$CCLD
CareCloud, Inc.

2014 Q4 Form 10-Q Financial Statement

#000114420414067258 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $7.100M $6.013M $2.950M
YoY Change 138.26% 103.83% 13.03%
Cost Of Revenue $4.700M $3.670M $1.340M
YoY Change 331.19% 173.88% 19.64%
Gross Profit $2.400M $2.340M $1.610M
YoY Change 26.32% 45.34% 8.05%
Gross Profit Margin 33.8% 38.92% 54.58%
Selling, General & Admin $3.580M $3.765M $1.420M
YoY Change 181.89% 165.03% 27.97%
% of Gross Profit 149.17% 160.88% 88.23%
Research & Development $140.0K $154.1K $94.54K
YoY Change 40.0% 62.97% -5.46%
% of Gross Profit 5.83% 6.58% 5.87%
Depreciation & Amortization $1.000M $1.250M $320.0K
YoY Change 270.37% 290.63% -36.0%
% of Gross Profit 41.67% 53.42% 19.88%
Operating Expenses $4.720M $8.417M $3.164M
YoY Change 187.8% 166.06% 125.97%
Operating Profit -$2.320M -$2.404M -$216.7K
YoY Change -992.31% 1009.51% -340.77%
Interest Expense -$20.00K -$40.00K -$40.00K
YoY Change -60.0% 0.0% 100.0%
% of Operating Profit
Other Income/Expense, Net -$30.00K $76.27K $134.9K
YoY Change 200.0% -43.47% 574.58%
Pretax Income -$980.0K -$2.367M -$119.6K
YoY Change -590.0% 1879.06% -232.87%
Income Tax $20.00K $474.1K $18.44K
% Of Pretax Income
Net Earnings -$1.000M -$2.841M -$138.0K
YoY Change -1211.11% 1958.19% -253.36%
Net Earnings / Revenue -14.08% -47.24% -4.68%
Basic Earnings Per Share -$0.34
Diluted Earnings Per Share -$102.7K -$0.34 -$0.03
COMMON SHARES
Basic Shares Outstanding 11.00M shares 8.359M shares 5.102M shares
Diluted Shares Outstanding 8.359M shares 5.102M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000M $2.500M $900.0K
YoY Change 100.0% 177.78%
Cash & Equivalents $1.049M $2.494M
Short-Term Investments
Other Short-Term Assets $188.5K $516.9K $400.0K
YoY Change 14.25% 29.23%
Inventory
Prepaid Expenses $315.9K $351.7K
Receivables $3.007M $3.100M $1.100M
Other Receivables $0.00 $0.00 $100.0K
Total Short-Term Assets $4.585M $6.426M $2.600M
YoY Change 156.46% 147.14%
LONG-TERM ASSETS
Property, Plant & Equipment $1.444M $1.001M $400.0K
YoY Change 185.81% 150.34%
Goodwill $8.560M $7.633M
YoY Change 2388.47%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $140.1K $46.33K $1.000M
YoY Change -91.25% -95.37%
Total Long-Term Assets $18.52M $19.02M $3.500M
YoY Change 364.82% 443.29%
TOTAL ASSETS
Total Short-Term Assets $4.585M $6.426M $2.600M
Total Long-Term Assets $18.52M $19.02M $3.500M
Total Assets $23.11M $25.44M $6.100M
YoY Change 300.29% 317.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.082M $1.139M $700.0K
YoY Change 439.9% 62.78%
Accrued Expenses $1.113M $805.2K $400.0K
YoY Change 163.54% 101.3%
Deferred Revenue
YoY Change
Short-Term Debt $1.700M $1.700M $1.200M
YoY Change 70.0% 41.67%
Long-Term Debt Due $0.00 $800.0K $1.100M
YoY Change -100.0% -27.27%
Total Short-Term Liabilities $8.144M $9.700M $3.600M
YoY Change 138.93% 169.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.900M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $600.0K $600.0K $600.0K
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $0.00 $600.0K $2.500M
YoY Change -100.0% -76.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.144M $9.700M $3.600M
Total Long-Term Liabilities $0.00 $600.0K $2.500M
Total Liabilities $8.787M $6.120M $6.100M
YoY Change 55.4% 0.33%
SHAREHOLDERS EQUITY
Retained Earnings -$4.460M -$3.890M
YoY Change -9179.88%
Common Stock $18.99M $23.49M
YoY Change 7296.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $14.32M $19.32M $0.00
YoY Change
Total Liabilities & Shareholders Equity $23.11M $25.44M $6.100M
YoY Change 300.29% 317.06%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$1.000M -$2.841M -$138.0K
YoY Change -1211.11% 1958.19% -253.36%
Depreciation, Depletion And Amortization $1.000M $1.250M $320.0K
YoY Change 270.37% 290.63% -36.0%
Cash From Operating Activities -$680.0K -$2.120M $330.0K
YoY Change -319.35% -742.42% -34.0%
INVESTING ACTIVITIES
Capital Expenditures -$550.0K -$470.0K -$50.00K
YoY Change 358.33% 840.0% -44.44%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$11.54M -$80.00K
YoY Change -100.0% 14325.0% -61.9%
Cash From Investing Activities -$540.0K -$12.01M -$130.0K
YoY Change 200.0% 9138.46% -58.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -250.0K 16.58M 410.0K
YoY Change -67.53% 3943.9% -4200.0%
NET CHANGE
Cash From Operating Activities -680.0K -2.120M 330.0K
Cash From Investing Activities -540.0K -12.01M -130.0K
Cash From Financing Activities -250.0K 16.58M 410.0K
Net Change In Cash -1.470M 2.450M 610.0K
YoY Change 129.69% 301.64% 238.89%
FREE CASH FLOW
Cash From Operating Activities -$680.0K -$2.120M $330.0K
Capital Expenditures -$550.0K -$470.0K -$50.00K
Free Cash Flow -$130.0K -$1.650M $380.0K
YoY Change -130.23% -534.21% -35.59%

