Current report filing

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net loss [1],[2] $ (4,981,279) $ (23,364,969)
Adjustments to reconcile net loss to cash provided by operating activities:    
Equity based compensation [2] 569,831 0
Depreciation and amortization [2] 17,237,251 17,751,072
Amortization of coil tubing strings [2] 492,409 551,300
Amortization of debt origination costs [2] 150,781 164,739
Bad debt expense [2] (40,446) 23,543
Gain disposal of property and equipment [2] (79,408) (21,000)
Deferred income taxes [2] (3,801,212) 93,451
Changes in assets and liabilities:    
Accounts receivable, net [2] (4,356,787) (1,815,536)
Receivables from related parties [2] (4,842,008) 22,399,582
Inventories [2] (465,779) (568,430)
Prepaid expenses and other assets [2] 76,885 (4,451,262)
Accounts payable [2] 13,301,991 (2,202,545)
Payables to related parties [2] 451,455 (58,220)
Accrued expenses and other liabilities [2] 732,873 10,801,225
Income taxes payable [2] (28,156) (26,912)
Net cash provided by operating activities [2] 14,418,401 19,276,038
Cash flows from investing activities:    
Purchases of property and equipment [2] (31,109,692) (539,922)
Proceeds from disposal of property and equipment [2] 369,258 34,863
Net cash used in investing activities [2] (30,740,434) (505,059)
Cash flows from financing activities:    
Borrowings from lines of credit [2] 0 4,840,778
Repayments of lines of credit [2] 0 (13,240,778)
Net cash used in financing activities [2] 0 (8,400,000)
Effect of foreign exchange rate on cash [2] 10,657 260,074
Net (decrease) increase in cash and cash equivalents [2] (16,311,376) 10,631,053
Cash and cash equivalents at beginning of period [2] 29,238,618 [3] 4,038,899
Cash and cash equivalents at end of period [2] 12,927,242 [3] 14,669,952
Supplemental disclosure of cash flow information:    
Cash paid for interest [2] 254,330 1,180,572
Cash paid for income taxes [2] 700,825 934,262
Supplemental disclosure of non-cash transactions:    
Purchases of property and equipment included in trade accounts payable [2] $ 9,346,077 $ 597,885
[1] Financial information has been recast to include the financial position and results attributable to Sturgeon. See Note 12.
[2] Financial information has been recast to include the financial position and results attributable to Sturgeon. See Note 12.
[3] Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisitions LLC ("Sturgeon"). See Note 12.