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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nts, Inc. | AMEX:NTS | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
NTS, INC.
|
(Exact name of registrant as specified in its charter)
|
Nevada
|
11-3618510
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
þ
|
Page
|
|||||
PART
I:
|
FINANCIAL INFORMATION
|
||||
Item 1.
|
Condensed Consolidated Financial Statements and Notes (Unaudited) - Period Ended March 31, 2014
|
4 | |||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
23 | |||
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
31 | |||
Item 4.
|
Controls and Procedures
|
31 | |||
PART
II:
|
OTHER INFORMATION
|
32 | |||
Item 1.
|
Legal Proceedings
|
32 | |||
Item
1A.
|
Risk Factors
|
33 | |||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
33 | |||
Item 3.
|
Defaults upon Senior Securities
|
34 | |||
Item 4.
|
Mine Safety Disclosures
|
34 | |||
Item 5.
|
Other Information
|
34 | |||
Item 6.
|
Exhibits
|
34 | |||
SIGNATURES
|
35 |
ITEM 1.
|
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES (UNAUDITED) - PERIOD ENDED MARCH 31, 2014
|
CONTENTS
|
Page
|
|
Condensed Consolidated Balance Sheets as of March 31, 2014 (unaudited) and December 31, 2013
|
4
|
|
Condensed Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013 (unaudited)
|
6
|
|
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2014 and 2013 (unaudited)
|
7
|
|
Notes to Condensed Consolidated Financial Statements (unaudited)
|
9
|
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(unaudited)
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
2,130,938
|
$
|
4,981,942
|
||||
Accounts receivable, net
|
4,072,951
|
5,465,724
|
||||||
Prepaid expenses and other receivables
|
2,949,592
|
3,554,645
|
||||||
Deferred taxes
|
1,032,703
|
1,063,237
|
||||||
Inventories
|
233,677
|
202,746
|
||||||
Total current assets
|
10,419,861
|
15,268,294
|
||||||
BONDS ISSUANCE AND FINANCE COSTS, NET
|
918,501
|
1,054,701
|
||||||
OTHER LONG-TERM ASSETS
|
2,392,023
|
2,392,796
|
||||||
FIXED ASSETS, NET
|
104,048,396
|
105,174,830
|
||||||
INTANGIBLE ASSETS, NET
|
961,012
|
1,090,618
|
||||||
Total assets
|
$
|
118,739,793
|
$
|
124,981,239
|
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(unaudited)
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Short-term bank credit and current maturities of notes payable
|
$
|
6,172,171
|
$
|
5,679,457
|
||||
Trade payables
|
11,664,283
|
14,969,482
|
||||||
Other liabilities and accrued expenses
|
4,490,787
|
5,640,869
|
||||||
Current maturities of obligations under capital leases
|
278,705
|
261,894
|
||||||
Current maturities of bonds
|
4,318,599
|
4,197,510
|
||||||
Total current liabilities
|
26,924,545
|
30,749,212
|
||||||
DEFERRED TAXES, NET
|
902,454
|
1,187,370
|
||||||
NOTES PAYABLE TO THE UNITED STATES DEPARTMENT OF AGRICULTURE, NET OF CURRENT MATURITIES
|
41,996,826
|
41,920,254
|
||||||
NOTES PAYABLE, NET OF CURRENT MATURITIES
|
16,582,500
|
17,336,250
|
||||||
BONDS PAYABLE, NET OF CURRENT MATURITIES
|
3,505,865
|
3,528,049
|
||||||
OBLIGATIONS UNDER CAPITAL LEASES, NET OF CURRENT MATURITIES
|
628,532
|
484,933
|
||||||
OTHER LONG-TERM LIABILITIES
|
149,788
|
1,499,794
|
||||||
Total liabilities
|
90,690,510
|
96,705,862
|
||||||
COMMITMENTS AND CONTINGENT LIABILITIES
|
||||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Common stock of $0.001 par value per share: 75,000,000 shares authorized at March 31, 2014 and December 31, 2013; 43,452,272 and 43,418,847 issued and outstanding at March 31, 2014 and December 31, 2013, respectively
|
43,452
|
43,419
|
||||||
Additional paid-in capital
|
57,555,292
|
57,493,518
|
||||||
Foreign currency translation adjustment
|
(1,805,791
|
)
|
(1,805,791
|
)
|
||||
Retained deficit
|
(27,743,670
|
)
|
(27,455,769
|
)
|
||||
Total equity
|
28,049,283
|
28,275,377
|
||||||
Total liabilities and shareholders' equity
|
$
|
118,739,793
|
$
|
124,981,239
|
Three months ended
|
||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
Revenues
|
