XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net loss $ (4,437,758) $ (1,644,342)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 305,153 310,024
Deferred finance charge amortization 1,540 3,070
Provision (benefit) for deferred income taxes (238,117) (422,335)
Stock based compensation 1,336,384 0
Change in fair value of warrant liabilities (817,506) 382,680
Changes in operating assets and liabilities:    
Accounts receivable 2,158,368 161,822
Prepaid expenses 21,653 (12,713)
Inventory (1,534,859) 0
Costs and estimated earnings in excess of billings (1,257,110) 631,358
Accounts payable (1,753,384) (2,486,285)
Accrued expenses (89,954) 51,402
Billings in excess of costs and estimated earnings on uncompleted contracts (566,472) 85,444
Deferred compensation (15,500) (23,250)
Net cash used in operating activities (6,887,562) (2,963,125)
Cash flows from investing activities:    
Purchase of equipment (330,751) 0
Acquisition of iSun Energy, LLC (85,135) 0
Acquisition of Oakwood Construction Services, LLC (1,000,000) 0
Dividend receivable 100,000 0
Investment in captive insurance (35,382) (57,230)
Minority investments (3,000,000) 0
Net cash used in investing activities (4,351,268) (57,230)
Cash flows from financing activities:    
Proceeds from line of credit 16,642,783 9,523,192
Payments of line of credit (15,606,717) (7,482,814)
Proceeds from long-term debt 0 1,487,624
Equity incentive program 149,993 0
Payments of long-term debt (217,407) (218,987)
Redemption of shares of Common Stock (672,859) 0
Due to stockholders (24,315) (291,403)
Proceeds from registered direct offering 9,585,000 0
Proceeds from warrant exercise 20,906,015 0
Net cash provided by financing activities 30,762,493 3,017,612
Net increase (decrease) in cash 19,523,663 (2,743)
Cash, beginning of period 699,154 95,930
Cash, end of period 20,222,817 93,187
Cash paid during the year for:    
Interest 86,821 139,241
Income taxes 0 366
Supplemental schedule of non-cash investing and financing activities:    
Preferred dividends satisfied with distribution from investment 69,663 0
Shares of Preferred Stock issued for investment 0 5,000,000
Warrants issued for investment 0 96,052
Conversion of Solar Project Partners, LLC [Member]    
Supplemental schedule of non-cash investing and financing activities:    
Shares issued 12 0
Exercise of Unit Purchase Option on Cashless Basis [Member]    
Supplemental schedule of non-cash investing and financing activities:    
Shares issued 13 0
Conversion of Preferred Stock [Member]    
Supplemental schedule of non-cash investing and financing activities:    
Shares issued 37 0
Acquisition of iSun Energy, LLC [Member]    
Supplemental schedule of non-cash investing and financing activities:    
Shares issued $ 2,921,898 $ 0