Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ 79,004,006 $ (10,427,092)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 212,077 378,834
Loss on disposal and abandonment of assets 806,710 136,719
Gain on forgiveness of accounts payable (85,355)
Change in inventory reserve 43,354
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 211,443 1,367,259
Stock compensation expense 319,807 310,642
Loss on disposal of investment in R-NAV, LLC 39,732
Change in fair value of financial instruments (153,357) (1,755,989)
Issued warrants in connection with Asset Sale 3,337,187
Value of stock issued to directors 10,500 56,609
Value of stock issued to employees 369,342
Value of stock issued to 401(k) plan for employer matching contributions 53,707 120,800
Other 65
Changes in operating assets and liabilities:    
Accounts and other receivables (12,686,071) 210,536
Inventory 1,470,826 (195,330)
Prepaid expenses and other assets 495,434 11,465
Accounts payable (5,897,416) 3,212,632
Accrued and other liabilities (5,507,487) 4,113,403
Deferred revenue (2,315,037) (1,195,911)
Net cash provided by operating activities 59,731,736 1,299,084
Cash flows from investing activities:    
Purchases of available-for-sale securities (2,200,000)
Maturities of available-for-sale securities 200,000
Purchases of equipment (31,417) (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 (2,031,417) (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 (59,675,502) (189,163)
Release of restricted cash held for payment against debt 5,001,188 (3,501,247)
Payments under capital leases (2,154)
Net cash used in financing activities (54,619,995) (7,615,695)
Net increase (decrease) in cash 3,080,324 (6,355,835)
Cash, beginning of period 1,539,325 7,166,260
Cash, end of period $ 4,619,649 $ 810,425