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10-Q Filing

CARECLOUD, INC. CIK: 1582982 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001493152-21-010632
Period End Date 20210331
Filing Date 20210506
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance mtbc-20210331.xml
Balance Sheet 54 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $522.00K USD Point-in-time
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 7.00M shares Point-in-time
Cash CashAndCashEquivalentsAtCarryingValue $20.93M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 5.48M shares Point-in-time
Accounts receivable - net, of allowance for doubtful accounts of $517 and $522 at March 31, 2021 and December 31, 2020, respectively AccountsReceivableNetCurrent $12.09M USD Point-in-time
Contract asset ContractWithCustomerAssetNetCurrent $4.11M USD Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 5.48M shares Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Inventory InventoryNet $399.00K USD Point-in-time
Current assets - related party DueFromRelatedPartiesCurrent $13.00K USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 29.00M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 14.12M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $7.29M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 13.38M shares Point-in-time
Total current assets AssetsCurrent $44.82M USD Point-in-time
Property and equipment - net PropertyPlantAndEquipmentNet $4.92M USD Point-in-time
Treasury stock, shares TreasuryStockShares 740,799.00 shares Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $7.74M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $7.08M USD Point-in-time
Intangible assets - net IntangibleAssetsNetExcludingGoodwill $29.98M USD Point-in-time
Goodwill Goodwill $49.29M USD Point-in-time
Other assets OtherAssetsNoncurrent $1.25M USD Point-in-time
TOTAL ASSETS Assets $138.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $6.46M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $2.59M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $8.50M USD Point-in-time
Operating lease liability (current portion) OperatingLeaseLiabilityCurrent $4.24M USD Point-in-time
Operating lease liability (current portion) OperatingLeaseLiabilityCurrent $4.73M USD Point-in-time
Deferred revenue (current portion) ContractWithCustomerLiabilityCurrent $1.17M USD Point-in-time
Accrued liability to related party AccruedLiabilitiesRelatedPartiesCurrent $1.00K USD Point-in-time
Deferred payroll taxes DeferredPayrollTaxesCurrent $927.00K USD Point-in-time
Notes payable (current portion) NotesPayableCurrent $401.00K USD Point-in-time
Dividend payable DividendsPayableCurrent $4.24M USD Point-in-time
Total current liabilities LiabilitiesCurrent $29.02M USD Point-in-time
Notes payable LongTermNotesPayable $41.00K USD Point-in-time
Deferred payroll taxes DeferredPayrollTaxesNonCurrent $927.00K USD Point-in-time
Operating lease liability OperatingLeaseLiabilityNoncurrent $6.30M USD Point-in-time
Operating lease liability OperatingLeaseLiabilityNoncurrent $5.22M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityNoncurrent $305.00K USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet $160.00K USD Point-in-time
Total liabilities Liabilities $36.75M USD Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 8) CommitmentsAndContingencies - USD Point-in-time
Preferred stock, $0.001 par value - authorized 7,000,000 shares at March 31, 2021 and December 31, 2020; issued and outstanding 5,502,961 and 5,475,279 shares at March 31, 2021 and December 31, 2020, respectively PreferredStockValue $5.00K USD Point-in-time
Common stock, $0.001 par value - authorized 29,000,000 shares at March 31, 2021 and December 31, 2020; issued 15,140,589 and 14,121,044 shares at March 31, 2021 and December 31, 2020, respectively; 14,399,790 and 13,380,245 shares outstanding at March 31, 2021 and December 31, 2020, respectively CommonStockValue $14.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $136.78M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-33.89M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.00M USD Point-in-time
Less: 740,799 common shares held in treasury, at cost at March 31, 2021 and December 31, 2020 TreasuryStockValue $662.00K USD Point-in-time
Total shareholders' equity StockholdersEquity $101.25M USD Point-in-time
Total shareholders' equity StockholdersEquity $57.20M USD Point-in-time
Total shareholders' equity StockholdersEquity $103.51M USD Point-in-time
Total shareholders' equity StockholdersEquity $42.84M USD Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $138.00M USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
NET REVENUE RevenueFromContractWithCustomerExcludingAssessedTax $29.77M USD 1 Quarter
NET REVENUE RevenueFromContractWithCustomerExcludingAssessedTax $21.87M USD 1 Quarter
Direct operating costs OperatingCosts $18.06M USD 1 Quarter
Direct operating costs OperatingCosts $13.57M USD 1 Quarter
Selling and marketing SellingAndMarketingExpense $1.89M USD 1 Quarter
