Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income (loss) $ 74,945,856 $ (14,309,031) $ (27,563,535)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of property and equipment 232,339 496,178 562,468
Amortization of patents, trademarks and license agreements 22,248 5,191 8,951
Loss on disposal and abandonment of assets 807,241 136,719 33,184
Gain on forgiveness of accounts payable (212,656) (85,355)
Change in inventory reserve 43,354 143,493
Amortization of debt discount and issuance costs 77,964 492,963
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 265,196 1,561,568 2,048,960
Stock compensation expense 394,209 277,539 2,368,685
Equity in loss of R-NAV, LLC 15,159 305,253
Loss on disposal of investment in R-NAV, LLC 39,732
Change in fair value of financial instruments (153,357) (2,858,524) 614,782
Loss on extinguishment of debt 4,201,668 2,440,714
Issued warrants in connection with Asset Sale 3,337,187
Extension of warrant expiration date 149,615
Issued warrants in connection with advisory services agreement 256,450
Value of stock issued to directors 10,500 66,539 172,969
Value of stock issued to employees 369,342
Value of stock issued to 401(k) plan for employer matching contributions 53,707 120,800 117,099
Other 65 (15,159) (63,677)
Changes in operating assets and liabilities:      
Accounts and other receivables (11,145,238) 1,882,855 (2,808,696)
Inventory 1,470,826 (861,274) 135,986
Prepaid expenses and other assets (934,536) 187,379 263,915
Accounts payable (6,017,775) 5,441,155 290,024
Accrued liabilities and other liabilities (6,248,179) 5,351,090 (282,642)
Deferred revenue (2,315,037) 1,104,089 1,237,009
Net cash provided by (used in) operating activities 59,083,606 3,556,780 (19,076,030)
Cash flows from investing activities:      
Purchases of available-for-sale securities (2,200,000)
Maturities of available-for-sale securities 400,000
Purchases of equipment (33,690) (1,847) (39,001)
Proceeds from sales of equipment 45,000 38,265
Patent and trademark costs (27,092)
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 (1,833,690) (39,224) (27,828)
Cash flows from financing activities:      
Proceeds from issuance of MT Preferred Stock and warrants 500,000
Payment of preferred stock issuance costs (12,587)
Proceeds from issuance of common stock, net 72,419 13,640 65,975
Payment of tax withholdings related to stock-based compensation 0 0 (23,906)
Proceeds from notes payable 54,500,000
Payment of debt-related costs (1,314,102) (3,923,271) (3,902,487)
Principal payments on notes payable (59,753,740) (231,453) (30,333,333)
Restricted cash held for payment against debt 5,001,188 (5,001,253)
Payments under capital leases (2,154) (2,550)
Net cash (used in) provided by financing activities (55,994,235) (9,144,491) 20,791,112
Net increase (decrease) in cash 1,255,681 (5,626,935) 1,687,254
Cash and cash equivalents, beginning of period 1,539,325 7,166,260 5,479,006
Cash and cash equivalents, end of period $ 2,795,006 $ 1,539,325 $ 7,166,260