities |
2,494 |
|
|
(593) |
|
Income tax liabilities |
6,711 |
|
|
— |
|
Deferred revenue |
(238) |
|
|
105 |
|
Operating lease obligation |
(364) |
|
|
(362) |
|
Other liabilities |
96 |
|
|
117 |
|
|
|
|
|
Net Cash Used in Operating Activities |
(14,163) |
|
|
(10,369) |
|
|
|
|
|
Cash Flows Used in Investing Activities |
|
|
|
Purchase of property and equipment |
(149) |
|
|
(39) |
|
Purchases of capitalized software |
(373) |
|
|
(433) |
|
Purchases of other short term investments |
(2,000) |
|
|
— |
|
Purchases of treasury bills |
(63,362) |
|
|
— |
|
Sales of treasury bills |
28,000 |
|
|
— |
|
Purchase of Systat licensing agreement |
(900) |
|
|
— |
|
Acquisition of Game Your Game |
184 |
|
|
— |
|
Acquisition of CXApp |
(15,186) |
|
|
— |
|
Acquisition of Visualix |
(61) |
|
|
— |
|
Net Cash Used in Investing Activities |
$ |
(53,847) |
|
|
(472) |
|
INPIXON AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash From Financing Activities |
|
|
|
Net repayments to bank facility |
— |
|
|
(150) |
|
Net proceeds from issuance of common stock and warrants |
77,853 |
|
|
41,771 |
|
Taxes paid related to net share settlement of restricted stock units |
(1,687) |
|
|
— |
|
Net proceeds from notes payable |
— |
|
|
1 |
|
Loans to related party |
(117) |
|
|
(1,035) |
|
Repayments from related party |
— |
|
|
200 |
|
Net proceeds from promissory notes |
— |
|
|
5,000 |
|
Repayment of CXApp acquisition liability |
(137) |
|
|
— |
|
Repayment of acquisition liability to Nanotron shareholders |
(467) |
|
|
— |
|
Repayment of acquisition liability to Locality shareholders |
(500) |
|
|
(250) |
|
Net Cash Provided By Financing Activities |
74,945 |
|
|
45,537 |
|
|
|
|
|
Effect of Foreign Exchange Rate on Changes on Cash |
(19) |
|
|
(15) |
|
|
|
|
|
Net Increase in Cash, Cash Equivalents and Restricted Cash |
6,916 |
|
|
34,681 |
|
|
|
|
|
Cash, Cash Equivalents and Restricted Cash - Beginning of period |
17,996 |
|
|
4,849 |
|
|
|
|
|
Cash, Cash Equivalents and Restricted Cash - End of period (Note 3) |
$ |
24,912 |
|
|
$ |
39,530 |
|
|
|
|
|
Supplemental Disclosure of cash flow information: |
|
|
|
Cash paid for: |
|
|
|
Interest |
$ |
1 |
|
|
$ |
2 |
|
Income Taxes |
$ |
— |
|
|
$ |
— |
|
|
|
|
|
Non-cash investing and financing activities |
|
|
|
Common shares issued for extinguishment of liability |
$ |
— |
|
|
$ |
200 |
|
Common shares issued for extinguishment of debt |
$ |
1,500 |
|
|
$ |
8,786 |
|
Right of use asset obtained in exchange for lease liability |
$ |
— |
|
|
$ |
|