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10-Q Filing

CARECLOUD, INC. CIK: 1582982 Q1 2015
Filing Information
Form Type 10-Q
Accession Number 0001144204-15-030176
Period End Date 20150331
Filing Date 20150513
Fiscal Year 2015
Fiscal Period Q1
XBRL Instance mtbc-20150331.xml
Balance Sheet 88 line items
Line Item Tag Value Unit Period
Allowance for Doubtful Accounts Receivable (in dollars) AllowanceForDoubtfulAccountsReceivableCurrent $165.00K USD Point-in-time
Allowance for Doubtful Accounts Receivable (in dollars) AllowanceForDoubtfulAccountsReceivableCurrent $193.24K USD Point-in-time
Preferred Stock, Par Value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred Stock, Par Value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred Stock, Shares Authorized PreferredStockSharesAuthorized 1.00M shares Point-in-time
Preferred Stock, Shares Authorized PreferredStockSharesAuthorized 1.00M shares Point-in-time
Preferred Stock, Shares Issued PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred Stock, Shares Issued PreferredStockSharesIssued 0.00 shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $1.19M USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $497.94K USD Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $1.05M USD Point-in-time
Preferred Stock, Shares Outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $306.50K USD Point-in-time
Preferred Stock, Shares Outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Accounts receivable - net of allowance for doubtful accounts of $193,239 and $165,000 at March 31, 2015 and December 31, 2014, respectively AccountsReceivableNetCurrent $3.01M USD Point-in-time
Common Stock, Par Value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Accounts receivable - net of allowance for doubtful accounts of $193,239 and $165,000 at March 31, 2015 and December 31, 2014, respectively AccountsReceivableNetCurrent $2.93M USD Point-in-time
Common Stock, Par Value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Current assets - related party DueFromRelatedPartiesCurrent $24.28K USD Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 19.00M shares Point-in-time
Common Stock, Shares Authorized CommonStockSharesAuthorized 19.00M shares Point-in-time
Current assets - related party DueFromRelatedPartiesCurrent $24.28K USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $320.21K USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 9.66M shares Point-in-time
Prepaid expenses PrepaidExpenseCurrent $315.90K USD Point-in-time
Common Stock, Shares, Issued CommonStockSharesIssued 9.71M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 9.71M shares Point-in-time
Common Stock, Shares, Outstanding CommonStockSharesOutstanding 9.66M shares Point-in-time
Other current assets OtherAssetsCurrent $188.54K USD Point-in-time
Other current assets OtherAssetsCurrent $267.49K USD Point-in-time
Total current assets AssetsCurrent $4.58M USD Point-in-time
Total current assets AssetsCurrent $4.73M USD Point-in-time
PROPERTY AND EQUIPMENT - Net PropertyPlantAndEquipmentNet $1.44M USD Point-in-time
PROPERTY AND EQUIPMENT - Net PropertyPlantAndEquipmentNet $1.43M USD Point-in-time
INTANGIBLE ASSETS - Net FiniteLivedIntangibleAssetsNet $7.32M USD Point-in-time
INTANGIBLE ASSETS - Net FiniteLivedIntangibleAssetsNet $8.38M USD Point-in-time
GOODWILL Goodwill $8.56M USD Point-in-time
GOODWILL Goodwill $8.56M USD Point-in-time
OTHER ASSETS OtherAssetsNoncurrent $162.60K USD Point-in-time
OTHER ASSETS OtherAssetsNoncurrent $140.05K USD Point-in-time
TOTAL ASSETS Assets $23.11M USD Point-in-time
TOTAL ASSETS Assets $22.20M USD Point-in-time
Accounts payable AccountsPayableCurrent $694.38K USD Point-in-time
Accounts payable AccountsPayableCurrent $1.08M USD Point-in-time
Accrued compensation OtherAccruedLiabilitiesCurrent $836.52K USD Point-in-time
Accrued compensation OtherAccruedLiabilitiesCurrent $597.08K USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $1.11M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $1.26M USD Point-in-time
Deferred rent DeferredRentCreditCurrent $18.37K USD Point-in-time
Deferred rent DeferredRentCreditCurrent $12.68K USD Point-in-time
Deferred revenue DeferredRevenueCurrent $37.51K USD Point-in-time
