Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income (loss) $ 85,581,025 $ (3,686,249)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 86,535 149,590
Loss on disposal and abandonment of assets 100,270 0
Amortization of debt discount and issuance costs 0 72,875
Compounded interest on long term debt 143,114 824,952
Stock compensation expense 147,165 340,502
Equity in loss of R-NAV, LLC 0 12,239
Change in fair value of financial instruments (140,485) (1,125,359)
Issued warrants in connection with advisory services agreement 3,337,187 0
Value of restricted stock issued to directors 10,500 20,640
Value of stock issued to employees 367,812 0
Other 65 (12,239)
Changes in operating assets and liabilities:    
Accounts and other receivables (14,821,403) 903,147
Inventory 1,470,078 (246,030)
Prepaid expenses and other assets (65,632) 193,795
Accounts payable (3,837,463) 1,133,840
Accrued and other liabilities (3,719,024) 4,418
Deferred revenue (2,315,037) (265,758)
Net cash provided by (used in) operating activities 66,344,707 (1,679,637)
Cash flows from investing activities:    
Purchases of equipment 0 (1,847)
Net cash used in investing activities 0 (1,847)
Cash flows from financing activities:    
Proceeds from issuance of common stock 54,119 0
Principal payments on notes payable (59,498,721) 0
Restricted cash held for payment against debt 5,001,188 0
Payments under capital leases 0 (693)
Net cash used in financing activities (54,443,414) (693)
Net increase (decrease) in cash 11,901,293 (1,682,177)
Cash, beginning of period 1,539,325 7,166,260
Cash, end of period $ 13,440,618 $ 5,484,083