Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 21,694,871 $ 1,731,364
Accounts receivable 8,512,441 2,865,707
Inventory 4,635,954 2,047,163
Prepaids and other assets 6,623,882 1,950,539
Total current assets 41,467,148 8,594,773
Property, plant and equipment, net 68,298,115 38,382,391
Other non-current assets 244,317 325,756
Total assets 110,009,580 47,302,920
Current liabilities:    
Accounts payable 20,188,636 2,453,551
Accrued expenses 4,712,820 4,503,180
Short-term notes payable 1,284,865 2,000,000
Current portion of long-term notes payable 568,994
Current portion of capital lease payable 876,003 789,166
Total current liabilities 27,631,318 9,745,897
Non-current liabilities:    
Long-term notes payable 875,919 21,737,404
Long-term capital lease payable 151,017 766,687
Total non-current liabilities 1,026,936 22,504,091
Commitment and contingencies
Stockholders’ equity    
Common stock, $0.001 par value, 200,000,000 shares authorized, 74,385,645 issued and 74,363,795 outstanding at September 30, 2017 and 14,485,937 issued and 14,464,087 outstanding at December 31, 2016 74,364 14,485
Additional paid-in capital 143,611,942 59,556,505
Treasury stock, at cost; 21,850 common shares at September 30, 2017 and at December 31, 2016 (57,469) (57,469)
Accumulated deficit (62,277,511) (44,460,589)
Total stockholders’ equity 81,351,326 15,052,932
Total liabilities and stockholders’ equity $ 110,009,580 $ 47,302,920

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenues $ 13,120,229 $ 2,117,977 $ 24,210,545 $ 6,289,461
Operating cost and expenses:        
Cost of services 15,243,898 3,058,554 30,621,029 7,764,719
Selling, general, and administrative expenses 2,289,973 1,459,865 5,780,682 4,612,937
Research and development 126,225 129,013 330,017 403,828
Depreciation and amortization expense 1,936,324 1,238,370 4,700,835 3,354,560
Total operating costs and expenses 19,596,420 5,885,802 41,432,563 16,136,044
Operating loss (6,476,191) (3,767,825) (17,222,018) (9,846,583)
Other income (expense):        
Interest expense (60,566) (932,232) (1,767,181) (3,064,159)
Interest forgiven 634,477
Other expense (103,306) (33,031) (95,459) (205,465)
Total other expense (163,872) (965,263) (1,228,163) (3,269,624)
Benefit (provision) for income taxes (72,237) 633,259 (216,710)
Net loss $ (6,640,063) $ (4,805,325) $ (17,816,922) $ (13,332,917)
Basic and diluted loss per share $ (0.10) $ (0.35) $ (0.30) $ (0.98)
Weighted average number of common shares outstanding – basic and diluted 66,579,514 13,634,476 58,692,699 13,597,940

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating Activities    
Net loss $ (17,816,922) $ (13,332,917)
Depreciation and amortization 4,700,835 3,354,560
Amortization of debt discount and loan origination cost 442,255 191,647
Stock based compensation 1,130,113 566,821
Changes in operating assets and liabilities:    
Accounts receivable (5,646,734) 3,793,387
Inventory (2,588,791) (400,892)
Prepaids and other assets (2,238,350) 989,327
Accounts payable and accrued expenses 8,593,714 (194,077)
Net cash used in operating activities (13,423,880) (5,032,144)
Investing Activities    
Purchases of equipment (24,696,048) (3,942,516)
Net cash used in investing activities (24,696,048) (3,942,516)
Financing Activities    
Proceeds from sale of common stock, net 41,789,604 1,488,534
Proceeds from notes payable 18,875,292 194,611
Payments on notes payable (2,000,000) (2,284,882)
Payments on capital lease (581,461) (505,907)
Purchase of treasury stock (37,175)
Net cash provided by (used in) financing activities 58,083,435 (1,144,819)
Net increase (decrease) in cash and cash equivalents 19,963,507 (10,119,479)
Cash and cash equivalents, beginning of period 1,731,364 11,742,489
Cash and cash equivalents, end of period 21,694,871 1,623,010
Supplemental Disclosure of Cash Flow Information    
Cash paid during the year for interest 279,850 3,382,069
Cash paid during the year for income taxes 215,544 94,834
Non-cash transactions    
Property, plant and equipment additions in accounts payable 9,351,016 2,691,444
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 $ 2,573,612

Source