Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 8,826,076 $ 1,731,364
Accounts receivable 10,167,044 2,865,707
Inventory 3,699,245 2,047,163
Prepaids 4,363,064 1,918,875
Other assets 787,846 31,664
Total current assets 27,843,275 8,594,773
Property, plant and equipment, net 75,825,539 38,382,391
Other non-current assets 325,756
Total assets 103,668,814 47,302,920
Current liabilities:    
Accounts payable 17,110,691 2,453,551
Accrued expenses 4,820,774 4,503,180
Short-term notes payable 7,047,020 2,000,000
Current portion of capital lease payable 836,855 789,166
Total current liabilities 29,815,340 9,745,897
Non-current liabilities:    
Long-term notes payable 1,172,712 21,737,404
Long-term capital lease payable 766,687
Total non-current liabilities 1,172,712 22,504,091
Commitments and contingencies
Stockholders' equity    
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued
Common stock, $0.001 par value, 200,000,000 shares authorized, 74,599,749 issued and 74,577,899 outstanding at December 31, 2017 and 14,485,937 issued and 14,464,087 outstanding at December 31, 2016 74,578 14,485
Additional paid-in capital 144,071,119 59,556,505
Treasury stock, at cost; 21,850 common shares at December 31, 2017 and December 31, 2016 (57,469) (57,469)
Accumulated deficit (71,407,466) (44,460,589)
Total stockholders' equity 72,680,762 15,052,932
Total liabilities and stockholders' equity $ 103,668,814 $ 47,302,920

Source

v3.8.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]    
Revenues $ 44,017,748 $ 8,352,236
Operating cost and expenses:    
Cost of services 53,002,499 10,630,233
Selling, general, and administrative expenses 8,441,933 5,892,235
Research and development 456,288 486,128
Depreciation and amortization expense 8,029,247 4,667,797
Total operating costs and expenses 69,929,967 21,676,393
Operating loss (25,912,219) (13,324,157)
Other income (expense):    
Interest expense (1,948,997) (3,978,728)
Interest forgiven 634,477
Other expense (353,667) (317,043)
Total other expense (1,668,187) (4,295,771)
Benefit (provision) for income taxes 633,529 (305,320)
Net loss $ (26,946,877) $ (17,925,248)
Basic and diluted loss per share $ (0.41) $ (1.32)
Weighted average number of common shares outstanding-basic and diluted 66,065,417 13,615,428

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Operating Activities    
Net loss $ (26,946,877) $ (17,925,248)
Depreciation and amortization 8,029,247 4,667,797
Amortization of debt discount and loan origination cost 459,797 255,530
Stock based compensation 1,754,706 695,910
Changes in operating assets and liabilities:    
Accounts receivable (7,301,337) 5,289,557
Inventory (1,652,082) (500,700)
Prepaids and other assets (2,141,490) 1,468,076
Accounts payable and accrued expenses 13,305,679 772,223
Net cash used in operating activities (14,492,357) (5,276,855)
Investing Activities    
Purchases of equipment (35,379,441) (4,591,080)
Net cash used in investing activities (35,379,441) (4,591,080)
Financing Activities    
Proceeds from sale of common stock, net 41,624,402 1,558,555
Proceeds from notes payable 18,719,126 2,194,611
Payments on notes payable (2,587,852) (3,293,732)
Payments on capital lease (789,166) (565,449)
Purchase of treasury stock (37,175)
Net cash provided by (used in) financing activities 56,966,510 (143,190)
Net increase (decrease) in cash and cash equivalents 7,094,712 (10,011,125)
Cash and cash equivalents, beginning of year 1,731,364 11,742,489
Cash and cash equivalents, end of year 8,826,076 1,731,364
Supplemental Disclosure of Cash Flow Information    
Cash paid during the year for interest 385,259 3,448,408
Cash paid during the year for income taxes 541,723 140,341
Non-cash transactions    
Property, plant and equipment additions in accounts payable 1,669,057 1,327,927
Notes payable settled through recapitalization 22,000,000
Conversion of debt to equity 41,195,599
Equipment purchased with notes payable $ 8,807,582

Source