Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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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