Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating Activities    
Net loss $ (64,635,673) $ (17,816,922)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation and amortization 16,768,305 4,700,835
Impairment of fixed assets 23,350,445
Amortization of debt discount and loan origination cost 52,625 442,255
Stock based compensation 2,331,158 1,130,113
Gain on sale of fixed assets (291,978)
Changes in operating assets and liabilities:    
Accounts receivable 5,401,079 (5,646,734)
Inventory 1,243,018 (2,588,791)
Prepaids and other assets 2,050,143 (2,238,350)
Accounts payable and accrued expenses (1,462,587) 8,593,714
Net cash used in operating activities (15,193,465) (13,423,880)
Investing Activities    
Purchases of equipment (6,138,763) (24,696,048)
Proceeds from sale of equipment 2,927,538
Net cash used in investing activities (3,211,225) (24,696,048)
Financing Activities    
Proceeds from sale of common stock, net 41,789,604
Proceeds from notes payable 11,537,417 18,875,292
Proceeds from sale of preferred stock, net 9,702,793
Payments on notes payable (7,083,524) (2,000,000)
Payments on capital lease (668,297) (581,461)
Net cash provided by financing activities 13,488,389 58,083,435
Net increase (decrease) in cash and cash equivalents (4,916,301) 19,963,507
Cash and cash equivalents, beginning of period 8,826,076 1,731,364
Cash and cash equivalents, end of period 3,909,775 21,694,871
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 1,014,043 279,850
Cash paid during the period for income taxes 319,543 215,544
Non-cash transactions    
Property, plant and equipment additions in accounts payable 5,828,455 9,351,016
Conversion of debt to equity 41,354,301
Notes payable settled through recapitalization 22,000,000
Interest forgiven from convertible debt 634,477
Equipment purchased with notes payable 44,503 2,573,612
Preferred dividend accrued $ 600,000