Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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