Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Interim Statements of Cash Flows

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Condensed Consolidated Interim Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net loss $ (8,229,825) $ (2,567,142)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 12,975,981 11,004,884
Loss on extinguishment of debt 1,682,035 0
Deferred taxes (7,710,536) 0
Loss on accounts receivable settlement exchanged for equipment 111,659 0
Loss on disposal of property 37,444 116,638
Bad debt expense 435,376 559,832
Stock-based compensation 639,296 371,758
Stock based compensation issued for services rendered by third parties 245,290 179,717
Amortization of debt discount and deferred financing fees 849,307 1,064,346
Gain in the change in fair value of derivative liability (1,843,997) (5,161,901)
Changes in operating assets and liabilities:    
Accounts receivable (883,253) (1,406,348)
Prepaid expenses and other current assets (22,351) (521,002)
Other assets (444,661) 54,975
Accounts payable and accrued expenses 2,005,632 (1,534,841)
Net cash (used in) provided by operating activities (152,603) 2,160,915
Cash flows from investing activities:    
Purchase of property and equipment (3,440,450) (3,819,413)
Proceeds from the sale of property and equipment 35,469 53,846
Payment for acquisitions (28,457,739) (7,544,938)
Returns of security deposits 0 1,983,114
Change in restricted cash 999,258 (509)
Net cash used in investing activities (30,863,462) (9,327,900)
Cash flows from financing activities:    
Proceeds from the sale of preferred stock and warrants, net 0 3,984,426
Proceeds from the sale of common stock 5,630,000 0
Proceeds from notes payable - non-related parties 9,000,000 5,000,000
Proceeds from term loan 25,000,000 0
Proceeds from revolving debt 15,000,000 0
Proceeds from accounts receivable factoring arrangement 1,789,094 3,787,260
Repayments of borrowings to accounts receivable factoring arrangement (1,789,094) (3,787,260)
Payments on equipment financing obligations (887,864) (453,369)
Payment of financing fees (623,745) (160,250)
Repayments of notes payable - related parties 0 (310,714)
Repayments of notes payable - non-related parties (21,006,466) (625,000)
Net cash provided by financing activities 32,111,925 7,435,093
Cash flows from discontinued operations:    
Net change in cash and cash equivalents: 1,095,860 268,108
Cash and cash equivalents, beginning of year 6,444,683 6,176,575
Cash and cash equivalents, end of year $ 7,540,543 $ 6,444,683