Deferred revenue DeferredRevenueCurrent $25.70K USD Point-in-time
Accrued liability to related party AccruedLiabilitiesRelatedPartiesCurrent $134.79K USD Point-in-time
Accrued liability to related party AccruedLiabilitiesRelatedPartiesCurrent $153.93K USD Point-in-time
Borrowings under line of credit LinesOfCreditCurrent $3.00M USD Point-in-time
Borrowings under line of credit LinesOfCreditCurrent $1.22M USD Point-in-time
Note payable - related party NotesPayableRelatedPartiesClassifiedCurrent $470.09K USD Point-in-time
Note payable - related party NotesPayableRelatedPartiesClassifiedCurrent $470.09K USD Point-in-time
Notes payable - other (current portion) OtherNotesPayableCurrent $596.62K USD Point-in-time
Notes payable - other (current portion) OtherNotesPayableCurrent $346.90K USD Point-in-time
Contingent consideration BusinessCombinationContingentConsiderationLiabilityCurrent $1.93M USD Point-in-time
Contingent consideration BusinessCombinationContingentConsiderationLiabilityCurrent $2.63M USD Point-in-time
Total current liabilities LiabilitiesCurrent $8.48M USD Point-in-time
Total current liabilities LiabilitiesCurrent $8.14M USD Point-in-time
Notes payable - other OtherLongTermNotesPayable $43.10K USD Point-in-time
Notes payable - other OtherLongTermNotesPayable $48.56K USD Point-in-time
DEFERRED RENT DeferredRentCreditNoncurrent $536.87K USD Point-in-time
DEFERRED RENT DeferredRentCreditNoncurrent $551.34K USD Point-in-time
DEFERRED REVENUE DeferredRevenueNoncurrent $42.63K USD Point-in-time
DEFERRED REVENUE DeferredRevenueNoncurrent $41.34K USD Point-in-time
Total liabilities Liabilities $8.79M USD Point-in-time
Total liabilities Liabilities $9.10M USD Point-in-time
COMMITMENT AND CONTINGENCIES (Note 8) CommitmentsAndContingencies - USD Point-in-time
COMMITMENT AND CONTINGENCIES (Note 8) CommitmentsAndContingencies - USD Point-in-time
Preferred stock, par value $0.001 per share; authorized 1,000,000 shares; issued and outstanding none at March 31, 2015 and December 31, 2014 PreferredStockValue - USD Point-in-time
Preferred stock, par value $0.001 per share; authorized 1,000,000 shares; issued and outstanding none at March 31, 2015 and December 31, 2014 PreferredStockValue - USD Point-in-time
Common stock, $0.001 par value - authorized, 19,000,000 shares; issued and outstanding, 9,657,807 and 9,711,604 shares at March 31, 2015 and December 31, 2014, respectively CommonStockValue $9.71K USD Point-in-time
Common stock, $0.001 par value - authorized, 19,000,000 shares; issued and outstanding, 9,657,807 and 9,711,604 shares at March 31, 2015 and December 31, 2014, respectively CommonStockValue $9.66K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $18.98M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $18.97M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-4.46M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-5.63M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-249.75K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-208.96K USD Point-in-time
Total shareholders' equity StockholdersEquity $14.32M USD Point-in-time
Total shareholders' equity StockholdersEquity $13.10M USD Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $23.11M USD Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $22.20M USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
NET REVENUE SalesRevenueGoodsNet $2.57M USD 1 Quarter
NET REVENUE SalesRevenueGoodsNet $6.14M USD 1 Quarter
Direct operating costs DirectOperatingCosts $3.55M USD 1 Quarter
Direct operating costs DirectOperatingCosts $1.15M USD 1 Quarter
Selling and marketing SellingAndMarketingExpense $70.02K USD 1 Quarter
Selling and marketing SellingAndMarketingExpense $120.44K USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.14M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $1.29M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $116.43K USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $164.93K USD 1 Quarter
Change in contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 - USD 1 Quarter
Change in contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-828.76K USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $1.16M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $270.04K USD 1 Quarter