||||||||
Services on Fiber-To-The-Premise network
|
$
|
6,632,302
|
$
|
5,346,152
|
||||
Leased local loop services and other
|
7,357,829
|
9,590,084
|
||||||
Total Revenues
|
13,990,131
|
14,936,236
|
||||||
Expenses
|
||||||||
Cost of services (excluding depreciation and amortization shown below)
|
6,093,741
|
6,640,418
|
||||||
Selling, general and administrative
|
4,763,862
|
4,987,133
|
||||||
Depreciation and amortization
|
2,033,529
|
1,664,842
|
||||||
Financing expenses, net
|
1,351,164
|
1,201,690
|
||||||
Other expenses
|
221,903
|
210,245
|
||||||
Total Expenses
|
14,464,199
|
14,704,328
|
||||||
Income (loss) before taxes
|
(474,068
|
)
|
231,908
|
|||||
Income tax benefit (expense)
|
186,167
|
(44,927
|
)
|
|||||
Net income (loss)
|
$
|
(287,901
|
)
|
$
|
186,981
|
|||
Basic and diluted income (loss) per share
|
$
|
(0.01)
|
|
$
|
0.00
|
*
|
||
Basic and diluted weighted average number of shares outstanding
|
43,443,456
|
41,186,596
|
Three months ended
|
||||||||
March 31,
|
||||||||
2014
|
2013
|
|||||||
Cash flow from operating activities:
|
||||||||
Net income (loss)
|
$
|
(287,901
|
)
|
$
|
186,981
|
|||
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
2,033,529
|
1,664,842
|
||||||
Compensation in connection with the issuance of warrants and options issued for professional services
|
31,690
|
53,085
|
||||||
Decrease in bad debt provision
|
(93,153
|
)
|
(168,047
|
)
|
||||
Accrued interest and exchange rate on bonds
|
98,905
|
574,530
|
||||||
Unearned gain due to hedging
|
-
|
(44,509
|
)
|
|||||
Amortization of bonds issuance and finance costs
|
136,200
|
72,345
|
||||||
Deferred tax provision
|
(254,382
|
) |
(21,220
|
) | ||||
Changes in operating assets and liabilities:
|
||||||||
Decrease (increase) in accounts receivable
|
1,485,926
|
(262,455
|
)
|
|||||
Decrease (increase) in inventories
|
(30,931
|
)
|
2,005
|
|||||
Decrease (increase) in long-term receivables
|
773
|
(79,904
|
)
|
|||||
Decrease (increase) in prepaid expenses and other receivables
|
605,053
|
(510,891
|
)
|
|||||
Decrease in other long-term liabilities
|
(1,350,006
|
)
|
(16,308
|
)
|
||||
Decrease in trade payables
|
1,051,075
|
1,838,366
|
||||||
Decrease in other liabilities and accrued expenses
|
(1,150,082
|
)
|
(289,182
|
)
|
||||
Net cash provided by operating activities
|
2,276,696
|
2,999,638
|
||||||
Cash flow from investing activities:
|
||||||||
Purchases of equipment
|
(1,960,986
|
)
|
(3,007,575
|
)
|
||||
Purchases of equipment for the projects under the United States Department of Agriculture, net of grants received
|
(2,913,388
|
)
|
(725,115
|
)
|
||||
Net cash used in investing activities
|
(4,874,374
|
)
|
(3,732,690
|
)
|
Three months ended
March 31,
|
||||||||
2014
|
2013
|
|||||||
Cash flow from financing activities:
|
||||||||
Repayment of short-term loans from banks and others
|
- | (244,335 | ) | |||||
Repayment of long-term loans
|
(477,358 | ) | - | |||||
Proceeds from long-term loans
|
- | 1,700,000 | ||||||
Repayment of capital lease obligation
|
(98,979 | ) | (118,268 | ) | ||||
Proceeds from long-term loans from the United States Department of Agriculture
|
725,030 | 4,456,619 | ||||||
Repayment of long-term loans from United States Department of Agriculture
|
(432,136 | ) | (517,153 | ) | ||||
Proceeds from exercise of options
|
30,117 | - | ||||||
Increase in restricted cash
|
- | (1,579,891 | ) | |||||
Net cash provided by (used in) financing activities
|
(253,326 | ) | 3,696,972 | |||||
Net increase (decrease) in cash and cash equivalents
|
(2,851,004 | ) | 2,963,920 | |||||
Cash and cash equivalents at the beginning of the period
|
4,981,942 | 3,908,620 | ||||||
Cash and cash equivalents at the end of period
|
$ | 2,130,938 | $ | 6,872,540 | ||||
Supplemental disclosure of cash flows activities:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$ | 1,025,323 | $ | 746,277 | ||||
Purchase of fixed assets by capital lease arrangements
|
$ | 259,389 | $ | - | ||||
Purchase of fixed assets included in accounts payable
|
$ | - | $ | 1,665,418 |
A.
