Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net loss $ (36,502,316) $ (41,216,788)
Adjustments to reconcile net loss from operations to cash used by operations:    
Depreciation 348,339 549,973
Amortized discount and debt issuance costs on Senior Secured Notes 987,500
Amortization of Arosa Loan issuance cost 3,610,589
Change in fair value of common stock warrant liability (2,683,470)
Stock based compensation 1,059,582 1,433,192
Write down of inventory 2,488,100
Loss on sale of asset 28,645
Effects of changes in operating assets and liabilities:    
Accounts receivable 1,024,366 (223,133)
Inventory (399,774) (2,157,107)
Prepaid expenses and deposits (1,328,461) (196,971)
Accounts payable and accrued liabilities 2,399,877 3,140,313
Warranty 6,916,209
Accounts payable, related parties (54,914) (46,425)
Customer deposits 351,595 54,405
Net cash used by operations (21,754,133) (38,662,541)
Cash flows from investing activities:    
Capital expenditures (23,222) (143,355)
Proceeds from sale of fixed assets 4,800
Net cash used by investing activities (18,422) (143,355)
Cash flows from financing activities:    
Proceeds from notes payable 4,762,500
Payments on notes payable (5,750,000)
Proceeds from Duke financing arrangement 1,340,700
Proceeds from advances   26,732
Proceeds from long-term debt 17,800,000
Payments on long-term debt (9,891,378) (76,572)
Loan issue costs (792,221)
Shareholder advances, net of repayments
Issuance of common stock 16,418,662 37,042,468
Exercise of warrants and options 90,065 650,675
Net cash provided by financing activities 19,215,828 42,405,803
Change in cash and cash equivalents (2,556,727) 3,599,907
Cash at the beginning of the period 4,069,477 469,570
Cash at the end of the period $ 1,512,750 $ 4,069,477