XML 22 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities    
Net loss $ (8,138,125) $ (3,950,642)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation expense 606,446 527,869
Depreciation and amortization 6,643,324 6,277,215
Rent paid by common stock 0 244,000
Gain on sale of assets (445) (9,631,712)
Deferred financing costs write off 715,112 1,390,727
Deferred financing costs write off (274,423) 0
Decrease in fair value of derivative liability (2,120,584) (49,876)
Changes in operating assets and liabilities:    
Accounts receivable (336,772) (4,636,805)
Inventory (1,910,884) (809,647)
Prepaid expenses 897,285 (1,250,496)
Accounts payable and accrued expenses 878,042 (1,893,370)
Deferred revenue 0 (323,891)
Other assets 77,833 (38,979)
Net cash used in operating activities (2,963,191) (14,145,607)
Cash flows from investing activities    
Acquisitions (1,999,580) 0
Proceeds from sale of Bango assets 0 29,788,114
Costs related to sale of Bango assets 0 (10,792,446)
Proceeds from the sale of assets 327,718 20,900
Purchase of fixed assets (2,125,667) (1,628,859)
Net cash provided by (used in) investing activities (3,797,529) 17,387,709
Cash flows from financing activities    
Line of credit proceeds (payments), net 1,865,488 981,918
Proceeds from sale of Series C Preferred Stock 0 4,000,000
Purchase/buy back/sale/conversion Series B and B-1 Preferred Stock 0 (11,189,849)
Proceeds from issuance of Series B and B-1 Preferred Stock 0 19,349,757
Issuance costs of Series B and B-1 Preferred Stock 0 (607,890)
Payment of debt issuance costs (1,718,090) 0
Proceeds from notes payable 17,570,929 7,650,819
Payments made on notes payable (13,057,978) (20,986,063)
Net cash provided by (used in) financing activities 4,660,349 (801,308)
Net change in cash and cash equivalents (2,100,371) 2,440,794
Cash and cash equivalents and restricted cash at beginning of the period 3,206,158 765,364
Cash and cash equivalents and restricted cash at end of period 1,105,787 3,206,158
SUPPLEMENTAL INFORMATION    
Cash paid for interest during the year 1,952,719 1,688,628
Cash paid for income taxes during the year 0  
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Common shares issued as payment 0 244,000
Contingent consideration on Nickco acquisition 236,680 0
Common restricted shares for Nickco acquisition 474,000 0
Return of common shares for sale escrow 1,109 0
Series A Preferred    
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Conversion of Preferred Stock into common stock 39 120
Series B and Series B1 Preferred Stock    
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Conversion of Preferred Stock into common stock 119,440 5,104,881
Dividends-in-Kind accrued on Series B and B-1 Preferred Stock 1,677,633 9,822,196
Conversion feature and fair value of warrants for Series B and B-1 Preferred Stock 0 7,754,516
Accretion of discount on Series B and B-1 Preferred Stock $ 1,713,736 $ 1,762,378