Attached files
| file | filename |
|---|---|
| EX-10.1 - NOTE PURCHASE AGREEMENT, DATED AS OF OCTOBER 12, 2018 - INPIXON | f8k101218ex10-1_inpixon.htm |
| EX-4.1 - PROMISSORY NOTE, DATED AS OF OCTOBER 12, 2018 - INPIXON | f8k101218ex4-1_inpixon.htm |
| 8-K - CURRENT REPORT - INPIXON | f8k101218_inpixon.htm |
Exhibit 99.1
INPIXON AND SUBSIDIARIES
INTRODUCTION TO
UNAUDITED CONDENSED
COMBINED PRO FORMA FINANCIAL STATEMENTS
The strategic business plans of Inpixon (the “Company”) included a spin-off of its infrastructure segment (the “Spin-off”), which separated Sysorex, Inc, f/k/a Inpixon USA (“Sysorex”), and Sysorex Government Services, Inc., f/k/a Inpixon Federal, Inc. (“SGS”), the subsidiaries that have the commercial and federal value-added reseller (“VAR”) business. In connection with the Spin-off, the employees, assets and liabilities associated with the VAR business and those subsidiaries were retained by Sysorex as its own separate stand-alone public reporting company with SGS as its wholly-owned subsidiary. Employees, assets and liabilities related to the indoor positioning analytics business or product segment including AirPatrol, Shoom and Lightminer in Sysorex were contributed up to the Company. The following unaudited pro forma financial information presents the consolidated results of operations of the Company as of and for the six months ended June 30, 2018, as if the Spin-off had occurred as of January 1, 2018. The pro forma does not necessarily (1) reflect the results of operations that would have occurred had the entities been stand-alone companies during those periods, or (2) the terms of any consideration that may be delivered to the Company in connection with a sale. The unaudited pro forma information is presented for illustration purposes only in accordance with the assumptions set forth above and below. Furthermore, this financial information does not project the Company’s financial condition or results of operations for any future date or period.
Pro Forma Condensed Balance Sheet
June 30, 2018
(Rounded to 1,000’s)
(UNAUDITED)
| Inpixon Consol Balance Sheet | (A) Less: Divestiture | (B) Less: Proforma Adjust | Proforma Balance Sheet | |||||||||||||
| Assets | ||||||||||||||||
| Current Assets | ||||||||||||||||
| Cash and Cash Equivalents | $ | 8,336 | $ | (264 | ) | $ | (2,000 | ) | $ | 6,072 | ||||||
| Accounts Receivable, net | 1,364 | (734 | ) | - | 630 | |||||||||||
| Notes and Other Receivables | 167 | (163 | ) | - | 4 | |||||||||||
| Inventory | 852 | - | - | 852 | ||||||||||||
| Prepaid Licenses and Maintenance Contracts | 12 | (12 | ) | - | - | |||||||||||
| Prepaid Assets and Other Current Assets | 1,044 | (115 | ) | - | 929 | |||||||||||
| Total Current Assets | 11,775 | (1,288 | ) | (2,000 | ) | 8,487 | ||||||||||
| Property and Equipment, net | 331 | (70 | ) | - | 261 | |||||||||||
| Software Development Costs, net | 1,567 | - | - | 1,567 | ||||||||||||
| Intangible Assets, net | 10,208 | (4,074 | ) | - | 6,134 | |||||||||||
| Goodwill | 636 | - | - | 636 | ||||||||||||
| Other Assets | 375 | (44 | ) | - | 331 | |||||||||||
| Total Assets | $ | 24,892 | $ | (5,476 | ) | $ | (2,000 | ) | $ | 17,416 | ||||||
| Liabilities | ||||||||||||||||
| Accounts Payable | 18,637 | (18,012 | ) | - | 625 | |||||||||||
| Accrued Liabilities | 1,434 | (520 | ) | - | 914 | |||||||||||
| Deferred Revenue | 109 | (15 | ) | - | 94 | |||||||||||
| Short-Term Debt | 1,815 | - | - | 1,815 | ||||||||||||
