Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operations    
Net Loss $ (11,537,226) $ (6,514,500)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 989,443 579,474
Accretion of debt discount 116,711
Stock based compensation 23,350 165,369
Common stock and warrants issued for services 4,054,023 1,203,839
Provision for doubtful accounts 381,085
Amortization of right-of-use assets 391,589
Changes in operating assets:    
Accounts receivable (727,878) 295,443
Inventory 244,580 133,618
Prepaid and other current assets (345,838) 150,479
Accounts payable 482,431 726,536
Accrued Expenses 301,899 (787,120)
Payments on lease liabilities (509,691)
Deferred revenue and customer deposits (44,095)
Net cash used in operating activities (6,252,234) (3,974,246)
Cash Flows from Investing Activities    
Deposit on acquisition (550,000)
Cash acquired in acquisition of businesses 69,325 69,000
Cash paid for acquisitions (6,500,000) (3,767,500)
Cash paid for noncompete agreements (2,000,000) (1,658,279)
Purchase of property and equipment (3,666,920) (90,452)
Purchase of intangibles (8,068)
Security deposit 1,174,767 (69,744)
Net cash used in investing activities (11,480,896) (5,516,975)
Cash Flows from Financing Activities    
Common shares issued for the exercise of warrants 24,151 750
Proceeds for common stock issued for cash 20,324,336
Capital lease payments (45,152) (13,730)
Notes payable repaid (30,505) (363,250)
New notes entered into 1,788,398 243,613
Net proceeds on related party notes and advances 22,588
Repayment of related party notes (72,458)
Net proceeds on issuance of series C preferred stock units, net of costs 449,100 11,199,600
Stock Issuance costs (1,230,073) (965,194)
Repurchase of Series C & E preferred stock (3,500,000)
Net cash provided by financing activities 17,780,255 10,051,919
Net increase (decrease) in cash 47,125 560,698
Cash and restricted cash, beginning of period 2,405,203 586,824
Cash and restricted cash, end of period 2,452,328 1,147,522
Supplemental disclosure of cash flow information Cash paid during the period for:    
Interest 2,175 96,015
Supplemental disclosures of non-cash investing and financing activities:    
Common shares issued for settlement of accounts payable 523,178
Fair value of common stock issued in Green Arc Supply acquisition 1,259,616
Conversion of Series C preferred stock into shares of common stock 1,007,400
Conversion of Series E preferred stock into shares of common stock 6,800 380,950
Conversion of Series F preferred stock into shares of common stock 137,054
Series F preferred stock issued for the settlement of accounts payable 556,016
Deemed dividend in connection with the issuance of Series C Preferred stock (3,863,241) (1,244,400)
Common stock issued for purchase of subsidiary 1,275,000
NG Enterprises Inc [Member]    
Supplemental disclosures of non-cash investing and financing activities:    
Assets acquired 916,220
Liabilities assumed (148,720)
Green Arc Supply, L.L.C. [Member]    
Supplemental disclosures of non-cash investing and financing activities:    
Assets acquired 2,398,625
Liabilities assumed (154,009)
Trico Welding Supplies, Inc [Member]    
Supplemental disclosures of non-cash investing and financing activities:    
Assets acquired 3,052,000
Liabilities assumed (1,106,000)
Tyler Welders Supply [Member]    
Supplemental disclosures of non-cash investing and financing activities:    
Assets acquired 1,619,905
Liabilities assumed (652,578)
Cylinder Solutions, Inc [Member]    
Supplemental disclosures of non-cash investing and financing activities:    
Assets acquired 375,915
Liabilities assumed (40,911)
Complete Cutting & Welding Supplies, Inc [Member]    
Supplemental disclosures of non-cash investing and financing activities:    
Assets acquired 1,083,360
Liabilities assumed $ (316,333)