• Filing Date: 2018-05-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net loss $ (2,208,083) $ (3,187,800)
Adjustments to reconcile net loss to cash provided by (used in) operating activities    
Stock based compensation expense 145,971 148,736
Depreciation and amortization 1,694,099 1,600,060
(Gain) loss on sale of assets (42,680) 13,100
(Increase) decrease in fair value of derivative liability 431,751 (920,672)
(Increase) decrease in future contracts 456,402 0
Net cash settlements on commodity derivatives (763,997) 0
Amortization of debt discount and deferred costs 143,477 318,512
Changes in operating assets and liabilities    
Accounts receivable 51,694 3,934,346
Inventory (1,807,783) (381,981)
Prepaid expenses (89,472) 1,273,772
Accounts payable and accrued expenses 1,146,716 (1,322,370)
Other assets (52,000) (253,000)
Net cash provided by (used in) operating activities (893,905) 1,222,703
Cash flows from investing activities    
Acquisition of Acadiana 0 (320,700)
Purchase of fixed assets (490,361) (1,100,962)
Proceeds from sale of fixed assets 75,230 62,594
Net cash provided by (used in) investing activities (415,131) (1,359,068)
Cash flows from financing activities    
Payment of debt issuance costs 0 (1,656,350)
Line of credit (payments) proceeds, net (352,139) (1,818,744)
Proceeds from note payable 1,667,426 12,160,194
Payments on note payable (1,059,162) (10,241,622)
Net cash provided by (used in) financing activities 256,125 (1,556,522)
Net change in cash, cash equivalents and restricted cash (1,052,911) (1,692,887)
Cash, cash equivalents, and restricted cash at beginning of the period 1,105,787 3,206,158
Cash, cash equivalents, and restricted cash at end of period 52,876 1,513,271
SUPPLEMENTAL INFORMATION    
Cash paid for interest 477,583 260,352
Cash received for income tax benefit 0 0
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Accretion of discount on Series B and B-1 Preferred Stock 457,853 433,201
Dividends-in-kind accrued on Series B and B-1 Preferred Stock 739,354  
Return of common shares for sale escrow 0 1,109
Series A Preferred Stock    
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Conversion of preferred stock into common stock 0 30
Series B1 Preferred Stock    
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Conversion of preferred stock into common stock 779,500 $ 119,440
Dividends-in-kind accrued on Series B and B-1 Preferred Stock $ 415,731