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Share Name | Share Symbol | Market | Type |
---|---|---|---|
6D Global Technologies Inc (CE) | USOTC:SIXD | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Delaware
|
001-35002
|
47-1899833
|
||||
(State or Other Jurisdiction
|
(Commission File Number)
|
(IRS Employer
|
||||
Of Incorporation)
|
Identification No.)
|
(d)
|
Exhibits.
|
Exhibit Number
|
Description
|
|
99.1
|
6D GLOBAL TECHNOLOGIES, INC. | |
Date: November 18, 2015
|
By: /s/ Tejune Kang
|
Name: Tejune Kang
|
|
Title: Chief Executive Officer
|
|
September 30,
2015
|
December 31,
2014
|
|||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash
|
$
|
8,802,316
|
$
|
4,888,797
|
||||
Accounts receivable
|
1,745,605
|
1,316,448
|
||||||
Unbilled revenues
|
709,444
|
62,049
|
||||||
Deferred tax assets
|
-
|
161,255
|
||||||
Prepaid expenses and other current assets
|
369,216
|
165,907
|
||||||
Total Current Assets
|
11,626,581
|
6,594,456
|
||||||
Property and Equipment, net
|
428,583
|
154,917
|
||||||
Other Assets
|
||||||||
Restricted cash
|
655,562
|
110,699
|
||||||
Security deposits
|
35,816
|
24,075
|
||||||
Internal development software
|
138,535
|
-
|
||||||
Goodwill
|
5,889,437
|
-
|
||||||
Intangible assets, net
|
2,637,200
|
-
|
||||||
Total Other Assets
|
9,356,550
|
134,774
|
||||||
Total Assets
|
$
|
21,411,714
|
$
|
6,884,147
|
||||
Liabilities and Stockholders' Equity (Deficit)
|
||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$
|
1,670,274
|
$
|
1,039,301
|
||||
Due to factor
|
-
|
833,938
|
||||||
Current maturities of capital lease liability
|
53,610
|
53,610
|
||||||
Current maturities of notes payable
|
6,600
|
6,600
|
||||||
Deferred revenue
|
130,368
|
68,420
|
||||||
Short-term debt
|
1,091,008
|
-
|
||||||
Contingent consideration, current portion
|
337,664
|
-
|
||||||
Total Current Liabilities
|
3,289,524
|
2,001,869
|
||||||
Long-Term Liabilities
|
||||||||
Capital lease liability, net of current maturities
|
182,244
|
111,130
|
||||||
Notes payable, net of current maturities
|
48,470
|
53,420
|
||||||
Security deposit payable
|
50,000
|
30,000
|
||||||
Deferred rent
|
129,793
|
55,429
|
||||||
Derivative liability
|
12,346,147
|
-
|
||||||
Contingent consideration, net of current portion
|
269,383
|
-
|
||||||
Total Long-Term Liabilities
|
13,026,037
|
249,979
|
||||||
Total Liabilities
|
$
|
16,315,561
|
$
|
2,251,848
|
||||
Commitment and Contingencies
|
||||||||
Redeemable convertible preferred stock net of issuance costs, par value $0.00001; 10,000,000 shares authorized; 1,088 and 0 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively
|
$
|
10,277,862
|
$
|
-
|
||||
Stockholders' Equity (Deficit)
|
||||||||
Common stock, par value $0.00001; 150,000,000 shares authorized; 78,247,864 and 77,575,617 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively
|
782
|
776
|
||||||
Additional paid-in capital
|
3,940,065
|
5,203,279
|
||||||
Accumulated deficit
|
(9,122,556
|
)
|
(571,756
|
)
|
||||
Total Stockholders' Equity (Deficit)
|
(5,181,709
|
)
|
4,632,299
|
|||||
Total Liabilities, Redeemable convertible preferred stock and Stockholders’ Equity (Deficit)
|
$
|
21,411,714
|
$
|
6,884,147
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
September 30,
2015
|
September 30,
2014
|
September 30,
2015
|
September 30,
