Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 3,909,775 $ 8,826,076
Accounts receivable 4,765,965 10,167,044
Inventory 2,456,229 3,699,245
Prepaids 2,563,698 4,363,064
Other assets 741,048 787,846
Total current assets 14,436,715 27,843,275
Property, plant and equipment, net 48,370,089 75,825,539
Total assets 62,806,804 103,668,814
Current liabilities:    
Accounts payable 20,077,456 17,110,691
Accrued expenses 6,819,864 4,820,774
Short-term notes payable 12,320,337 7,047,020
Current portion of capital lease payable 3,518,323 836,855
Total current liabilities 42,735,980 29,815,340
Non-current liabilities:    
Long-term notes payable 591,782 1,172,712
Total non-current liabilities 591,782 1,172,712
Commitment and contingencies
Stockholders' equity    
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 30,000 designated as Series A Convertible Preferred Stock, 10,000 of Series A Preferred issued and outstanding at September 30, 2018 and none issued or outstanding at December 31, 2017 10
Common stock, $0.001 par value, 200,000,000 shares authorized, 75,169,868 issued and 75,148,018 outstanding at September 30, 2018 and 74,599,749 issued and 74,577,899 outstanding at December 31, 2017 75,149 74,578
Additional paid-in capital 155,504,491 144,071,119
Treasury stock, at cost; 21,850 common shares at September 30, 2018 and at December 31, 2017 (57,469) (57,469)
Accumulated deficit (136,043,139) (71,407,466)
Total stockholders' equity 19,479,042 72,680,762
Total liabilities and stockholders' equity $ 62,806,804 $ 103,668,814

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenues $ 14,932,506 [1] $ 13,120,229 $ 50,922,478 [1] $ 24,210,545 [1]
Operating cost and expenses:        
Cost of services 17,181,673 [1],[2] 14,874,958 59,194,660 [1],[2] 29,935,216 [1],[2]
Selling, general, and administrative expenses 4,081,031 2,785,138 10,774,498 6,796,512
Depreciation and amortization expense 6,073,723 1,936,324 16,768,305 4,700,835
Impairment of fixed assets 19,665,000 23,350,445
Total operating costs and expenses 47,001,427 19,596,420 110,087,908 41,432,563
Operating loss (32,068,921) (6,476,191) (59,165,430) (17,222,018)
Other income (expense):        
Interest expense (556,302) (60,566) (1,505,014) (1,767,181)
Interest forgiven 634,477
Foreign currency loss (183,252) (64,190) (1,233,158) (64,173)
Other income (expense) (2,390,221) (39,116) (2,748,446) (31,286)
Total other expense (3,129,775) (163,872) (5,486,618) (1,228,163)
Net loss before income taxes (35,198,696) (6,640,063) (64,652,048) (18,450,181)
Benefit (provision) for income taxes 16,375 633,259
Net loss $ (35,198,696) $ (6,640,063) $ (64,635,673) $ (17,816,922)
Basic and diluted loss per share $ (0.47) $ (0.10) $ (0.86) $ (0.30)
Weighted average number of common shares outstanding - basic and diluted 74,880,072 66,579,514 74,778,657 58,692,699
[1] U.S. activity began in February 2017 with start-up expenses being incurred. The Company began recognizing U.S. revenue in late May 2017. Intersegment transactions included in revenues were not significant for any of the periods presented.
[2] Gross margin is defined as revenues less costs of services. Cost of services excludes selling, general and administrative expenses, and depreciation and amortization expense.

Source

v3.10.0.1
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

Source