Australian cloud services provider Bulletproof has reported operating and investing cash flows of AU-$819,000 for the quarter ending December 31, 2014, with new acquisition Pantha Corp representing around AU$700,000 of its investment outflows.
In its latest quarterly cash flow statement (PDF), Bulletproof revealed that it had recorded AU$761,000 in net operating cash flows for the three-month period, with AU$6.1 million in receipts from customers.
However, the cash it paid for Pantha Corp, along with other investing outflow, saw its overall operating and investing cash flow enter negative territory.
Along with a performance-based offer of up to AU$3.1 million in shares, Bulletproof paid an upfront amount of AU$800,000 for Pantha Corp in December. This amount in cash terms for the period came to AU$700,000, given the transfer of employee leave liabilities as at the transaction date.
Bulletproof said at the time that it hoped the acquisition would allow it to generate more revenue from the cloud services budgets of corporate, enterprise, and government customers.
The deal saw Bulletproof take on 22 new employees, with the company now claiming a workforce footprint of over 100 people.
"The acquisition of Pantha Corp further increases employee expenses with an additional 22 employees," the company told shareholders in a statement. "Expenses for staff hired for these 'growth objectives' were AU$365,000 for the quarter, and for the half were approximately AU$500,000."
Over the quarter, Bulletproof spent AU$2.58 million on staff costs, and AU$4.8 million for the year to date, representing six months of operation.
Bulletproof also spent AU$230,000 in physical non-current assets -- primarily, the configuration of its NetSuite ERP system to assist with increased business growth.
In November last year, the company revealed that it had beefed up its staff numbers over the preceding three-month period in order to provide technical support for its existing and new customers. It hired 19 more people between July and October 2014.
Other expenses for the company over the quarter ending December included working capital, which was primarily made up of payments to Amazon Web Services, and to other service providers for managed hosting platform services, the company told shareholders.