XML 31 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows From Operating Activities    
Net loss $ (2,016,842) $ (2,601,911)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 20,040 5,811
Depreciation and amortization expense 80,331 49,512
Deferred rent (801) 6,108
Stock based compensation 207,949 0
Loss on disposal of property and equipment 3,327 0
Changes in assets and liabilities:    
Accounts receivable (203,375) (156,386)
Inventory (452,577) (531,296)
Prepaid expenses and other current assets (22,782) 65,686
Other assets (58,895) 3,006
Accounts payable 243,707 882,838
Accrued expenses 276,068 209,968
Other liabilities (92,466) 0
Total adjustments 526 535,247
Net cash used in operating activities (2,016,316) (2,066,664)
Cash Flows From Investing Activities    
Purchases of property and equipment (65,036) (200,834)
Net cash used in investing activities (65,036) (200,834)
Cash Flows From Financing Activities    
Repayment of automobile loans (13,318) (6,503)
Contributions from members, net of costs 0 194,504
Proceeds from loan payable member 0 30,000
Proceeds from the reverse merger with Cullen Agricultural Holding Corporation 120,841 0
Proceeds from the sale of common stock, net of costs 568,468 0
Proceeds from the sale of common stock and warrants, net of costs 475,885 0
Net cash provided by financing activities 1,951,876 1,818,001
Net decrease in cash (129,476) (449,497)
Cash, beginning of period 398,164 604,841
Cash, end of period 268,688 155,344
Cash paid for interest 2,954 1,929
Non-cash investing and financing activities:    
Conversion of loans payable and accrued interest to stockholders' equity 555,910 0
Conversion of loans payable and accrued interest to members' equity 0 1,527,058
Purchase of automobiles with loans payable 0 84,795
Costs due to related to issuance of common stock and warrants included in accrued expenses 109,769 0
Purchase of a truck in exchange for accounts receivable 9,500 0
Net assets acquired in reverse merger 1,751,655 0
Payment of accounts payable through the issuance of common stock 134,270 0
Bass Properties LLC loan [Member]    
Cash Flows From Financing Activities    
Proceeds from Loans 150,000 0
Cullen Agricultural Holding Corporation loan [Member]    
Cash Flows From Financing Activities    
Proceeds from Loans 250,000 300,000
Ivory Castle Limited loan [Member]    
Cash Flows From Financing Activities    
Proceeds from Loans $ 400,000 $ 1,300,000