XML 21 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities    
Net loss $ (1,983,579) $ (8,138,125)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation expense 659,836 606,446
Depreciation and amortization 6,991,010 6,643,324
Bad debt recovery (299,110) 0
Gain on commodity derivative contracts (1,062,682) 0
Net cash settlement on commodity derivatives 369,188 0
Gain on sale of assets (45,553) (445)
Gain on disposition (241,416) 0
Amortization of debt discount and deferred costs 584,336 715,112
Deferred federal income tax   (274,423)
Decrease in fair value of derivative liability (763,716) (2,120,584)
Contingent consideration (128,116) 0
Impairment of goodwill 176,349 0
Changes in operating assets and liabilities:    
Accounts receivable 2,143,834 (336,772)
Inventory (1,786,555) (1,910,884)
Prepaid expenses (597,146) 897,285
Accounts payable 1,493,324 487,343
Accrued expenses 42,625 390,699
Other assets (176,342) 77,833
Net cash provided by (used in) operating activities 5,376,287 (2,963,191)
Cash flows from investing activities    
Acquisitions (269,826) (1,999,580)
Proceeds from the sale of assets 0 327,718
Purchase of fixed assets (2,499,117) (2,125,667)
Net cash used in investing activities (2,768,943) (3,797,529)
Cash flows from financing activities    
Line of credit proceeds (payments), net (746,891) 1,865,488
Payments on capital lease obligations (77,886) 0
Payment of debt issuance costs 0 (1,718,090)
Proceeds from notes payable 4,024,964 17,570,929
Payments made on notes payable (4,063,487) (13,057,978)
Net cash used in (provided by) financing activities (863,300) 4,660,349
Net change in cash and cash equivalents and restricted cash 1,744,044 (2,100,371)
Cash and cash equivalents and restricted cash at beginning of the year 1,105,787 3,206,158
Cash and cash equivalents and restricted cash at end of year 2,849,831 1,105,787
SUPPLEMENTAL INFORMATION    
Cash paid for interest 2,722,542 1,952,719
Cash paid for income taxes 0  
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Equipment acquired under capital leases 450,098 0
Contributed assets Vertex Recovery Management LA from non-controlling interest 857,738 0
Contingent consideration (128,116) 0
Common restricted shares for Nickco acquisition 93,000 474,000
Return of common shares for sale escrow 0 1,109
Series A Preferred    
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Conversion of Preferred Stock into common stock 34 39
Series B and B-1 Preferred Stock    
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Conversion of Preferred Stock into common stock 6,613,052 119,440
Dividends on Series B and B-1 Preferred Stock 2,687,123 1,677,633
Accretion of discount on Series B and B-1 Preferred Stock 3,132,414 1,713,736
Nickco Recycling, LLC    
Adjustments to reconcile net loss to cash used in operating activities:    
Contingent consideration 0 236,680
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Contingent consideration $ 0 $ 236,680