Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ 80,393,494 $ (10,367,556)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 161,751 267,368
Loss (gain) on disposal and abandonment of assets 806,710 (13,861)
Amortization of debt discount and issuance costs 77,964
Debt discount and issuance costs written off 1,955,541
Prepayment premium and debt collection fees related to long term debt 2,923,271
Compounded interest on long term debt 182,680 1,176,931
Stock compensation expense 256,384 261,302
Loss on disposal of investment in R-NAV, LLC 39,732
Change in fair value of financial instruments (153,357) (2,595,287)
Issued warrants in connection with Asset Sale 3,337,187
Value of stock issued to directors 10,500 34,820
Value of stock issued to employees 369,342
Value of stock issued to 401(k) plan for employer matching contributions 53,707
Other 65
Changes in operating assets and liabilities:    
Accounts and other receivables (14,642,466) 181,810
Inventory 1,470,826 (116,914)
Prepaid expenses and other assets 197,025 119,592
Accounts payable (5,502,541) 3,367,112
Accrued and other liabilities (3,948,055) 1,860,726
Deferred revenue (2,315,037) (529,244)
Net cash provided by (used in) operating activities 60,678,215 (1,356,693)
Cash flows from investing activities:    
Purchases of available-for-sale securities (2,000,000)
Purchases of equipment (8,170) (1,847)
Proceeds from sales of equipment 45,000
Payments on disposal of investment in R-NAV, LLC (110,000)
Proceeds from disposal of investment in R-NAV, LLC 27,623
Net cash used in investing activities (2,008,170) (39,224)
Cash flows from financing activities:    
Proceeds from issuance of common stock 54,319 140
Payment of debt-related costs (3,923,271)
Principal payments on notes payable (59,630,775) (189,163)
Release of restricted cash held for payment against debt 5,001,188 (500,997)
Payments under capital leases (1,411)
Net cash used in financing activities (54,575,268) (4,614,702)
Net increase (decrease) in cash 4,094,777 (6,010,619)
Cash, beginning of period 1,539,325 7,166,260
Cash, end of period $ 5,634,102 $ 1,155,641