|
NTS, Inc. (“NTSI” or “the Company”) was incorporated in the State of Nevada, U.S.A. in September 2000 as Xfone, Inc. The Company provides through its subsidiaries, integrated communications services which include voice, video and data over its Fiber-To-The-Premise (“FTTP”) and other networks. The Company currently has operations in Texas, Mississippi and Louisiana. Effective as of February 1, 2012, the Company changed its name to “NTS, Inc.” and as of February 2, 2012 the Company's common shares began trading on the NYSE MKT (f/k/a NYSE Amex) and the Tel Aviv Stock Exchange (“TASE”) under a new ticker symbol “NTS”. The name change is a reflection of the Company's refined and enhanced business strategy which began with its acquisition of NTS Communications, Inc. (“NTSC”) in 2008 and its focus on the build out of its high-speed FTTP network.
|
●
|
NTSC and its seven wholly-owned subsidiaries, NTS Construction Company, Garey M. Wallace Company, Inc., Midcom of Arizona, Inc., Communications Brokers Inc., NTS Telephone Company, LLC, NTS Management Company, LLC and PRIDE Network, Inc.
|
|
●
|
Xfone USA, Inc. and its two wholly-owned subsidiaries, eXpeTel Communications, Inc. and Gulf Coast Utilities, Inc. (collectively, “Xfone USA”).
|
B.
|
Liquidity
|
A.
|
Principles of Consolidation and Basis of Financial Statement Presentation
|
B.
|
Cash and Cash Equivalents
|
C.
|
Accounts Receivable
|
D.
|
Other Intangible Assets
|
E.
|
Earnings Per Share
|
F.
|
Stock-Based Compensation
|
G.
|
Income Taxes
|
H.
|
Derivative Instruments
|
I.
|
Recent Accounting Pronouncements
|
1. |
On October 6, 2011, the Company entered into a term loan, guarantee and security agreement (the “Original ICON Agreement”), as amended by the Amended & Restated Consent, Waiver & Amendment Agreement dated November 1, 2011 by and between the following: (1) ICON Agent, LLC (the “Agent”), acting as agent for the Lenders signatory thereto; (2) the Company, as Guarantor; (3) Xfone USA, Inc., NTS Communications, Inc., Gulf Coast Utilities, Inc., eXpeTel Communications, Inc., NTS Construction Company, Garey M. Wallace Company, Inc., Midcom of Arizona, Inc., Communications Brokers, Inc., and NTS Management Company, LLC, acting as Borrowers and Guarantors; and (4) PRIDE Network, Inc., and NTS Telephone Company, LLC (together with the Borrowers and Guarantors acting as Credit Parties) that provided for a secured term loan in the amount of $7,500,000 (the "First ICON Loan").
On June 22, 2012, the Company entered into Amendment No. 1 to the Original ICON Agreement (“Amendment No. 1”) providing for:
(i) An additional secured term loan in the amount of $3,500,000, for the payment of all liabilities owed to Burlingame (the "Second ICON Loan"),
(ii) A secured delayed draw loan in the amount of $3,100,000, for the purchase of equipment in connection with the Company's project to construct a fiber network in Wichita Falls, Texas (the "Third ICON Loan"), and
(iii) Certain other amendments to the Original ICON Agreement and the First ICON Loan as described in Amendment No. 1.
