XML 17 R5.htm IDEA: XBRL DOCUMENT 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