v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net (loss) income $ (12,953,928) $ 79,004,006
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 113,088 212,077
Loss on disposal and abandonment of assets 806,710
Compounded interest on long term debt 128,902 211,443
Stock compensation expense 261,235 319,807
Change in fair value of financial instruments (153,357)
Loss on extinguishment of debt 4,265,434 1,314,102
Issued warrants in connection with Asset Sale 3,337,187
Value of stock issued to directors 10,500
Value of stock issued to employees 316,902 369,342
Value of stock issued to 401(k) plan for employer matching contributions 35,980 53,707
Changes in operating assets and liabilities:    
Accounts and other receivables 12,860,320 (12,686,071)
Inventory 1,470,826
Prepaid expenses and other assets 632,106 495,434
Accounts payable (239,519) (5,897,416)
Accrued and other liabilities 992,304 (5,507,487)
Deferred revenue (10,037) (2,315,037)
Net cash provided by operating activities 6,402,787 61,045,773
Cash flows from investing activities:    
Purchases of available-for-sale securities (200,000) (2,200,000)
Proceeds from sales of available-for-sale securities 200,000
Maturities of available-for-sale securities 1,000,000 200,000
Purchases of equipment (19,317) (31,417)
Net cash provided by (used in) investing activities 980,683 (2,031,417)
Cash flows from financing activities:    
Proceeds from issuance of common stock 3,000,200 54,319
Payment of debt-related costs (7,153,000) (1,314,102)
Principal payments on notes payable (318,211) (59,675,502)
Net cash used in financing activities (4,471,011) (60,935,285)
Net increase (decrease) in cash and cash equivalents 2,912,459 (1,920,929)
Cash and cash equivalents, beginning of period 2,795,006 6,540,578
Cash and cash equivalents, end of period $ 5,707,465 $ 4,619,649

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