| Total Current Liabilities | 21,995 | (18,547 | ) | 3,448 | ||||||||||||
| Long Term Liabilities | ||||||||||||||||
| Long-Term Debt | 142 | - | - | 142 | ||||||||||||
| Other Liabilities | 75 | (40 | ) | - | 35 | |||||||||||
| Acquisition Liability - Integrio | 62 | (62 | ) | - | - | |||||||||||
| Total Liabilities | 22,274 | (18,649 | ) | 3,625 | ||||||||||||
| Stockholders’ Equity | ||||||||||||||||
| Common Stock | 38 | - | - | 38 | ||||||||||||
| Additional Paid-in Capital | 108,539 | 13,173 | (2,000 | ) | 119,712 | |||||||||||
| Treasury Stock, at cost | (695 | ) | - | - | (695 | ) | ||||||||||
| Accumulated other comprehensive income | 26 | - | - | 26 | ||||||||||||
| Accumulated Equity | (105,299 | ) | - | (105,299 | ) | |||||||||||
| Stockholders’ Equity Attributable to Inpixon | 2,609 | 13,173 | (2,000 | ) | 13,782 | |||||||||||
| Non-Controlling Interest | 9 | - | 9 | |||||||||||||
| Total Stockholders’ Equity | 2,618 | 13,173 | (2,000 | ) | 13,791 | |||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 24,892 | $ | (5,476 | ) | $ | (2,000 | ) | $ | 17,416 | ||||||
(A) Spin-off of Infrastructure Segment/divestiture of Sysorex, Inc. and Sysorex Government Services, Inc., the subsidiaries that have the commercial and federal VAR business.
(B) Inpixon contribution to Sysorex, Inc.
| 2 |
Pro Forma Condensed Combined Statements of Operations
For the Six Months Ended June 30, 2018
(Rounded to 1,000’s)
(UNAUDITED)
| Inpixon | (A) Less: | Proforma Stmt | ||||||||||
| Consol | Divestiture | of Operations | ||||||||||
| Revenues | ||||||||||||
| Products | $ | 1,182 | $ | (900 | ) | $ | 282 | |||||
| Services | 2,740 | (1,335 | ) | 1,405 | ||||||||
| Total Revenues | 3,922 | (2,235 | ) | 1,687 | ||||||||
| Cost of Revenues | ||||||||||||
| Products | 598 | (446 | ) | 152 | ||||||||
| Services | 1,078 | (710 | ) | 368 | ||||||||
| Total Cost of Revenues | 1,676 | (1,156 | ) | 520 | ||||||||
| Gross Profit | 2,246 | (1,079 | ) | 1,167 | ||||||||
| Operating Expenses | ||||||||||||
| Research and development | 681 | (158 | ) | 523 | ||||||||
| Sales and marketing | 1,944 | (1,133 | ) | 811 | ||||||||
| General and administrative | 9,017 | (2,544 | ) | 6,473 | ||||||||
| Acquisition related costs | 16 | - | 16 | |||||||||
| Amortization of intangibles | 2,645 | (1,038 | ) | 1,607 | ||||||||
| Total Operating Expenses | 14,303 | (4,873 | ) | 9,430 | ||||||||
| Loss from Operations | (12,057 | ) | 3,794 | (8,263 | ) | |||||||
| Other Income (Expense) | ||||||||||||
| Interest expense | (1,638 | ) | 736 | (902 | ) | |||||||
| Change in fair value of derivative liability | 48 | - | 48 | |||||||||
| Gain on the sale of Sysorex Arabia | 23 | - | 23 | |||||||||
| Gain on the settlement of obligations | 1 | (1 | ) | - | ||||||||
| Other income/(expense) | 1,524 | (1,536 | ) | (12 | ) | |||||||
| Total Other Income (Expense) | (42 | ) | (801 | ) | (843 | ) | ||||||
| Net Loss | (12,099 | ) | 2,993 | (9,106 | ) | |||||||
| Net Gain Attributable to Non-Controlling Interest | 2 | - | 2 | |||||||||
| Net Loss Attributable to Stockholders of Inpixon | (12,101 | ) | 2,993 | (9,108 | ) | |||||||
| Deemed dividend to preferred stockholders | (11,235 | ) | - | (11,235 | ) | |||||||
| Net Loss Attributable to Common Stockholders | $ | (23,336 | ) | $ | 2,993 | $ | (20,343 | ) | ||||
(A) Spin-off of Infrastructure Segment/divestiture of Sysorex, Inc. and Sysorex Government Services, Inc., the subsidiaries that have the commercial and federal VAR business.
| 3 |