CROSSROADS SYSTEMS INC

CIK:0001093207|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2017	Apr. 30, 2016
Revenue:
IP license, royalty and other revenue	$ 16	$ 210	$ 35	$ 420
Cost of revenue:
IP license, royalty and other cost of revenue	2	49	5	100
Gross profit	14	161	30	320
Operating expenses:
General and administrative	496	1,356	1,359	3,705
Total operating expenses	496	1,356	1,359	3,705
Loss from operations	(482)	(1,195)	(1,329)	(3,385)
Other expense:
Other income	399	627	870	3,299
Discontinued operations:
Loss from discontinued operations	0	(1,194)	0	(1,812)
Gain on disposal of discontinued operations	0	1,771	0	1,771
Income (loss) from discontinued operations	0	577	0	(41)
Net income (loss)	(83)	9	(459)	(127)
Dividends attributable to preferred stock	(68)	(78)	(136)	(129)
Net loss available to common stockholders, basic and diluted	$ (151)	$ (69)	$ (595)	$ (256)
Earnings (loss) per share, basic and diluted:
Discontinued operations	$ 0	$ 0.47	$ 0	$ (0.03)
Continuing operations	(0.12)	(0.46)	(0.49)	(0.07)
Available to common stockholder	$ (0.12)	$ (0.06)	$ (0.49)	$ (0.21)
Weighted average number of common shares outstanding, basic and diluted	1,225,472	1,239,241	1,225,472	1,226,734

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Cash flows from operating activities:
Net loss	$ (459)	$ (127)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation from discontinued operations	0	69
Gain on sale of discontinued operations	0	(919)
Stock-based compensation	120	451
Provision for doubtful accounts receivable	0	(1)
Changes in assets and liabilities:
Accounts receivable	12	630
Inventory	0	53
Prepaid expenses and other assets	(4)	48
Accounts payable	(219)	(1,279)
Accrued expenses	(199)	(735)
Deferred revenue	(871)	(4,559)
Net cash used in operating activities	(1,620)	(6,369)
Cash flows from investing activities:
Purchase of property and equipment from discontinued operations	0	(28)
Proceeds from sale of discontinued operations	0	852
Net cash provided by investing activities	0	824
Cash flows from financing activities:
Preferred dividends	(136)	0
Net cash used in financing activities	(136)	0
Effect of foreign exchange rate on cash and cash equivalents	0	(131)
Change in cash and cash equivalents	(1,756)	(5,676)
Cash, cash equivalents, and restricted cash beginning of period	4,093	11,792
Cash, cash equivalents, and restricted cash end of period	2,337	6,116
Supplemental disclosure of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	0	2
Supplemental disclosure of non cash financing activities:
Conversion of preferred stock to common stock	0	302
Common stock dividends issued to preferred shareholders	$ 0	$ 139

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2017	Oct. 31, 2016
Current assets:
Cash and cash equivalents	$ 1,706	$ 2,634
Restricted cash	631	1,459
Total cash, cash equivalents and restricted cash	2,337	4,093
Accounts receivable	1,200	1,212
Prepaid expenses and other current assets	227	179
Total current assets	3,764	5,484
Other assets	71	120
Total assets	3,835	5,604
Current liabilities:
Accounts payable	120	339
Accrued expenses	437	637
Deferred revenue	661	1,531
Total current liabilities	1,218	2,507
Commitments and contingencies (See Note 4)
Total liabilities	1,218	2,507
Stockholders’ equity:
Convertible preferred stock, $0.001 par value, 25,000,000 shares authorized, 2,591,257 and 2,591,257 shares issued and outstanding, respectively	3	3
Common stock, $0.001 par value, 75,000,000 shares authorized, 1,225,472 and 1,225,472 shares issued and outstanding, respectively	1	1
Additional paid-in capital	239,956	239,835
Accumulated deficit	(237,343)	(236,742)
Total stockholders' equity	2,617	3,097
Total liabilities and stockholders' equity	$ 3,835	$ 5,604