Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows provided by (used in) operating activities:    
Net income (loss) $ (4,244,011) $ 1,007,009
Adjustments to reconcile net income (loss) to net cash provided by operations:    
Depreciation and amortization 727,270 580,793
Non-cash gain on derivative instruments (3,433,588) 0
Stock issued in lieu of cash compensation 9,310 300,000
Stock-based compensation 0 56,463
Bad debts 1,285 6,473,733
Accretion of beneficial conversion feature as interest 789,376 246,575
Accretion of debt discount 0 93,699
Gain on extinguishment of debt (100,000) 0
Gain on legal settlement 0 (275,028)
Changes in operating assets and liabilities:    
Accounts receivable 1,096,357 (12,843,394)
Prepaid expenses and other current assets (126,863) (16,935)
Security deposits 0 (39,222)
Accounts payable (923,381) (299,697)
Accrued expenses (684,981) 417,102
Income tax assets and liabilities (101,015) 457,769
Deferred tax liabilities 0 48,900
Net cash used in operating activities (6,990,241) (3,792,233)
Cash flows provided by (used in) investing activities:    
Purchase of property and equipment (19,002) (213,142)
Net cash provided by investing activities (19,002) (213,142)
Cash flows provided by (used in) financing activities:    
Dividends on Series B preferred stock 0 (523,050)
Proceeds from issuance of notes payable, related party 3,000,000 0
Proceeds from issuance of notes payable 5,000,000 3,030,000
Payments on notes payable (4,600,000) (60,000)
Payments on capital lease obligations (323,181) (197,316)
Net cash provided by financing activities 3,076,819 2,249,634
Net decrease in cash (3,932,424) (1,755,741)
Cash at beginning of period 8,833,230 2,406,246
Cash at end of period 4,900,806 650,505
Supplemental disclosure of cash flow information:    
Cash paid for interest 520,000 160,835
Cash paid for taxes 0 470,831
Acquisition of noncontrolling interest in Biohealth Medical Laboratory, Inc.:    
Deposits on acquisitions 0 259,875
Goodwill 0 (138,871)
Noncontrolling interest $ 0 $ (121,004)