Total operating expenses OperatingExpenses $2.90M USD 1 Quarter
Total operating expenses OperatingExpenses $7.30M USD 1 Quarter
Operating loss OperatingIncomeLoss $-321.93K USD 1 Quarter
Operating loss OperatingIncomeLoss $-1.17M USD 1 Quarter
Interest income InterestIncomeOther $2.99K USD 1 Quarter
Interest income InterestIncomeOther $6.91K USD 1 Quarter
Interest expense InterestExpenseOther $52.71K USD 1 Quarter
Interest expense InterestExpenseOther $42.19K USD 1 Quarter
Other income (expense) - net NonoperatingIncomeExpense $46.12K USD 1 Quarter
Other income (expense) - net NonoperatingIncomeExpense $-199.88K USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-1.16M USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-571.53K USD 1 Quarter
INCOME TAX PROVISION (BENEFIT) IncomeTaxExpenseBenefit $9.62K USD 1 Quarter
INCOME TAX PROVISION (BENEFIT) IncomeTaxExpenseBenefit $-187.86K USD 1 Quarter
NET LOSS NetIncomeLoss $-383.67K USD 1 Quarter
NET LOSS NetIncomeLoss $-1.17M USD 1 Quarter
Basic and diluted loss per share (in dollars per share) IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $-0.12 USD 1 Quarter
Basic and diluted loss per share (in dollars per share) IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $-0.08 USD 1 Quarter
Weighted-average basic and diluted shares outstanding (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 5.10M shares 1 Quarter
Weighted-average basic and diluted shares outstanding (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 9.69M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-383.67K USD 1 Quarter
Net loss NetIncomeLoss $-1.17M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $1.16M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $270.04K USD 1 Quarter
Deferred rent StraightLineRent $2.82K USD 1 Quarter
Deferred rent StraightLineRent $-2.14K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-13.10K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-10.68K USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $187.86K USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes - USD 1 Quarter
Provision for doubtful accounts ProvisionForRecoveryOfDoubtfulAccounts $28.35K USD 1 Quarter
Provision for doubtful accounts ProvisionForRecoveryOfDoubtfulAccounts $28.24K USD 1 Quarter
Foreign exchange (gain) loss ForeignCurrencyTransactionGainLossRealized $28.69K USD 1 Quarter
Foreign exchange (gain) loss ForeignCurrencyTransactionGainLossRealized $-210.01K USD 1 Quarter
Gain from reduction in referral fee GainLossFromReductionInReferralFee - USD 1 Quarter
Gain from reduction in referral fee GainLossFromReductionInReferralFee $105.52K USD 1 Quarter
Interest accretion on convertible promissory note AccretionExpense $11.77K USD 1 Quarter
Interest accretion on convertible promissory note AccretionExpense - USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation - USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $126.85K USD 1 Quarter
Change in contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 - USD 1 Quarter
Change in contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-828.76K USD 1 Quarter
CastleRock settlement payment SettlementPayments $110.00K USD 1 Quarter
CastleRock settlement payment SettlementPayments - USD 1 Quarter
Other OtherNoncashIncomeExpense $-955.00 USD 1 Quarter
Other OtherNoncashIncomeExpense - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-38.83K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-46.01K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $18.52K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $108.22K USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities $-400.43K USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities $144.88K USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $-1.30M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $704.00 USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $53.57K USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $83.59K USD 1 Quarter
Advances to majority shareholder PaymentsToFundLongtermLoansToRelatedParties $1.00K USD 1 Quarter
Advances to majority shareholder PaymentsToFundLongtermLoansToRelatedParties - USD 1 Quarter