Each of the First ICON Loan, Second ICON Loan and Third ICON Loan bear interest at 12.75% per annum.
The fundings of the First ICON Loan and Second ICON Loan were made on October 27, 2011 and June 22, 2012, respectively.
On August 9, 2012, the Company entered into Amendment No. 2 to the Original ICON Agreement providing for revised amortization schedules of the First ICON Loan and the Second ICON Loan (“Amendment No. 2”).
On September 27, 2012, the Company drew down the Third ICON Loan in the amount of $3,100,000.
On February 12, 2013, the Company entered into Amendment No. 3 to the Original ICON Agreement (“Amendment No. 3”) providing for:
(i)
An additional secured delayed draw term loan in the aggregate amount of $6,000,000, bearing interest of 12.75% per annum for the purchase of equipment in connection with the Company’s project to expand its fiber network in the region of West Texas (the “Fourth ICON Loan”),
(ii) Revised amortization schedules of the First ICON Loan, Second ICON Loan and Third ICON Loan (as described below), and
(iii) Certain other amendments to the Original ICON Agreement (as amended by Amendment No. 1 and Amendment No. 2), described in Amendment No. 3.
|
Pursuant to Amendment No. 3, the principal amount of the First ICON Loan is payable in 69 consecutive monthly installments with the first 27 monthly payments being payments of accrued interest only. The principal amount of the Second ICON Loan is payable in 61 consecutive monthly installments with the first 19 monthly payments being payments of accrued interest only. The principal amount of the Third ICON Loan is payable in 58 consecutive monthly installments with the first 16 monthly payments being payments of accrued interest only.
On March 28, 2013, the Company entered into Amendment No. 4 to the Original ICON Agreement which contains some definitional clarifications. On the same day, the Company drew down on the Fourth ICON Loan in the aggregate amount of $1,700,000 which was the first draw down under the Fourth ICON Loan. The principal amount of the first draw down under the Fourth ICON Loan is payable in 51 consecutive monthly installments with the first nine monthly payments being payments of accrued interest only.
On June 27, 2013, the Company entered into Amendment No. 5 to the Original ICON Agreement which makes certain technical amendments to the Original ICON Loan Agreement and waives a certain condition for the availability of the Fourth ICON Loan.
In addition, on June 27, 2013, the Company drew down on the Fourth ICON Loan in the aggregate amount of $4,300,000 which was the second draw down under the Fourth ICON Loan. The principal amount of the second draw down under the Fourth ICON Loan is payable in 48 consecutive monthly installments with the first six monthly payments being payments of accrued interest only.
On May 15, 2014, the Company entered into Amendment No. 6 to the Original ICON Agreement which makes certain technical amendments to the Original ICON Loan Agreement.
Each of the foregoing loans are secured by a lien against all of each Borrower's and Guarantor's property and assets, whether real or personal, tangible or intangible, and whether now owned or hereafter acquired, or in which it now has or at any time in the future may acquire any right, title, or interest; provided, however, that none of the assets of PRIDE Network, Inc. and NTS Telephone Company are being used as collateral for the loans and are specifically excluded.
The Company is required to maintain fixed charge coverage ratio of not less than 1.15 to 1.00 for the trailing four fiscal quarter period most recently ended if at any time cash was less than $2,000,000 at March 31, 2014 or $3,000,000 as of the last day of any other fiscal quarter. Pursuant to Amendment No. 3, senior leverage ratio should not exceed 2.25 to 1.00 from June 30, 2012 through March 31, 2013, 2.00 to 1.00 from June 30, 2013 through December 31, 2013, and 1.75 to 1.00 from March 31, 2014 and thereafter. As of March 31, 2014, the Company complied with the foregoing financial covenants.
