v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows from Operations    
Net Loss $ (6,162,398) $ (3,019,441)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 432,050 159,211
Accretion of debt discount 45,958
Stock based compensation 18,789 105,075
Common stock and warrants issued for services 1,856,325 412,700
Amortization of right-of-use assets 212,553
Changes in operating assets:    
Accounts receivable (202,675) 76,161
Inventory 135,365 (5,981)
Prepaid and other current assets 16,614 263,018
Accounts payable 444,652 (303,406)
Accrued expenses (80,159) (128,826)
Payments on lease liabilities (248,443)
Deferred revenue and customer deposits 622
Net cash used in operating activities (3,577,328) (2,394,909)
Cash Flows from Investing Activities    
Deposit on acquisition (550,000) (1,000,000)
Cash acquired in acquisition of businesses 69,325 15,000
Cash paid for acquisitions (6,500,000) (1,767,500)
Cash paid for noncompete agreements (2,000,000)
Purchase of property and equipment (3,503,942) (588,469)
Purchase of intangibles (1,574)
Security deposit 1,174,340 (69,719)
Proceeds from sale of assets 27,787
Net cash used in investing activities (11,311,851) (3,382,901)
Cash Flows from Financing Activities    
Common shares issued for the exercise of warrants 750
Proceeds for common stock issued 17,840,000
Capital lease payments (22,576) (12,001)
Notes payable repaid (256,124)
Net proceeds on related party notes and advances 22,588
Repayment of related party notes (80,130)
Net proceeds on issuance of series C preferred stock units, net of costs 449,100 7,619,157
Stock issuance costs (1,119,569)
Repurchase of series C & E preferred (3,500,000)
Net cash provided by financing activities 13,646,955 7,294,240
Net (decrease) increase in cash (1,242,225) 1,516,430
Cash and restricted cash, beginning of period 2,405,203 586,824
Cash and restricted cash, end of period 1,162,978 2,103,254
Supplemental disclosure of cash flow information cash paid during the period for:    
Interest 56,625
Supplemental disclosures of non-cash investing and financing activities:    
Conversion of Series C preferred stock into shares of common stock   1,045,300
Conversion of Series E preferred stock into shares of common stock   380,950
Conversion of Series F preferred stock into shares of common stock   556,016
Fair value of common stock issued in Green Arc Supply acquisition   1,259,616
Deemed dividend in connection with the issuance of Series C Preferred stock (3,007,700) (2,097,300)
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   2,667,589
Liabilities assumed   (154,009)
Trico Welding Supplies, Inc [Member]    
Supplemental disclosures of non-cash investing and financing activities:    
Assets acquired   3,612,075
Liabilities assumed   (1,612,075)
Paris Oxygen Company [Member]    
Supplemental disclosures of non-cash investing and financing activities:    
Assets acquired   1,340,202
Liabilities assumed   (90,202)
Latex Welding Supply, Inc [Member]    
Supplemental disclosures of non-cash investing and financing activities:    
Assets acquired   1,526,491
Liabilities assumed   (26,491)
United Welding Specialties of Longview, Inc [Member]    
Supplemental disclosures of non-cash investing and financing activities:    
Assets acquired   815,291
Liabilities assumed   (65,291)
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)

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