Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current Assets    
Cash $ 1,147,522 $ 586,824
Accounts receivable, net of allowance for doubtful accounts of $116,794 and $101,063, respectively 1,140,210 389,652
Inventory, net 1,964,332 738,950
Prepaid and other current assets 426,297 198,056
Total Current Assets 4,678,361 1,913,482
Property and equipment, net of accumulated depreciation and amortization of $2,357,325 and $2,032,265, respectively 9,134,228 6,865,389
Deposits on acquisition 325,000
Intangible assets, net of accumulated amortization of $705,963 and $457,171, respectively 2,270,818 412,331
Security deposits 96,871 27,127
Goodwill 3,343,280 2,108,781
Total Assets 19,523,558 11,652,110
Current Liabilities    
Accounts payable 2,202,730 1,716,661
Accrued expenses 960,504 909,562
Deferred revenue and customer deposits 44,095
Capital leases, current 27,460 27,460
Note payable, net of debt discount of $66,868 and $184,204, respectively 205,840 451,754
Promissory notes payable - related party 46,250 100,000
Total Current Liabilities 3,442,784 3,249,532
Long Term Liabilities    
Note payable 763,613 520,000
Capital leases, net of current 69,748 63,839
Total Liabilities 4,276,145 3,833,371
Commitments and Contingencies
Stockholders' Equity    
Common stock: $0.001 par; 190,000,000 shares authorized; 23,609,814 shares issued and outstanding at June 30, 2018 and 1,782,864 shares issued and outstanding at December 31, 2017 23,610 1,783
Additional paid-in-capital 85,499,209 71,852,874
Accumulated deficit (71,097,370) (64,582,868)
Total Stockholders' Equity 14,426,449 7,272,789
Total Liabilities, Temporary Equity and Stockholders' Equity 19,523,558 11,652,110
Series C Preferred Stock [Member]    
Long Term Liabilities    
Temporary equity, preferred stock 352,000 115,000
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 418,963
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 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenue: $ 2,907,712 $ 966,204 $ 4,079,464 $ 1,837,992
Cost of Revenues 1,972,586 532,657 2,730,459 1,036,045
Gross Profit 935,126 433,547 1,349,005 801,947
Operating Expenses:        
Selling, general and administration 3,951,595 3,305,578 7,087,255 5,913,444
Research and development 2,440 26,114 3,592 124,255
Depreciation and amortization 401,929 193,230 579,474 360,568
Total Operating Expenses 4,355,964 3,524,922 7,670,321 6,398,267
Operating Loss (3,420,828) (3,091,375) (6,321,316) (5,596,320)
Other Income and (Expense):        
Interest (23,011) (18,909) (96,015) (18,909)
Amortization of debt discount (70,754) (43,677) (116,711) (146,757)
Other (expense) income 19,542 2,007 19,542 (2,547)
Extinguishment of debt (513,725) (513,725)
Change in fair value of derivative liability 1,423,902 2,255,322
Total Other Income (Expense) (74,223) 849,598 (193,184) 1,573,384
Net Loss (3,495,060) (2,241,777) (6,514,500) (4,022,936)
Deemed dividend 314,100 75,000 1,244,400 75,000
Net loss attributable to common shareholders $ (3,809,160) $ (2,316,777) $ (7,758,900) $ (4,097,936)
Net loss per share: Basic and Diluted $ (0.24) $ (0.33) $ (0.69) $ (0.63)
Weighted average common shares: Basic and Diluted 15,972,166 7,026,075 11,188,009 6,475,082

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operations    
Net Loss $ (6,514,500) $ (4,022,936)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 579,474 360,568
Amortization of debt discount 116,711 146,757
Stock based compensation 165,369 1,882,255
Common stock and warrants issued for services 1,203,839
Provision for slow moving spare parts 50,000
Deferred revenue and customer deposits (44,095) 10,000
Extinguishment of debt 513,725
Change in fair value of derivative liability (2,255,322)
Changes in operating assets:    
Accounts receivable 295,443 39,078
Inventory 133,618 (144,973)
Prepaid and other current assets 150,479 (86,278)
Accounts payable 726,536 855,213
Accrued expenses (787,120) 274,546
Net cash used in operating activities (3,974,246) (2,377,367)
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 (90,452) (139,680)
Security deposit (69,744) (10,170)
Proceeds from sale of assets 20,100
Net cash used in investing activities (5,516,975) (129,750)
Cash Flows from Financing Activities    
Gross proceeds on sale of notes payable 1,000,000
Capital lease payments (13,730) (13,381)
Notes payable repaid (363,250)
New notes entered into 243,613  
Net proceeds on related party notes and advances 22,588 107,103
Debt issuance costs (60,000)
Repayment of related party notes (72,458)
Cash proceeds on issuance of series C preferred stock units 11,199,600 75,000
Issuance costs (965,194) (144,386)
Cash proceeds from exercise of warrants 750 7,937
Net cash provided by financing activities 10,051,919 972,273
Net increase/(decrease) in cash 560,698 (1,534,844)
Cash, beginning of period 586,824 1,616,410
Cash, end of period 1,147,522 81,566
Supplemental disclosure of cash flow information Cash paid during the year for:    
Interest 96,015 5,950
Noncash Transactions    
Reclassification of derivative liability to equity (427,568)
Issuance of common stock and series B preferred stock in conjunction with debt extinguishment 5,652,494
Common shares issued for settlement of accounts payable 523,178 57,000
Conversions of series C preferred stock to common stock 1,007,400
Conversions of series E preferred stock to common stock 380,950
Conversions of series F preferred stock to common stock 137,054
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 1,244,400
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