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75750 USD
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
58500 USD
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
246385 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
218297 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-74006 USD
CY2013Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
131652 USD
CY2014Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
112764 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
17560 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-34656 USD
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3263 USD
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-36493 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
80939 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
47345 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2013Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
497944 USD
CY2014Q3 us-gaap Line Of Credit
LineOfCredit
1200000 USD
CY2013Q4 us-gaap Line Of Credit
LineOfCredit
1015000 USD
CY2014Q3 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
1200000 USD
CY2013Q4 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
1015000 USD
CY2014Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
873500 USD
CY2013Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
1349308 USD
CY2013Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
473042 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2685000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
2519302 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
2500000 USD
CY2014Q3 us-gaap Notes Payable
NotesPayable
868340 USD
CY2013Q4 us-gaap Notes Payable
NotesPayable
1341691 USD
CY2013Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
472429 USD
CY2014Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
2493652 USD
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-187354 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-89212 USD
CY2014Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-276566 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-89212 USD
us-gaap Straight Line Rent
StraightLineRent
-21921 USD
us-gaap Straight Line Rent
StraightLineRent
-7056 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
66790 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-25839 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
0 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-153364 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-34654 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
62451 USD
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
278726 USD
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-58164 USD
mtbc Gain Loss From Reduction In Referral Fee
GainLossFromReductionInReferralFee
0 USD
mtbc Gain Loss From Reduction In Referral Fee
GainLossFromReductionInReferralFee
105523 USD
us-gaap Accretion Expense
AccretionExpense
0 USD
us-gaap Accretion Expense
AccretionExpense
77263 USD
us-gaap Share Based Compensation
ShareBasedCompensation
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
137550 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
12258 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
13236 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
71309 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2103074 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-215537 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
187077 USD
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
302620 USD
us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
2059820 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
617301 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2024504 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
165913 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
571217 USD
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
365000 USD
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
2463 USD
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
280209 USD
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
2463 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
275000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
11536640 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-525704 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-12107857 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1000000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
165000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
110000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
430591 USD
us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
589452 USD
us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
958400 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
3162985 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
804957 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
16128304 USD
us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
-236814 USD
us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
-235 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
23339 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5230 USD
us-gaap Interest Paid Net
InterestPaidNet
100644 USD
us-gaap Interest Paid Net
InterestPaidNet
129857 USD
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
659740 USD
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
1995708 USD
mtbc Noncash Or Part Noncash Acquisition Of Prepaid Insurance
NoncashOrPartNoncashAcquisitionOfPrepaidInsurance
0 USD
mtbc Noncash Or Part Noncash Acquisition Of Prepaid Insurance
NoncashOrPartNoncashAcquisitionOfPrepaidInsurance
486858 USD
mtbc Noncash Or Part Noncash Initial Public Offering Related Costs
NoncashOrPartNoncashInitialPublicOfferingRelatedCosts
15000 USD
mtbc Noncash Or Part Noncash Initial Public Offering Related Costs
NoncashOrPartNoncashInitialPublicOfferingRelatedCosts
0 USD
CY2014Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
19092 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
MEDICAL TRANSCRIPTION BILLING, CORP
dei Entity Central Index Key
EntityCentralIndexKey
0001582982
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
MTBC
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10999133 shares
CY2014Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
351730 USD
CY2013Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
49660 USD
CY2014Q3 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
470089 USD
CY2013Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
0 USD
CY2014Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
872866 USD
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
207545 USD
CY2014Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
61256 USD
CY2014Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Noncurrent Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets
148408 USD
CY2014Q3 us-gaap Goodwill
Goodwill
7633159 USD
CY2014Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
17756823 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-639274 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
17167295 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
16284568 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
587835 USD
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
6220185 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
137550 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
500000 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 USD
mtbc Noncash Or Part Noncash Acquisitions Through Issuance Of Common Stock
NoncashOrPartNoncashAcquisitionsThroughIssuanceOfCommonStock
0 USD
mtbc Noncash Or Part Noncash Acquisitions Through Issuance Of Common Stock
NoncashOrPartNoncashAcquisitionsThroughIssuanceOfCommonStock
6610184 USD
mtbc Other Comprehensive Income Loss Reversal Of Deferred Tax Asset Related To Foreign Currency Translation Adjustment
OtherComprehensiveIncomeLossReversalOfDeferredTaxAssetRelatedToForeignCurrencyTranslationAdjustment
-141945 USD
CY2014Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
17757000 USD
mtbc Foreign Currency Translation Adjustment Valuation Allowance
ForeignCurrencyTranslationAdjustmentValuationAllowance
141945 USD
CY2014Q3 mtbc Foreign Currency Translation Adjustment Valuation Allowance
ForeignCurrencyTranslationAdjustmentValuationAllowance
81657 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
134000 USD
CY2014Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
29000 USD
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
587835 USD

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0001144204-14-067258.txt Edgar Link pending
0001144204-14-067258-xbrl.zip Edgar Link pending
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