Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities:    
Net loss $ (3,796,818) $ (327,289)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,621,063 1,828,359
Amortization of discounts on warrants 135,750 0
Deferred rent 885,319 2,155,300
Deferred taxes 1,209 (3,745,744)
Income of equity method investees (156,402) (492,130)
Derivative income 0 (100,000)
Stock-based compensation 743,928 723,433
Distributions from equity investees 676 268,770
Changes in operating assets and liabilities:    
Accounts receivable (206,004) (495,008)
Inventory 140,413 (10,815)
Other current assets 94,861 1,275,194
Due from related parties, net 375,349 604,690
Security deposits (12,403) (39,745)
Other assets 234,944 (317,050)
Accounts payable 2,232,871 1,080,069
Accrued expenses 1,603,193 640,926
Deferred revenue 801,273 555,662
Net cash provided by operating activities 5,699,222 3,604,622
Investing activities:    
Purchase of property and equipment (4,114,360) (8,601,376)
Net cash used in investing activities (4,114,360) (8,601,376)
Financing activities:    
Cash overdraft 883,149 (569,211)
Proceeds from promissory note 0 4,000,000
Proceeds from business loan and security agreement 1,000,000 0
Repayment of term loan (2,121,249) (1,787,916)
Repayment of equipment financing agreement (248,229) (154,232)
Repayment of business loan and security agreement (647,637) 0
Proceeds from rights offering 0 3,862,990
Distributions to noncontrolling interest (410,001) (252,985)
Net cash (used in) provided by financing activities (1,543,967) 5,098,646
Effect of exchange rate changes on cash and cash equivalents 160,209 (152,514)
Net increase (decrease) in cash and cash equivalents 201,104 (50,622)
Cash and cash equivalents, beginning of period 1,597,782 1,841,872
Cash and cash equivalents, end of period 1,798,886 1,791,250
Supplemental disclosure of cash flow data:    
Interest paid 746,953 585,138
Income taxes paid 0 149,065
Noncash investing and financing activities:    
Noncash property and equipment additions 0 991,141
Noncash loan discount attributable to issuance of warrant $ 0 $ 505,000