Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets    
Cash $ 1,835,912 $ 586,824
Accounts receivable, net of allowance for doubtful accounts of $166,794 and $101,063, respectively 1,386,523 389,652
Inventory 1,543,817 738,950
Prepaid and other current assets 581,661 198,056
Total Current Assets 5,347,913 1,913,482
Property and equipment, net of accumulated depreciation of $2,535,292 and $2,032,265, respectively 9,131,926 6,865,389
Deposits on acquisition 325,000
Intangible assets, net of accumulated amortization of $707,533 and $457,171, respectively 2,232,509 412,331
Security deposits 16,941 27,127
Goodwill 3,343,280 2,108,781
Total Assets 20,072,569 11,652,110
Current Liabilities    
Accounts payable 1,571,337 1,716,661
Accrued expenses 911,402 909,562
Deferred revenue and customer deposits 44,095
Capital leases, current 110,074 27,460
Note payable, net of debt discount of $13,903 and $184,204, respectively 125,680 451,754
Promissory notes payable - related party 100,000
Total Current Liabilities 2,718,493 3,249,532
Long Term Liabilities    
Note payable 520,000 520,000
Capital leases, net of current 217,552 63,839
Total Liabilities 3,456,045 3,833,371
Commitments and Contingencies
Stockholders' Equity    
Common stock: $0.001 par; 190,000,000 shares authorized; 59,917,080 shares issued and outstanding at September 30, 2018 and 1,782,864 shares issued and outstanding at December 31, 2017 59,918 1,783
Additional paid-in-capital 91,215,564 71,852,874
Accumulated deficit (74,709,958) (64,582,868)
Total Stockholders' Equity 16,566,524 7,272,789
Total Liabilities, Temporary Equity and Stockholders' Equity 20,072,569 11,652,110
Series C Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity, preferred stock 115,000
Series E Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity, preferred stock 50,000 430,950
Series F Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity, preferred stock
Series A Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock: $0.001 par; 10,000,000 shares authorized 1,000 1,000
Total Stockholders' Equity 1,000 1,000
Series B Preferred Stock [Member]    
Stockholders' Equity    
Preferred stock: $0.001 par; 10,000,000 shares authorized

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenue: $ 2,598,820 $ 879,511 $ 6,678,285 $ 2,717,503
Cost of Revenues 1,600,602 552,374 4,331,064 1,588,419
Gross Profit 998,218 327,137 2,347,221 1,129,084
Operating Expenses:        
Selling, general and administration 4,133,073 2,453,160 11,220,329 8,366,604
Research and development 4,500 1,470 8,092 125,725
Depreciation and amortization 408,881 166,034 988,354 526,602
Total Operating Expenses 4,546,454 2,620,664 12,216,775 9,018,931
Operating Loss (3,548,236) (2,293,527) (9,869,554) (7,889,847)
Other Income and (Expense):        
Interest (11,387) (27,233) (107,402) (46,142)
Amortization of debt discount (52,965) (804,776) (169,676) (951,533)
Other (expense) income 481 19,542 (2,066)
Extinguishment of debt (513,725)
Change in fair value of derivative liability 2,255,322
Total Other Income (Expense) (64,352) (831,528) (257,536) 741,856
Net Loss (3,612,588) (3,125,055) (10,127,090) (7,147,991)
Deemed dividend 415,800 1,034,682 1,660,200 1,109,682
Net loss attributable to common shareholders $ (4,028,388) $ (4,159,737) $ (11,787,290) $ (8,257,673)
Net loss per share: Basic and Diluted $ (0.10) $ (0.39) $ (0.57) $ (1.06)
Weighted average common shares: Basic and Diluted 39,366,633 10,786,551 20,684,102 7,763,782

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows from Operations    
Net Loss $ (10,127,090) $ (7,147,991)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 988,354 526,602
Amortization of debt discount 169,676 951,533
Stock based compensation 142,653 353,537
Common stock and warrants issued for services 2,137,233 2,288,741
Provision for slow moving spare parts 50,000
Gain on disposal of fixed assets (15,853) (48,381)
Deferred revenue and customer deposits (44,095) 19,824
Extinguishment of debt 513,725
Change in fair value of derivative liability (2,255,322)
Changes in operating assets:    
Accounts receivable 49,129 (100,245)
Inventory 554,133 (38,925)
Prepaid and other current assets (167,458) (78,275)
Accounts payable 136,837 1,195,747
Accrued expenses (167,590) 384,404
Net cash used in operating activities (6,344,071) (3,385,026)
Cash Flows from Investing Activities    
Cash acquired in acquisition of business 69,000
Cash paid for acquisition (3,767,500)
Cash paid for acquisition of noncompete agreements (1,658,279)
Purchase of property and equipment (947,646) (136,527)
Purchase of intangibles (26,723)
Security deposit 10,186 (10,170)
Proceeds from sale of assets 88,064
Net cash used in investing activities (6,294,239) (85,906)
Cash Flows from Financing Activities    
Gross proceeds on sale of notes payable 1,000,000
Cash proceeds received for common stock issued 663,750
Capital lease payments (28,495) (17,046)
Notes payable repaid (496,375)
New notes entered into 243,613
Net proceeds on related party notes and advances 22,588 340,007
Debt issuance costs   (60,000)
Repayment of related party notes (118,417)
Cash proceeds on issuance of series C preferred stock units 14,941,800 1,109,682
Issuance costs (1,341,817) (432,163)
Cash proceeds from exercise of warrants 750 7,937
Net cash provided by financing activities 13,887,397 1,948,417
Net increase/(decrease) in cash 1,249,087 (1,522,515)
Cash, beginning of period 586,824 1,616,410
Cash, end of period 1,835,912 93,895
Supplemental disclosure of cash flow information Cash paid during the year for:    
Interest 96,015
Noncash Transactions    
Reclassification of derivative liability to equity 427,568
Issuance of common stock and series B preferred stock in conjunction with debt extinguishment 5,652,500
Common shares issued for settlement of accounts payable 564,873 857,000
Conversions of series C preferred stock to common stock 1,775,200
Conversions of series E preferred stock to common stock 380,950
Conversions of series F preferred stock to common stock 556,016
Series F Preferred stock issued for the settlement of accounts payable 556,017
Deemed dividend in connection with the issuance of Series C Preferred stock 1,660,200
NG Enterprises Inc [Member]    
Noncash Transactions    
Assets acquired 916,219
Liabilities assumed 148,719
Green Arc Supply, L.L.C. [Member]    
Noncash Transactions    
Assets acquired 2,398,625
Liabilities assumed 154,009
Fair value of common stock issued 1,259,616
Trico Welding Supplies, Inc [Member]    
Noncash Transactions    
Assets acquired 3,052,000
Liabilities assumed $ 1,106,000

Source