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v3.8.0.1

Consolidated Statements of Cash Flows - Unaudited - USD ($) | 3 Months Ended
--- | ---
Mar. 31, 2018 | Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES: |  |
Net loss before non-controlling interest | $ (2,641,384) | $ (2,958,351)
Adjustments to reconcile net loss to net cash (used) by operating activities: |  |
Depreciation and amortization | 149,340 | 222,204
Share-based compensation | 103,904 | 208,496
(Increase) decrease in: |  |
Accounts receivable | (309,995) | 118,241
Other assets | (21,647) | 167,780
Increase (decrease) in: |  |
Accounts payable | (30,833) | 259,442
Accrued expenses and other | 704,420 | 639,655
NET CASH (USED) BY OPERATING ACTIVITIES | (2,009,636) | (1,218,117)
CASH FLOWS FROM INVESTING ACTIVITIES: |  |
Deposit related to the future sale of marine assets | 1,000,000 |
Purchase of property and equipment | (9,624) |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 990,376 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |
Proceeds from issuance of notes payable | 375,000 | 750,000
Settlement receipts from contractual obligation | 15,000,000 |
Payment of contractual obligation | (14,000,000) |
Repayment of debt obligations | (100,870) | (128,836)
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,274,130 | 621,164
NET INCREASE (DECREASE) IN CASH | 254,870 | (596,953)
CASH AT BEGINNING OF PERIOD | 1,108,193 | 1,662,643
CASH AT END OF PERIOD | 1,363,063 | 1,065,690
SUPPLEMENTARY INFORMATION: |  |
Interest paid | 219,641 | 114,901
Income taxes paid | 0 | $ 0
NON-CASH TRANSACTIONS: |  |
Acquisition of equipment with debt | $ 74,004 |

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