Financials

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 3,927,079 $ 1,731,364
Accounts receivable 5,735,830 2,865,707
Inventory 2,925,661 2,047,163
Prepaids and other assets 4,218,768 1,950,539
Total current assets 16,807,338 8,594,773
Property, plant and equipment, net 45,009,376 38,382,391
Other non-current assets 488,633 325,756
Total assets 62,305,347 47,302,920
Current liabilities:    
Accounts payable 11,288,360 2,453,551
Accrued expenses 3,754,834 4,503,180
Short-term notes payable 387,029 2,000,000
Current portion of capital lease payable 846,044 789,166
Total current liabilities 16,276,267 9,745,897
Non-current liabilities:    
Long-term notes payable 21,737,404
Long-term capital lease payable 364,035 766,687
Total non-current liabilities 364,035 22,504,091
Commitment and contingencies
Stockholders’ equity    
Common stock, $0.001 par value, 200,000,000 shares authorized, 44,805,225 issued and 44,783,375 outstanding at June 30, 2017 and 14,485,937 issued and 14,464,087 outstanding at December 31, 2016 44,805 14,485
Additional paid-in capital 101,315,157 59,556,505
Treasury stock, at cost; 21,850 common shares at June 30, 2017 and at December 31, 2016 (57,469) (57,469)
Accumulated deficit (55,637,448) (44,460,589)
Total stockholders’ equity 45,665,045 15,052,932
Total liabilities and stockholders’ equity $ 62,305,347 $ 47,302,920

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v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Revenues [1] $ 8,527,659 $ 2,337,579 $ 11,090,316 $ 4,171,484
Operating cost and expenses:        
Cost of services 11,522,245 2,470,038 15,377,131 4,706,165
Selling, general, and administrative expenses 2,048,305 1,579,808 3,490,709 3,153,072
Research and development 116,638 106,359 203,792 274,815
Depreciation and amortization expense 1,422,719 1,211,960 2,764,511 2,116,190
Total operating costs and expenses 15,109,907 5,368,165 21,836,143 10,250,242
Operating loss (6,582,248) (3,030,586) (10,745,827) (6,078,758)
Other income (expense):        
Interest expense (116,157) (937,216) (1,706,615) (2,131,927)
Interest forgiven 634,477 634,477
Other income (expense) (83,906) 376,734 7,846 (172,434)
Total other expense 434,414 (560,482) (1,064,292) (2,304,361)
Benefit (provision) for income taxes (72,237) 633,260 (144,473)
Net loss $ (6,147,834) $ (3,663,305) $ (11,176,859) $ (8,527,592)
Basic and diluted loss per share $ (0.31) $ (0.27) $ (0.64) $ (0.63)
Weighted average number of common shares outstanding – basic and diluted 19,937,375 13,579,848 17,396,511 13,579,889
[1] U.S. activity began in February 2017 with set-up activity being incurred. The Company began recognizing revenue in late May 2017. Intersegment transactions included in revenues were not significant for any of the periods presented.

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating Activities    
Net loss $ (11,176,859) $ (8,527,592)
Depreciation and amortization 2,764,511 2,116,190
Amortization of debt discount and loan origination cost 424,714 127,771
Stock based compensation 551,360 432,397
Changes in operating assets and liabilities:    
Accounts receivable (2,870,123) 2,778,953
Inventory (878,498) (415,419)
Prepaids and other assets (1,639,592) 1,156,886
Accounts payable and accrued expenses 5,207,834 (1,463,793)
Net cash used in operating activities (7,616,653) (3,794,607)
Investing Activities    
Purchases of equipment (7,842,535) (2,706,050)
Net cash used in investing activities (7,842,535) (2,706,050)
Financing Activities    
Proceeds from sale of common stock, net 966,780
Proceeds from notes payable 19,298,251 194,611
Payments on notes payable (2,229,270) (2,173,922)
Payments on capital lease (380,858) (331,371)
Purchase of treasury stock (37,175)
Net cash provided by (used in) financing activities 17,654,903 (2,347,857)
Net increase (decrease) in cash and cash equivalents 2,195,715 (8,848,514)
Cash and cash equivalents, beginning of period 1,731,364 11,742,489
Cash and cash equivalents, end of period 3,927,079 2,893,975
Supplemental Disclosure of Cash Flow Information    
Cash paid during the year for interest 230,473 3,288,283
Cash paid during the year for income taxes 116,286 81,642
Non-cash transactions    
Property, plant and equipment additions in accounts payable 1,832,335 1,566,823
Conversion of debt to equity 41,354,301
Notes payable settled through recapitalization 22,000,000
Interest forgiven from convertible debt $ 634,477

Source