Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 2,598,810 $ 8,826,076
Accounts receivable 7,640,496 10,167,044
Inventory 3,435,004 3,699,245
Prepaids 6,615,501 4,363,064
Other assets 1,822,731 787,846
Total current assets 22,112,542 27,843,275
Property, plant and equipment, net 76,912,042 75,825,539
Total assets 99,024,584 103,668,814
Current liabilities:    
Accounts payable 24,651,857 17,110,691
Accrued expenses 5,117,979 4,820,774
Short-term notes payable 7,120,026 7,047,020
Current portion of capital lease payable 639,336 836,855
Total current liabilities 37,529,198 29,815,340
Non-current liabilities:    
Long-term notes payable 1,023,276 1,172,712
Total non-current liabilities 1,023,276 1,172,712
Commitment and contingencies
Stockholders' equity    
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued or outstanding at March 31, 2018 and none issued or outstanding at December 31, 2017
Common stock, $0.001 par value, 200,000,000 shares authorized, 74,596,116 issued and 74,574,266 outstanding at March 31, 2018 and 74,599,749 issued and 74,577,899 outstanding at December 31, 2017 74,596 74,578
Additional paid-in capital 144,722,965 144,071,119
Treasury stock, at cost; 21,850 common shares at March 31, 2018 and at December 31, 2017 (57,469) (57,469)
Accumulated deficit (84,267,982) (71,407,466)
Total stockholders' equity 60,472,110 72,680,762
Total liabilities and stockholders' equity $ 99,024,584 $ 103,668,814

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Revenues $ 17,778,844 $ 2,562,657
Operating cost and expenses:    
Cost of services 22,025,026 3,854,886
Selling, general, and administrative expenses 2,612,883 1,529,558
Depreciation and amortization expense 5,127,863 1,341,792
Total operating costs and expenses 29,765,772 6,726,236
Operating loss (11,986,928) (4,163,579)
Other income (expense):    
Interest expense (420,690) (1,590,458)
Other income (expense) (452,898) 91,752
Total other income (expense) (873,588) (1,498,706)
Benefit for income taxes 633,260
Net loss $ (12,860,516) $ (5,029,025)
Basic and diluted loss per share $ (0.17) $ (0.34)
Weighted average number of common shares outstanding – basic and diluted 74,579,112 14,827,416

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating Activities    
Net loss $ (12,860,516) $ (5,029,025)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation and amortization 5,127,863 1,341,792
Amortization of debt discount and loan origination cost 17,542 319,541
Stock based compensation 651,864 128,172
Changes in operating assets and liabilities:    
Accounts receivable 2,526,548 144,877
Inventory 264,241 (76,314)
Prepaids and other assets (3,201,908) (1,039,737)
Accounts payable and accrued expenses 3,204,394 (551,546)
Net cash used in operating activities (4,269,972) (4,762,240)
Investing Activities    
Purchases of equipment (1,535,887) (3,652,475)
Net cash used in investing activities (1,535,887) (3,652,475)
Financing Activities    
Proceeds from sale of common stock, net 982,385
Proceeds from notes payable 2,150,602 19,565,983
Notes payable financing costs (485,000)
Payments on notes payable and receivable facility (2,356,948) (2,041,514)
Payments on capital lease (215,061) (187,116)
Net cash provided (used by) by financing activities (421,407) 17,834,738
Net increase (decrease) in cash and cash equivalents (6,227,266) 9,420,023
Cash and cash equivalents, beginning of period 8,826,076 1,731,364
Cash and cash equivalents, end of period 2,598,810 11,151,387
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 220,625 175,282
Cash paid during the period for income taxes 178,738 52,950
Non-cash transactions    
Property, plant and equipment additions in accounts payable 4,633,973 174,277
Notes payable cost in accrued and accounts payable 106,065
Notes payable settled through recapitalization 22,000,000
Equipment purchased with notes payable $ 44,503

Source