XML 33 R7.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows from Operating Activities:      
Net Income / (loss) $ (26,968,751) $ 2,623,515 $ 15,307,658
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:      
Depreciation 15,135,897 15,135,897 15,135,897
Impairment loss 21,642,089 0 0
Amortization of intangibles 3,406,668 5,801,664 6,403,384
Amortization of financing costs 427,312 767,298 639,520
Share-based compensation 678,721 2,247,002 2,066,688
Unrealized loss on derivatives (17,053) 59,049 0
Fair value change of warrants (278,987) (1,274,100) 0
Gain from debt extinguishment 0 (6,435,000) 0
Changes in assets and liabilities:      
Trade receivables, net 26,741 (447,263) 130,493
Prepaid expenses and other receivables 258,038 (290,464) (657,660)
Due from related parties 104,452 (367,948) 927,980
Inventories (142,272) 817,659 (786,648)
Other assets 0 0 (1,297)
Trade accounts payable (600,439) 867,133 (1,118,602)
Accrued expenses (155,088) 79,398 259,209
Due to related parties 401,450 2,223 4,432
Deferred income (705,166) 236,318 (113,550)
Net Cash from Operating Activities 13,213,612 19,822,381 38,197,504
Cash Flows from Investing Activities:      
Decrease in restricted cash 0 2,000,000 0
Net Cash from Investing Activities 0 2,000,000 0
Cash Flows from Financing Activities:      
Repayment of long-term debt (11,700,000) (38,165,000) (22,700,000)
Repayment of long-term loan from a related party 0 0 (14,000,000)
Payment of financing costs (30,681) (75,000) (180,400)
Proceeds from the issuance of common shares and warrants 0 10,759,475 20,055,000
Proceeds from the issuance of preferred shares 0 0 20,972,472
Payment of other offering costs 0 (226,390) (575,899)
Redemption of preferred shares 0 0 (19,653,227)
Repurchase of common shares (113,667) 0 0
Dividends paid on common shares 0 0 (12,979,572)
Dividends paid on preferred shares (2,061,749) (2,061,749) (1,765,440)
Net Cash used in Financing Activities (13,906,097) (29,768,664) (30,827,066)
Net increase / (decrease) in cash and cash equivalents (692,485) (7,946,283) 7,370,438
Cash and cash equivalents at the beginning of the year 6,565,607 14,511,890 7,141,452
Cash and cash equivalents at the end of the year 5,873,122 6,565,607 14,511,890
Supplemental disclosure of cash flow information      
Cash paid during the year for interest 4,902,764 5,820,588 7,028,947
Non-cash Financing and Investing activities:      
Dividends on preferred shares 515,437 515,437 515,437
Non-cash financing activities (represent offering costs and financing fees) $ 0 $ 80,681 $ 103,980