Selling and marketing SellingAndMarketingExpense $1.58M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $5.59M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $5.62M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $2.33M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $2.03M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $2.83M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $1.33M USD 1 Quarter
Impairment and unoccupied lease charges AssetImpairmentCharges $297.00K USD 1 Quarter
Impairment and unoccupied lease charges AssetImpairmentCharges $1.02M USD 1 Quarter
Total operating expenses OperatingExpenses $31.45M USD 1 Quarter
Total operating expenses OperatingExpenses $24.70M USD 1 Quarter
OPERATING LOSS OperatingIncomeLoss $-2.84M USD 1 Quarter
OPERATING LOSS OperatingIncomeLoss $-1.68M USD 1 Quarter
Interest income InterestIncomeOther $38.00K USD 1 Quarter
Interest income InterestIncomeOther $15.00K USD 1 Quarter
Interest expense InterestExpenseOther $79.00K USD 1 Quarter
Interest expense InterestExpenseOther $118.00K USD 1 Quarter
Other (expense) income - net OtherNonoperatingIncomeExpense $-220.00K USD 1 Quarter
Other (expense) income - net OtherNonoperatingIncomeExpense $445.00K USD 1 Quarter
LOSS BEFORE (BENEFIT) PROVISION FOR INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-1.97M USD 1 Quarter
LOSS BEFORE (BENEFIT) PROVISION FOR INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-2.47M USD 1 Quarter
Income tax (benefit) provision IncomeTaxExpenseBenefit $-1.00K USD 1 Quarter
Income tax (benefit) provision IncomeTaxExpenseBenefit $30.00K USD 1 Quarter
NET LOSS NetIncomeLoss $-1.96M USD 1 Quarter
NET LOSS NetIncomeLoss $-2.50M USD 1 Quarter
Preferred stock dividend DividendsPreferredStock $2.64M USD 1 Quarter
Preferred stock dividend DividendsPreferredStock $3.13M USD 1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS NetIncomeLossAvailableToCommonStockholdersBasic $-5.09M USD 1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS NetIncomeLossAvailableToCommonStockholdersBasic $-5.14M USD 1 Quarter
Net loss per common share: basic and diluted EarningsPerShareBasicAndDiluted $-0.42 USD 1 Quarter
Net loss per common share: basic and diluted EarningsPerShareBasicAndDiluted $-0.36 USD 1 Quarter
Weighted-average common shares used to compute basic and diluted loss per share WeightedAverageNumberOfShareOutstandingBasicAndDiluted 12.31M shares 1 Quarter
Weighted-average common shares used to compute basic and diluted loss per share WeightedAverageNumberOfShareOutstandingBasicAndDiluted 14.08M shares 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-1.96M USD 1 Quarter
Net loss NetIncomeLoss $-2.50M USD 1 Quarter
Depreciation and amortization OtherDepreciationAndAmortization $1.50M USD 1 Quarter
Depreciation and amortization OtherDepreciationAndAmortization $2.94M USD 1 Quarter
Lease amortization AmortizationOfLeaseIncentives $728.00K USD 1 Quarter
Lease amortization AmortizationOfLeaseIncentives $684.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $-89.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $32.00K USD 1 Quarter
Provision for doubtful accountst ProvisionForDoubtfulAccounts $192.00K USD 1 Quarter
Provision for doubtful accountst ProvisionForDoubtfulAccounts $281.00K USD 1 Quarter
(Benefit) provision for deferred income taxes DeferredIncomeTaxExpenseBenefit $15.00K USD 1 Quarter
(Benefit) provision for deferred income taxes DeferredIncomeTaxExpenseBenefit $-36.00K USD 1 Quarter
Foreign exchange loss (gain) ForeignCurrencyTransactionGainLossRealized $423.00K USD 1 Quarter
Foreign exchange loss (gain) ForeignCurrencyTransactionGainLossRealized $-143.00K USD 1 Quarter
Interest accretion AccretionExpense $139.00K USD 1 Quarter
Interest accretion AccretionExpense $167.00K USD 1 Quarter
Gain on sale of assets GainLossOnDispositionOfAssets1 - USD 1 Quarter
Gain on sale of assets GainLossOnDispositionOfAssets1 $-2.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $1.31M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $1.27M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $522.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $302.00K USD 1 Quarter
Contract asset IncreaseDecreaseInContractWithCustomerAsset $-38.00K USD 1 Quarter
Contract asset IncreaseDecreaseInContractWithCustomerAsset $270.00K USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-20.00K USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-5.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $110.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $10.00K USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities $-4.46M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities $-1.71M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $958.00K USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-3.88M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $695.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $539.00K USD 1 Quarter
Capitalized software PaymentsForSoftware $1.64M USD 1 Quarter
Capitalized software PaymentsForSoftware $1.52M USD 1 Quarter
Cash paid for acquisitions (net) PaymentsToAcquireBusinessesNetOfCashAcquired $11.85M USD 1 Quarter