The total outstanding amount of the loans as of March 31, 2014 is $19,848,750. As of March 31, 2014, there are no amounts available for future draws.
|
2. |
NTS Telephone Company, LLC, a wholly-owned subsidiary of NTSC, received from the Rural Utilities Service (“RUS”), a division of the United States Department of Agriculture, $11.5 million debt facility to complete a telecommunications overbuild project in Levelland, Texas. The principal of the RUS loan is repaid monthly starting one year from the advance date until full repayment after 17 years. Each advance bears interest that will become fixed at the date of advance at the average yield on outstanding marketable obligations of the United States having the final maturity comparable to the final maturity of the advance. The loans are non-recourse to NTSC and all other NTSC subsidiaries and are secured by NTS Telephone's assets which were $15.5 million at March 31, 2014. As of March 31, 2014, the current average weighted interest rate on the outstanding advances was 3.52%.
The total outstanding amount of these loans as of March 31, 2014 and December 31, 2013 are $8,711,118 and $8,839,862, respectively. The loans are to be repaid in monthly installments until 2024.
|
3. |
PRIDE Network, Inc., a wholly-owned subsidiary of NTSC, received approval from the Broadband Initiative Program of the American Recovery and Reinvestment Act, for a total $99.9 million funding in the form of $45.9 million in grants and $54 million in 19 to 20 year loans. The total aggregate amount of these loans and grants as of March 31, 2014 is $38,586,644 and $32,228,292, respectively. Each advance bears interest that will become fixed at the date of the advance at the average yield on outstanding marketable obligations of the United States having the final maturity comparable to the final maturity of the advance. The funding created an opportunity for the Company to expand the rollout of its FTTP infrastructure, known as the PRIDE Network to northwestern Texas and southern Louisiana. Construction work of PRIDE Network's FTTP infrastructure started in October 2010. The loans are non-recourse to NTSC and all other NTSC subsidiaries and are secured by PRIDE Network's assets which were $50.8 million at March 31, 2014. As of March 31, 2014, the current average weighted interest rate on the outstanding advances was 2.69%. As of March 31, 2014, the total amount of loans and grants available in the future was $15,406,395 and $13,648,626, respectively.
|
||
The loans are to be repaid in monthly installments until 2030. The total outstanding amounts of these loans as of March 31, 2014 and December 31, 2013 are $35,768,390 and $35,346,753, respectively.
|
March 31,
2014
|
||||
Outstanding balance (in NIS)
|
25,095,525
|
|||
Accrued interest (in NIS)
|
660,047
|
|||
Increase in debt due to CPI adjustments (in NIS)
|
4,458,206
|
|||
Total outstanding debt (in NIS)
|
30,213,778
|
|||
Exchange rate
|
3.487
|
|||
Total outstanding debt (USD)
|
$
|
8,664,691
|
||
Debt discount related to warrants
|
(207,222
|
)
|
||
Bonds held by subsidiary
|
(633,005
|
)
|
||
Total outstanding debt
|
7,824,464
|
|||
Less current portion
|
4,318,599
|
|||
Long-term portion
|
$
|
3,505,865
|
Bonds Series A
|
$
|
24,588,726
|
||
Stock Purchase Warrants (1)
|
973,306
|
|||
Total
|
$
|
25,562,032
|
(1)
|
Presented as part of Additional Paid-in Capital.
|
●
|
in favor of the Merger Agreement proposal;
|
●
|
against alternative transactions; and
|
●
|
in favor of any action in furtherance of the transactions contemplated by the Merger Agreement.
