Financials

v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 11,151,387 $ 1,731,364
Accounts receivable 2,720,830 2,865,707
Inventory 2,123,477 2,047,163
Prepaids 3,068,063 1,918,875
Other assets 42,710 31,664
Total current assets 19,106,467 8,594,773
Property, plant and equipment, net 40,583,977 38,382,391
Other non-current assets 488,633 325,756
Total assets 60,179,077 47,302,920
Current liabilities:    
Accounts payable 3,320,398 2,453,551
Accrued expenses 3,365,128 4,503,180
Short-term notes payable 170,167 2,000,000
Current portion of capital lease payable 817,111 789,166
Total current liabilities 7,672,804 9,745,897
Non-current liabilities:    
Long-term notes payable 40,802,640 21,737,404
Long-term capital lease payable 569,169 766,687
Total non-current liabilities 41,371,809 22,504,091
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, 15,049,690 issued and 15,027,840 outstanding at March 31, 2017 and 14,485,937 issued and 14,464,087 outstanding at December 31, 2016 15,049 14,485
Additional paid-in capital 60,666,498 59,556,505
Treasury stock, at cost; 21,850 common shares at March 31,2017 and at December 31, 2016 (57,469) (57,469)
Accumulated deficit (49,489,614) (44,460,589)
Total stockholders’ equity 11,134,464 15,052,932
Total liabilities and stockholders’ equity $ 60,179,077 $ 47,302,920

Source

v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenues $ 2,562,657 $ 1,833,905
Operating cost and expenses:    
Cost of services 3,854,886 2,236,127
Selling, general, and administrative expenses 1,442,404 1,573,264
Research and development 87,154 168,456
Depreciation and amortization expense 1,341,792 904,230
Total operating costs and expenses 6,726,236 4,882,077
Operating loss (4,163,579) (3,048,172)
Other income (expense):    
Interest expense (1,590,458) (1,194,711)
Other income (expense) 91,752 (549,168)
Total other expense (1,498,706) (1,743,879)
Benefit (provision) for income taxes 633,260 (72,236)
Net loss $ (5,029,025) $ (4,864,287)
Basic and diluted loss per share $ (0.34) $ (0.36)
Weighted average number of common shares outstanding – basic and diluted 14,827,416 13,579,094

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating Activities    
Net loss $ (5,029,025) $ (4,864,287)
Depreciation and amortization 1,341,792 904,230
Amortization of debt discount and loan origination cost 319,541 63,886
Stock based compensation 128,172 220,156
Changes in operating assets and liabilities:    
Accounts receivable 144,877 4,333,894
Inventory (76,314) (171,926)
Prepaids and other assets (1,039,737) 602,503
Accounts payable and accrued expenses (551,546) 639,130
Net cash provided by (used in) operating activities (4,762,240) 1,727,586
Investing Activities    
Purchases of equipment (3,652,475) (1,141,018)
Net cash provided by investing activities (3,652,475) (1,141,018)
Financing Activities    
Proceeds from sale of common stock, net 982,385
Proceeds from notes payable 19,565,983 194,611
Notes payables financing cost (485,000)
Payments on notes payable (2,041,514) (2,064,455)
Payments on capital lease (187,116) (162,803)
Purchase of treasury stock (37,175)
Net cash provided by (used in) financing activities 17,834,738 (2,069,822)
Net increase (decrease) in cash and cash equivalents 9,420,023 (1,483,254)
Cash and cash equivalents, beginning of period 1,731,364 11,742,489
Cash and cash equivalents, end of period 11,151,387 10,259,235
Supplemental Disclosure of Cash Flow Information    
Cash paid during the year for interest 175,282 107,036
Cash paid during the year for income taxes 52,950 48,429
Non-cash transactions    
Property, plant and equipment additions in accounts payable 174,277 1,071,907
Notes payable cost in accrued and accounts payable 106,065
Notes payable settled through recapitalization $ 22,000,000

Source