XML 19 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) before non-controlling interest $ (2,366,407) $ (2,641,384)
Adjustments to reconcile net loss to net cash (used) by operating activities:    
Investment in unconsolidated entity (220,492) 0
Depreciation and amortization 69,099 149,340
Note payable interest accretion 156,469 36,559
Share-based compensation 23,000 103,904
Deferred income (825,000) 0
(Increase) decrease in:    
Accounts receivable 30,930 (309,995)
Other assets 470,290 (21,647)
Increase (decrease) in:    
Accounts payable 342,787 (30,833)
Accrued expenses and other 857,711 704,420
NET CASH (USED) BY OPERATING ACTIVITIES (1,461,613) (2,009,636)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Deposit related to the future sale of marine assets 0 1,000,000
Purchase of property and equipment (2,500) (9,624)
NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES (2,500) 990,376
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of notes payable 0 375,000
Settlement receipts from contractual obligation 0 15,000,000
Payment of contractual obligation 0 (14,000,000)
Repayment of debt obligations (104,603) (100,870)
NET CASH (USED) BY FINANCING ACTIVITIES (104,603) 1,274,130
NET INCREASE (DECREASE) IN CASH (1,568,716) 254,870
CASH AT BEGINNING OF PERIOD 2,786,832 1,108,193
CASH AT END OF PERIOD 1,218,116 1,363,063
SUPPLEMENTARY INFORMATION:    
Interest paid 362,555 219,641
Income taxes paid 0 0
NON-CASH TRANSACTIONS:    
Acquisition of equipment with debt $ 0 $ 74,004