Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 3,741,627 $ 6,970,926
Accounts receivable, net of allowance 182,464 5,692,479
Prepaids 81,459 699,150
Other assets 69,235 254,454
Assets held for sale 25,030,359 79,050,532
Total current assets 29,105,144 92,667,541
Property, plant and equipment, net 2,050,000 11,001,273
Total assets 31,155,144 103,668,814
Current liabilities:    
Accounts payable 15,181,502 11,828,201
Accrued expenses 3,760,135 1,606,922
Short-term notes payable 7,916,188
Liabilities held for sale 7,703,411 17,552,929
Total current liabilities 34,561,236 30,988,052
Commitments and contingencies
Stockholders' equity (deficit)    
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 30,000 designated as Series A Convertible Preferred Stock, 10,600 of Series A Preferred issued and outstanding at December 31, 2018 and none issued or outstanding at December 31, 2017 11
Common stock, $0.001 par value, 200,000,000 shares authorized, 18,849,935 issued and 18,844,472 outstanding at December 31, 2018 and 18,649,937 issued and 18,644,474 outstanding at December 31, 2017 75,400 74,578
Additional paid-in capital 155,850,502 144,071,119
Treasury stock, at cost; 5,462 common shares at December 31, 2018 and December 31, 2017 (57,469) (57,469)
Accumulated deficit (159,274,536) (71,407,466)
Total stockholders' equity (deficit) (3,406,092) 72,680,762
Total liabilities and stockholders' equity (deficit) $ 31,155,144 $ 103,668,814

Source

v3.19.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]    
Revenues [1],[2] $ 40,709,621 $ 24,464,164
Operating cost and expenses:    
Cost of services [2],[3] 51,578,914 28,550,114
Selling, general, and administrative expenses 11,654,363 6,890,843
Depreciation and amortization expense 14,199,357 2,760,277
Impairment of assets 28,803,756
Total operating costs and expenses 106,236,390 38,201,234
Operating loss (65,526,769) (13,737,070)
Other income (expense):    
Interest expense (1,685,117) (1,695,494)
Interest forgiven 634,477
Other expense (274,528) (12,647)
Total other expense (1,959,645) (1,073,664)
Net loss from continuing operations (67,486,414) (14,810,734)
Loss from discontinued operations (20,380,656) (12,136,143)
Net loss $ (87,867,070) $ (26,946,877)
Basic and diluted loss per share continuing operations $ (3.60) $ (0.90)
Basic and diluted loss per share discontinued operations (1.09) (0.73)
Basic and diluted loss per share $ (4.69) $ (1.63)
Weighted average number of common shares outstanding-basic and diluted 18,726,628 16,516,354
[1] The Argentina segment has been reclassified into discontinued operations.
[2] 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.
[3] Gross margin is defined as revenues less costs of services. Cost of services excludes selling, general and administrative expenses, research and development expenses and depreciation and amortization expense.

Source

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Operating Activities    
Net loss $ (87,867,070) $ (26,946,877)
Adjustments to reconcile net loss from operations to net cash provided by operating activities:    
Depreciation and amortization 14,199,357 2,760,277
Amortization of debt discount and loan origination cost 70,167 459,797
Impairment of fixed assets 28,803,756
Stock based compensation 2,977,423 1,754,706
Gain on sale of fixed assets (1,257,273)
Changes in operating assets and liabilities:    
Accounts receivable 5,510,015 (1,217,914)
Inventory 550,422 (3,699,245)
Prepaids and other assets 2,128,418 3,080,224
Accounts payable and accrued expenses 912,083 (3,447,915)
Net cash used in operating activities of continuing operations (33,972,702) (27,256,947)
Net cash provided by operating activities of discontinued operations 20,380,656 12,136,143
Net cash used in operating activities (13,592,046) (15,120,804)
Investing Activities    
Purchases of equipment (9,832,074) (34,831,333)
Proceeds from sale of equipment 8,635,788
Net cash used in investing activities of continuing operations (1,196,286) (34,831,333)
Net cash used in investing activities of discontinued operations (2,846) (548,108)
Net cash used in investing activities (1,199,132) (35,379,441)
Financing Activities    
Proceeds from sale of common stock, net 41,624,402
Proceeds from sale of preferred stock, net 9,702,793
Proceeds from notes payable 11,537,417 18,719,126
Payments on notes payable (9,160,095) (2,587,852)
Payments on capital lease (518,236) (789,166)
Net cash provided by financing activities 11,561,879 56,966,510
Net increase (decrease) in cash and cash equivalents (3,229,299) 6,466,265
Cash and cash equivalents, beginning of year 6,970,926 504,661
Cash and cash equivalents, end of year 3,741,627 6,970,926
Supplemental Disclosure of Cash Flow Information    
Cash paid during the year for interest 1,227,002 385,259
Cash paid during the year for income taxes 309,417 541,723
Non-cash transactions    
Property, plant and equipment additions in accounts payable 1,760,514 1,669,057
Notes payable settled through recapitalization 22,000,000
Conversion of debt to equity 41,195,599
Equipment purchased with notes payable 44,503 8,807,582
Accrued but unpaid dividends 900,000
Return of capital leased assets $ 4,617,223

Source