Financials

v3.6.0.2
Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 1,731,364 $ 11,742,489
Accounts receivable 2,865,707 8,155,264
Inventory 2,047,163 1,546,463
Prepaids 1,918,875 3,328,265
Other assets 31,664 48,648
Total current assets 8,594,773 24,821,129
Property, plant and equipment, net 38,382,391 37,142,578
Other non-current assets 325,756 488,633
Total assets 47,302,920 62,452,340
Current liabilities:    
Accounts payable 2,453,551 1,112,812
Accrued expenses 4,503,180 3,843,497
Short-term notes payable 2,000,000
Current portion of long term notes payable 2,825,428
Current portion of capital lease payable 789,166 686,624
Total current liabilities 9,745,897 8,468,361
Non-current liabilities:    
Long-term notes payable 21,737,404 21,737,403
Long-term capital lease payable 766,687 1,485,686
Total non-current liabilities 22,504,091 23,223,089
Stockholders' equity    
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued
Common stock, $0.001 par value, 200,000,000 shares authorized, 14,485,937 issued and 14,464,087 outstanding at December 31, 2016 and 13,572,989 issued and 13,566,050 outstanding at December 31, 2015 14,485 13,572
Additional paid-in capital 59,556,505 57,302,953
Treasury stock, at cost; 21,850 common shares at December 31, 2016 and 6,939 common shares at December 31, 2015 (57,469) (20,294)
Accumulated deficit (44,460,589) (26,535,341)
Total stockholders' equity 15,052,932 30,760,890
Total liabilities and stockholders' equity $ 47,302,920 $ 62,452,340

Source

v3.6.0.2
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]    
Revenues $ 8,352,236 $ 13,755,140
Operating cost and expenses:    
Cost of services 10,630,233 14,527,201
Selling, general, and administrative expenses 5,892,235 7,011,765
Research and development 486,128 979,893
Depreciation and amortization expense 4,667,797 3,414,452
Total operating costs and expenses 21,676,393 25,933,311
Operating loss (13,324,157) (12,178,171)
Other income (expense):    
Gain on sale of trading securities 5,091,387
Interest expense (3,978,728) (4,007,974)
Other expense (317,043) (1,955,679)
Total other expense (4,295,771) (872,266)
Provision for income taxes (305,320) (344,314)
Net loss $ (17,925,248) $ (13,394,751)
Basic and diluted loss per share $ (1.32) $ (1.35)
Weighted average number of common shares outstanding-basic 13,615,428 9,888,191

Source

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating Activities    
Net loss $ (17,925,248) $ (13,394,751)
Depreciation and amortization 4,667,797 3,414,452
Amortization of debt discount and loan origination cost 255,530 255,535
Stock based compensation 695,910 1,480,435
Gain on the sale of trading securities (5,091,387)
Changes in operating assets and liabilities:    
Accounts receivable 5,289,557 (7,891,072)
Inventory (500,700) (184,732)
Prepaids and other assets 1,468,076 (860,538)
Accounts payable and accrued expenses 772,223 3,656,899
Net cash used in operating activities (5,276,855) (18,615,159)
Investing Activities    
Purchases of equipment (4,591,080) (13,472,236)
Proceeds from sale of trading securities 19,435,956
Purchase of trading securities (12,983,801)
Net cash used in investing activities (4,591,080) (7,020,081)
Financing Activities    
Proceeds from sale of common stock 1,722,596 35,329,038
Sale of common stock issuance cost (164,041) (3,099,919)
Proceeds from notes payable 2,194,611 400,000
Payments on notes payable (3,293,732) (1,647,246)
Payments on capital lease (565,449) (597,406)
Purchase of treasury stock (37,175) (20,294)
Net cash provided by (used in) financing activities (143,190) 30,364,173
Net increase (decrease) in cash and cash equivalents (10,011,125) 4,728,933
Cash and cash equivalents, beginning of year 11,742,489 7,013,556
Cash and cash equivalents, end of year 1,731,364 11,742,489
Supplemental Disclosure of Cash Flow Information    
Cash paid during the year for interest 3,448,408 3,104,129
Cash paid during the year for income taxes 140,341 252,725
Non-cash transactions    
Property plant and equipment additions in account payable 1,327,927 139,607
Interest converted to common stock $ 2,485,162

Source