Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,801,126) $ 97,696
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 789,123 587,822
Gain on contract termination (124,733) 0
Loss on sale of assets 22,088 2,909
Provision (recovery) for losses on accounts receivable 4,395 (16,600)
Provision of inventory reserve 1,000 17,000
Stock-based compensation 181,188 183,768
Goodwill impairment 4,390,590 0
Non-cash interest expense 32,225 1,491
(Increase) decrease in:    
Accounts receivable (4,467,939) (336,051)
Unbilled revenue (697,586) (1,676,409)
Inventory (1,165,057) (298,167)
Due from related party 576,087 (325,651)
Prepaid assets and other current assets 49,484 (47,498)
Other assets 113,284 (32,252)
Increase (decrease) in:    
Accounts payable 1,173,979 1,335,042
Accrued expenses 111,038 (494,095)
Deferred revenue 1,006,893 375,499
Interest payable, related party (52,265) 34,240
Net cash used in operating activities (3,857,332) (591,256)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (828,086) (580,044)
Proceeds on sale of property and equipment 2,003,606 0
Purchases of intangible assets (226,847) (453,598)
Cash Acquired from Acquisition 442,746 971,454
Expenses associated with asset acquisition (2,457) 0
Return of investment in Ultra Emissions Technologies Ltd 0 2,000,000
Payment of stock issuance costs 0 (377,246)
Distributions to noncontrolling interest (107,901) (47,921)
Net cash provided by investing activities 1,281,061 1,512,645
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving line of credit 21,533,143 0
Payments on revolving line of credit (19,435,306) 0
Payments for debt issuance costs (145,011) 0
Payments made on loan due to related party (850,000) (3,150,000)
Proceeds from exercise of stock options 72,925 179,918
Net cash provided by financing activities 1,175,751 (2,970,082)
Net increase (decrease) in cash and cash equivalents (1,400,520) (2,048,693)
Cash and cash equivalents, beginning of the year 1,673,072 3,721,765
Cash and cash equivalents, end of the year 272,552 1,673,072
Supplemental disclosures of cash flows information:    
Cash paid for interest 140,055 110,979
Cash paid for taxes 32,748 0
Issuance of stock to acquire American DG Energy, net 0 18,482,656
Issuance of Tecogen stock options in exchange for American DG Energy options $ 0 $ 114,896