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Three months ended
March 31,
|
||||||||||||||||
2014
|
2013
|
|||||||||||||||
Revenues:
|
||||||||||||||||
Services on Fiber-To-The-Premise network
|
47.4
|
%
|
35.8
|
%
|
||||||||||||
Leased local loop services and other
|
52.6
|
%
|
64.2
|
%
|
||||||||||||
Total Revenues
|
100
|
%
|
100
|
%
|
||||||||||||
Expenses:
|
||||||||||||||||
Cost of services (excluding depreciation and amortization)
|
43.6
|
%
|
44.5
|
%
|
||||||||||||
Selling, general and administrative
|
34.1
|
%
|
33.4
|
%
|
||||||||||||
Depreciation and amortization
|
14.5
|
%
|
11.1
|
%
|
||||||||||||
Financing expenses, net
|
9.6
|
%
|
8.0
|
%
|
||||||||||||
Other expenses
|
1.6
|
%
|
1.4
|
%
|
||||||||||||
Total expenses
|
103.4
|
%
|
98.4
|
%
|
||||||||||||
Income (loss) before taxes
|
(3.4)
|
%
|
1.6
|
%
|
||||||||||||
Income tax benefit (expense)
|
1.3
|
%
|
(0.3)
|
%
|
||||||||||||
Net income (loss)
|
(2.1)
|
%
|
1.3
|
%
|
Payments Due by Period
|
||||||||||||||||||||
Contractual Obligations
|
Total
|
Less than
1 Year
|
1-3 Years
|
4-5 Years
|
More than
5 Years
|
|||||||||||||||
Domestic Notes Payable
|
$
|
20,271,989
|
$
|
3,689,489
|
$
|
6,030,000
|
$
|
10,552,500
|
$
|
-
|
||||||||||
Notes Payable from the United States Department of Agriculture
|
44,479,508
|
2,482,682
|
4,965,364
|
4,965,364
|
32,066,098
|
|||||||||||||||
Bonds
|
7,824,464
|
4,318,599
|
3,505,865
|
-
|
-
|
|||||||||||||||
Capital leases
|
907,237
|
278,705
|
397,047
|
231,485
|
-
|
|||||||||||||||
Operating leases
|
1,165,188
|
496,394
|
625,919
|
42,875
|
-
|
|||||||||||||||
Total contractual cash obligations
|
$
|
74,648,386
|
$
|
11,265,869
|
$
|
15,524,195
|
$
|
15,792,224
|
$
|
32,066,098
|
(i)
|
An additional secured term loan in the amount of $3,500,000, for the payment of all liabilities owed to Burlingame (the “Second ICON Loan”),
|
(ii)
|
A secured delayed draw loan in the amount of $3,100,000, for the purchase of equipment in connection with our project to construct a fiber network in Wichita Falls, Texas (the "Third ICON Loan"), and
|
(iii)
|
Certain other amendments to the Original ICON Agreement and the First ICON Loan as described in Amendment No. 1.
|
(i)
|
An additional secured delayed draw term loan in the aggregate amount of $6,000,000, bearing interest of 12.75% per annum for the purchase of equipment in connection with our project to expand our fiber network in the region of West Texas (the “Fourth ICON Loan”),
|
(ii)
|
Revised amortization schedules of the First ICON Loan, Second ICON Loan and Third ICON Loan (as described below), and
|
(iii)
|
Certain other amendments to the Original ICON Agreement (as amended by Amendment No. 1 and Amendment No. 2), described in Amendment No. 3.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
Exhibit Number
|
Description
|
|
10.157
|
Amendment No. 6 to The Term Loan, Guarantee and Security Agreement dated as of May 15, 2014.
|
|
Certification pursuant to section 302 of the Sarbanes - Oxley Act of 2002.
|
||
Certification pursuant to section 302 of the Sarbanes - Oxley Act of 2002.
|
||
Certification pursuant to section 906 of the Sarbanes - Oxley Act of 2002.
|
||
Certification pursuant to section 906 of the Sarbanes - Oxley Act of 2002.
|
||
101
|
The following materials from NTS, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Cash Flow, and (iv) Notes to Consolidated Financial Statements.
|
NTS, INC.
|
|||
Date: May 15, 2014
|
By:
|
/s/ Guy Nissenson
|
|
Guy Nissenson
|
|||
President, Chief Executive Officer and Chairman of the Board
|
|||
(principal executive officer)
|
Date: May 15, 2014
|
By:
|
/s/ Niv Krikov
|
|
Niv Krikov
|
|||
Principal Accounting Officer, Treasurer and Chief Financial Officer
|
|||
(principal accounting and financial officer)
|
Exhibit Number
|
Description
|
|
10.157
|
Amendment No. 6 to The Term Loan, Guarantee and Security Agreement dated as of May 15, 2014.
|
|
Certification pursuant to section 302 of the Sarbanes - Oxley Act of 2002.
|
||
Certification pursuant to section 302 of the Sarbanes - Oxley Act of 2002.
|
||
Certification pursuant to section 906 of the Sarbanes - Oxley Act of 2002.
|
||
Certification pursuant to section 906 of the Sarbanes - Oxley Act of 2002.
|
||
101
|
The following materials from NTS, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Cash Flow, and (iv) Notes to Consolidated Financial Statements.
|
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