2014
|
|||||||||||||
Revenues
|
$
|
3,115,726
|
$
|
2,709,066
|
$
|
9,611,654
|
$
|
8,299,053
|
||||||||
Cost of revenues
|
1,857,173
|
1,713,409
|
5,802,680
|
4,952,021
|
||||||||||||
Gross margin
|
1,258,553
|
995,657
|
3,808,974
|
3,347,032
|
||||||||||||
Operating expenses
|
||||||||||||||||
Selling, general and administrative
|
3,194,060
|
874,389
|
8,159,162
|
2,504,776
|
||||||||||||
Operating expenses
|
3,194,060
|
874,389
|
8,159,162
|
2,504,776
|
||||||||||||
(Loss) income from operations
|
(1,935,507
|
)
|
121,268
|
(4,350,188
|
)
|
842,256
|
||||||||||
Other (expense) income
|
||||||||||||||||
Interest expense, net
|
(60,752
|
)
|
(81,934
|
)
|
(248,967
|
)
|
(105,869
|
)
|
||||||||
Loss on debt extinguishment
|
-
|
-
|
-
|
(57,502
|
)
|
|||||||||||
Loss on derivative liability
|
(4,418,867
|
)
|
-
|
(4,418,867
|
)
|
-
|
||||||||||
Other (expense) income
|
(57
|
)
|
-
|
7,130
|
-
|
|||||||||||
Other expenses, net
|
(4,479,676
|
)
|
(81,934
|
)
|
(4,660,704
|
)
|
(163,371
|
)
|
||||||||
(Loss) income before income tax benefit (expense)
|
(6,415,183
|
)
|
39,334
|
(9,010,892
|
)
|
678,885
|
||||||||||
Income tax benefit (expense)
|
6,465
|
(7,745
|
)
|
460,092
|
52,122
|
|||||||||||
Net (loss) income
|
$
|
(6,408,718
|
)
|
$
|
31,589
|
$
|
(8,550,800
|
)
|
$
|
731,007
|
||||||
Accretion of equity issuance costs
|
(12,264
|
)
|
-
|
(12,264
|
)
|
-
|
||||||||||
Deemed dividend for preferred stock
|
(10,880,000
|
)
|
-
|
(10,880,000
|
)
|
-
|
||||||||||
Net (loss) income attributable to common stockholders
|
$
|
(17,300,982
|
)
|
$
|
31,589
|
$
|
(19,443,064
|
)
|
$
|
731,007
|
||||||
Net (loss) income per common share attributable to common stockholders – basic
|
$
|
(0.22
|
)
|
$
|
0.00
|
$
|
(0.25
|
)
|
$
|
0.02
|
||||||
Weighted average common shares – basic
|
78,247,864
|
39,499,702
|
78,220,139
|
38,696,586
|
||||||||||||
Net (loss) income per common share attributable to common stockholders – diluted
|
$
|
(0.22
|
)
|
$
|
0.00
|
$
|
(0.25
|
)
|
$
|
0.02
|
||||||
Weighted average common share - diluted
|
78,247,864
|
39,615,792
|
78,220,139
|
38,839,722
|
For the Nine Months Ended
|
||||||||
September 30,
2015
|
September 30,
2014
|
|||||||
Cash Flows From Operating Activities:
|
||||||||
Net (loss) income
|
$
|
(8,550,800
|
)
|
$
|
731,007
|
|||
Adjustments to reconcile net (loss) income to net cash (used in)
provided by operating activities:
|
||||||||
Depreciation and amortization
|
379,294
|
59,048
|
||||||
Stock-based compensation
|
531,628
|
-
|
||||||
Deferred tax benefit
|
(464,872
|
)
|
(75,558
|
)
|
||||
Loss on debt extinguishment
|
-
|
57,502
|
||||||
Change in contingent consideration liability
|
135,006
|
-
|
||||||
Loss on derivative liability
|
4,418,867
|
-
|
||||||
Changes in Operating Assets and Liabilities:
|
||||||||
Accounts receivable
|
(429,157
|
)
|
(205,433
|
)
|
||||
Unbilled revenues
|
(647,395
|
)
|
(49,429
|
)
|
||||
Prepaid expenses and other current assets
|
(203,309
|
)
|
(14,305
|
)
|
||||
Restricted cash
|
(544,863
|
)
|
(146
|
)
|
||||
Security deposits
|
(11,741
|
)
|
54,632
|
|||||
Accounts payable and accrued liabilities
|
630,973
|
800,610
|
||||||
Deferred revenue
|
(65,386
|
)
|
-
|
|||||
Security deposit payable
|
20,000
|
-
|
||||||
Deferred rent
|
74,364
|
(10,956
|
)
|
|||||
Net Cash (Used in) Provided by Operating Activities
