XML 19 R7.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net loss $ (6,498,222) $ (5,698,760)
Adjustments to reconcile net loss to cash provided by operating activities    
Stock based compensation expense 319,809 314,065
Depreciation and amortization 3,348,008 3,517,903
Gain on sale of assets (12,344) (31,443)
Contingent consideration reduction 0 15,564
Bad debt and reduction in allowance for bad debt 65,443 (360,926)
(Decrease) increase in fair value of derivative warrant liability (1,587,782) 959,077
(Gain) loss on commodity derivative contracts (4,484,798) 1,069,778
Net cash settlements on commodity derivatives 4,781,183 (967,708)
Amortization of debt discount and deferred costs 47,826 286,954
Changes in operating assets and liabilities    
Accounts receivable 4,986,003 (2,111,591)
Inventory 3,711,239 2,338,814
Prepaid expenses 1,834,361 1,948,771
Accounts payable (269,740) (518,050)
Accrued expenses (2,150,272) (187,349)
Other assets (378,547) 0
Net cash provided by operating activities 3,712,167 543,971
Cash flows from investing activities    
Acquisition 1,822,690 0
Internally developed software (49,229) 0
Purchase of fixed assets (1,526,379) (2,419,599)
Proceeds from sale of fixed assets 22,844 86,846
Net cash used in investing activities (3,375,454) (2,332,753)
Cash flows from financing activities    
Payments on finance leases (162,312) (61,638)
Proceeds from exercise of stock options 0 4,500
Distribution VRM LA 0 285,534
Contributions received from redeemable noncontrolling interest 21,000,000 0
Line of credit (payments) proceeds, net (3,276,230) 1,235,251
Proceeds from note payable (includes proceeds from PPP note) 4,374,643 187,501
Payments on note payable (8,618,202) (1,542,903)
Net cash provided by (used in) financing activities 13,317,899 (462,823)
Net change in cash, cash equivalents and restricted cash 13,654,612 (2,251,605)
Cash, cash equivalents, and restricted cash at beginning of the period 4,199,825 2,849,831
Cash, cash equivalents, and restricted cash at end of period 17,854,437 598,226
SUPPLEMENTAL INFORMATION    
Cash paid for interest 562,259 1,221,363
Cash paid for taxes 0 0
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Accretion of discount on Series B and B1 Preferred Stock 1,471,238 1,093,600
Dividends-in-kind accrued on Series B and B1 Preferred Stock 704,716 819,670
Equipment acquired under finance leases 888,764 621,000
Initial adjustment of carrying amount redeemable noncontrolling interest 9,091,068 0
Accretion of redeemable noncontrolling interest to redemption value 12,348,238 0
Series B1 Preferred Stock    
NON-CASH INVESTING AND FINANCING TRANSACTIONS    
Conversion of Series B1 Preferred Stock into common stock 3,368,474 $ 150,010
Dividends-in-kind accrued on Series B and B1 Preferred Stock $ 171,380