Cash paid for acquisitions (net) PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-2.22M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-14.03M USD 1 Quarter
Preferred stock dividends paid PaymentsOfDividendsPreferredStockAndPreferenceStock $3.59M USD 1 Quarter
Preferred stock dividends paid PaymentsOfDividendsPreferredStockAndPreferenceStock $1.98M USD 1 Quarter
Settlement of tax withholding obligations on stock issued to employees PaymentsRelatedToTaxWithholdingForShareBasedCompensation $820.00K USD 1 Quarter
Settlement of tax withholding obligations on stock issued to employees PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.40M USD 1 Quarter
Repayments of notes payable, net RepaymentsOfNotesPayable $139.00K USD 1 Quarter
Repayments of notes payable, net RepaymentsOfNotesPayable $241.00K USD 1 Quarter
Proceeds from exercise of warrants ProceedsFromWarrantExercises $6.39M USD 1 Quarter
Proceeds from exercise of warrants ProceedsFromWarrantExercises - USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit $9.75M USD 1 Quarter
Proceeds from line of credit ProceedsFromLinesOfCredit - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.16M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $6.81M USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-492.00K USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $174.00K USD 1 Quarter
NET INCREASE (DECREASE) IN CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $70.00K USD 1 Quarter
NET INCREASE (DECREASE) IN CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-11.60M USD 1 Quarter
CASH - beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $19.99M USD Point-in-time
CASH - beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $20.93M USD Point-in-time
CASH - beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $8.39M USD Point-in-time
CASH - beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $21.00M USD Point-in-time
CASH - end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $19.99M USD Point-in-time
CASH - end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $20.93M USD Point-in-time
CASH - end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $8.39M USD Point-in-time
CASH - end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $21.00M USD Point-in-time
Preferred stock issued in connection with an acquisition PreferredStockIssuedInConnectionWithAcquisition - USD 1 Quarter
Preferred stock issued in connection with an acquisition PreferredStockIssuedInConnectionWithAcquisition $19.00M USD 1 Quarter
Dividends declared, not paid DividendsDeclaredNotPaid $2.41M USD 1 Quarter
Dividends declared, not paid DividendsDeclaredNotPaid $3.78M USD 1 Quarter
Warrants issued StockIssued1 $300.00K USD 1 Quarter
Warrants issued StockIssued1 - USD 1 Quarter
Income taxes IncomeTaxesPaidNet $59.00K USD 1 Quarter
Income taxes IncomeTaxesPaidNet $6.00K USD 1 Quarter
Interest InterestPaidNet $16.00K USD 1 Quarter
Interest InterestPaidNet $41.00K USD 1 Quarter
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $101.25M USD Point-in-time
Balance StockholdersEquity $57.20M USD Point-in-time
Balance StockholdersEquity $103.51M USD Point-in-time
Balance StockholdersEquity $42.84M USD Point-in-time
Net loss NetIncomeLoss $-1.96M USD 1 Quarter
Net loss NetIncomeLoss $-2.50M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-590.00K USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $345.00K USD 1 Quarter
Issuance of stock under the equity incentive plan IssuanceOfStockUnderEquityIncentivePlan - USD 1 Quarter
Issuance of stock under the equity incentive plan IssuanceOfStockUnderEquityIncentivePlan - USD 1 Quarter
Issuance of preferred stock in connection with an acquisition StockIssuedDuringPeriodValueAcquisitions $19.00M USD 1 Quarter
Stock-based compensation, net of cash settlements AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $623.00K USD 1 Quarter
Stock-based compensation, net of cash settlements AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $794.00K USD 1 Quarter
Issuance of warrants in connection with an acquisition AdjustmentsToAdditionalPaidInCapitalWarrantIssued $300.00K USD 1 Quarter
Exercise of common stock warrants ExerciseOfCommonStockWarrants $6.39M USD 1 Quarter
Preferred stock dividends DividendsPreferredStock $2.64M USD 1 Quarter
Preferred stock dividends DividendsPreferredStock $3.13M USD 1 Quarter
Balance StockholdersEquity $101.25M USD Point-in-time
Balance StockholdersEquity $57.20M USD Point-in-time
Balance StockholdersEquity $103.51M USD Point-in-time
Balance StockholdersEquity $42.84M USD Point-in-time
Comprehensive Income 6 line items
Line Item Tag Value Unit Period
NET LOSS NetIncomeLoss $-1.96M USD 1 Quarter
NET LOSS NetIncomeLoss $-2.50M USD 1 Quarter
Foreign currency translation adjustment (a) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-590.00K USD 1 Quarter
Foreign currency translation adjustment (a) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $345.00K USD 1 Quarter
COMPREHENSIVE LOSS ComprehensiveIncomeNetOfTax $-3.09M USD 1 Quarter
COMPREHENSIVE LOSS ComprehensiveIncomeNetOfTax $-1.62M USD 1 Quarter

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

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