Repayment of advances to majority shareholder ProceedsFromCollectionOfLongtermLoansToRelatedParties - USD 1 Quarter
Repayment of advances to majority shareholder ProceedsFromCollectionOfLongtermLoansToRelatedParties $1.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-53.57K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-83.59K USD 1 Quarter
Repayments of notes payable - other RepaymentsOfOtherShortTermDebt $254.83K USD 1 Quarter
Repayments of notes payable - other RepaymentsOfOtherShortTermDebt $340.88K USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit $1.49M USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit $3.44M USD 1 Quarter
Repayments of line of credit RepaymentsOfLinesOfCredit $1.65M USD 1 Quarter
Repayments of line of credit RepaymentsOfLinesOfCredit $1.28M USD 1 Quarter
IPO-related costs PaymentsOfStockIssuanceCosts $14.51K USD 1 Quarter
IPO-related costs PaymentsOfStockIssuanceCosts - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $1.53M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-155.39K USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations $16.81K USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations $-11.99K USD 1 Quarter
NET INCREASE (DECREASE) IN CASH CashAndCashEquivalentsPeriodIncreaseDecrease $-191.44K USD 1 Quarter
NET INCREASE (DECREASE) IN CASH CashAndCashEquivalentsPeriodIncreaseDecrease $137.28K USD 1 Quarter
CASH - Beginning of the period CashAndCashEquivalentsAtCarryingValue $1.19M USD Point-in-time
CASH - Beginning of the period CashAndCashEquivalentsAtCarryingValue $497.94K USD Point-in-time
CASH - Beginning of the period CashAndCashEquivalentsAtCarryingValue $1.05M USD Point-in-time
CASH - Beginning of the period CashAndCashEquivalentsAtCarryingValue $306.50K USD Point-in-time
CASH - End of period CashAndCashEquivalentsAtCarryingValue $1.19M USD Point-in-time
CASH - End of period CashAndCashEquivalentsAtCarryingValue $497.94K USD Point-in-time
CASH - End of period CashAndCashEquivalentsAtCarryingValue $1.05M USD Point-in-time
CASH - End of period CashAndCashEquivalentsAtCarryingValue $306.50K USD Point-in-time
Purchase of prepaid insurance through assumption of note NoncashOrPartNoncashAcquisitionOfPrepaidInsurance - USD 1 Quarter
Purchase of prepaid insurance through assumption of note NoncashOrPartNoncashAcquisitionOfPrepaidInsurance $36.64K USD 1 Quarter
Accrued IPO-related costs NoncashOrPartNoncashInitialPublicOfferingRelatedCosts - USD 1 Quarter
Accrued IPO-related costs NoncashOrPartNoncashInitialPublicOfferingRelatedCosts $227.75K USD 1 Quarter
Income taxes IncomeTaxesPaidNet $9.76K USD 1 Quarter
Income taxes IncomeTaxesPaidNet $5.23K USD 1 Quarter
Interest InterestPaidNet $75.58K USD 1 Quarter
Interest InterestPaidNet $82.60K USD 1 Quarter
Stockholders Equity 9 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $14.32M USD Point-in-time
Balance StockholdersEquity $13.10M USD Point-in-time
Net loss NetIncomeLoss $-383.67K USD 1 Quarter
Net loss NetIncomeLoss $-1.17M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax $-40.79K USD 1 Quarter
Forfeiture of shares issued to acquired businesses StockIssuedDuringPeriodValueAcquisitionsForfeited $-132.88K USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $119.20K USD 1 Quarter
Balance StockholdersEquity $14.32M USD Point-in-time
Balance StockholdersEquity $13.10M USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
NET LOSS NetIncomeLoss $-383.67K USD 1 Quarter
Other Comprehensive Loss, Foreign Currency Translation Adjustment, Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax $67.39K USD 1 Quarter
NET LOSS NetIncomeLoss $-1.17M USD 1 Quarter
Other Comprehensive Loss, Foreign Currency Translation Adjustment, Tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax - USD 1 Quarter
Foreign currency translation adjustment (a) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $130.83K USD 1 Quarter
Foreign currency translation adjustment (a) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-40.79K USD 1 Quarter
COMPREHENSIVE LOSS ComprehensiveIncomeNetOfTax $-252.84K USD 1 Quarter
COMPREHENSIVE LOSS ComprehensiveIncomeNetOfTax $-1.21M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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