|
(4,727,391
|
)
|
1,346,972
|
|||||
Cash Flows From Investing Activities:
|
||||||||
Purchase of property and equipment
|
(273,859
|
)
|
-
|
|||||
Internal development software
|
(138,535
|
)
|
-
|
|||||
Consideration paid for acquisitions, net of cash acquired
|
(542,399
|
)
|
-
|
|||||
Loans to related parties
|
-
|
(46,433
|
)
|
|||||
Net Cash Used in Investing Activities
|
(954,793
|
)
|
(46,433
|
)
|
||||
Cash Flows From Financing Activities:
|
||||||||
Gross proceeds from factor borrowing
|
4,167,113
|
8,012,245
|
||||||
Repayments of factor borrowing
|
(5,001,051
|
)
|
(8,380,318
|
)
|
||||
Distribution to stockholders
|
-
|
(45,808
|
)
|
|||||
Proceeds from the issuance of short-term debt
|
1,091,008
|
-
|
||||||
Repayment of capital lease obligations
|
(42,015
|
)
|
(41,492
|
)
|
||||
Proceeds from the issuance of Series A redeemable convertible preferred stock, net of issuance costs
|
9,385,598
|
-
|
||||||
Repayment of notes payable
|
(4,950
|
)
|
(259,950
|
)
|
||||
Proceeds on issuance of notes payable
|
-
|
20,000
|
||||||
Proceeds from private placement, net of issuance costs
|
-
|
3,982,887
|
||||||
Net Cash Provided by Financing Activities
|
9,595,703
|
3,287,564
|
||||||
Net Change in Cash
|
3,913,519
|
4,588,103
|
||||||
Cash, beginning of period
|
4,888,797
|
5,611
|
||||||
Cash, end of period
|
$
|
8,802,316
|
$
|
4,593,714
|
||||
Supplemental Disclosures of Cash Flow Information:
|
||||||||
Cash paid for taxes
|
$
|
9,236
|
$
|
4,495
|
||||
Cash paid for interest
|
$
|
91,781
|
$
|
108,349
|
||||
Non-Cash Transactions:
|
||||||||
Reclassification of due from related party into common stock issuable
|
$
|
-
|
$
|
456,563
|
||||
Conversion of notes payable into common stock issuable
|
$
|
-
|
$
|
345,000
|
||||
Common stock issued in connection with acquisitions
|
$
|
3,696,750
|
$
|
-
|
||||
Deemed divided related to the issuance of preferred shares
|
$
|
10,880,000
|
$
|
-
|
||||
Contingent consideration in connection with acquisitions
|
$
|
3,800,000
|
$
|
-
|
||||
Capital leases
|
$
|
113,129
|
$
|
-
|
||||
Cashless exercise of warrants
|
$
|
178,099
|
$
|
-
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net (loss) income attributable to common stockholders
|
$ | (17,300,982 | ) | $ | 31,589 | $ | (19,443,064 | ) | $ | 731,007 | ||||||
Add back: Deemed dividend for preferred stock
|
10,880,000 | - | 10,880,000 | - | ||||||||||||
Add back: Accretion of equity issuance costs
|
12,264 | - | 12,264 | - | ||||||||||||
Net (loss) income
|
$ | (6,408,718 | ) | $ | 31,589 | $ | (8,550,800 | ) | $ | 731,007 | ||||||
Non-GAAP Adjustments
|
||||||||||||||||
Share based compensation
|
74,137 | - | 434,100 | - | ||||||||||||
Interest expense, net
|
60,752 | 81,934 | 248,967 | 192,457 | ||||||||||||
Loss on debt extinguishment
|
- | - | - | 57,502 | ||||||||||||
Loss on derivative liability
|
4,418,867 | - | 4,418,867 | - | ||||||||||||
Other (expense) income
|
57 | - | (7,130 | ) | (86,588 | ) | ||||||||||
Income tax benefit (expense)
|
(6,465 | ) | 7,745 | (460,092 | ) | (52,122 | ) | |||||||||
Non-GAAP business segment (loss) income
|
$ | (1,861,370 | ) | $ | 121,268 | $ | (3,916,088 | ) | $ | 842,256 |
1 Year 6D Global Technologies (CE) Chart |
1 Month 6D Global Technologies (CE) Chart |
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