Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net (loss) income $ (17,664,349) $ 2,298,729
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 684,077 242,409
Amortization of deferred financing costs 18,257 3,308
Debt issuance costs on convertible notes 422,383
Equity-based compensation expense 2,850,879
Deferred IPO offering costs (581,973)
Change in fair value of convertible notes 12,062,500
Provision for doubtful accounts 602,711 266,831
Provision for slow moving or obsolete inventory 81,123 32,510
Income from equity method investments in associated entities (27,015)
Other (5,904)
Changes in operating assets and liabilities, net of the effects of acquisitions:    
Accounts receivable, net (2,647,033) (2,098,100)
Vendor deposits 1,658,532 (3,002,803)
Inventories (6,652,170) (10,949,803)
Other current assets (719,512) (716,273)
Accounts payable 1,962,634 10,778,643
Accrued expenses 844,260 335,142
Payments of operating leases (178,083)
Net cash used in operating activities (7,261,668) (2,836,422)
Cash flows from investing activities:    
Acquisition of a subsidiary, net of cash acquired 90,685 785,081
Purchase of property and equipment, net (509,110) (218,254)
Purchase of intangible assets, net (54,003) (19,480)
Investments (500,000)
Net cash (used in) provided by investing activities (972,428) 547,347
Cash flows from financing activities:    
Proceeds from issuance of convertible notes 8,050,000
Payment of debt issuance costs (1,589,500)  
Payments on long-term debt (29,204)
Proceeds from notes payable 167,922
Payments on notes payable (41,704)
Proceeds from related parties - line of credit, net 4,079,456
Proceeds from line of credit, net 325,000
Increase in finance lease obligations 135,963
Payments of finance lease obligations (24,710) (19,283)
Deferred offering costs paid (37,946)
Redemption of Class A and Class B units (3,018,748)
Member distributions (20,559) (1,007,175)
Net cash provided by financing activities 3,641,833 3,327,679
Effects of exchange rate changes on cash 27,553 (19,925)
Net (decrease) increase in cash (4,564,710) 1,018,679
Cash, as of beginning of the period 7,341,485 2,080,397
Cash, as of end of period 2,776,775 3,099,076
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 601,880 38,951
Cash paid during the period for income taxes 79,939
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases 178,083
Operating cash flows for finance leases 6,139 4,134
Financing cash flows for finance leases 24,710 26,344
Non-cash investing activities and financing activities:    
Redeemable Class B Units issued for acquisition of a subsidiary 6,664,000 8,890,000
Deferred offering costs included in accounts payable and accrued expenses 2,067,554
Leased assets obtained in exchange for new finance lease liabilities 36,968 138,562
Leased assets obtained in exchange for new operating lease liabilities $ 2,411,348