Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Net Revenues $ 290,004 $ 5,890,918 $ 5,222,529 $ 28,921,351
Operating expenses:        
Direct costs of revenue 336,023 1,866,741 1,290,326 8,566,372
General and administrative expenses 7,044,462 6,082,929 18,892,835 21,118,902
Sales and marketing expenses 570,788 784,763 2,034,499 3,106,551
Engineering expenses 546,525 0 1,636,702 0
Bad debt expense 3,666,707 0 3,668,092 99,754
Depreciation and amortization 702,275 728,572 2,131,232 1,979,006
Total operating expenses 12,866,780 9,463,005 29,653,686 34,870,585
Loss from operations (12,576,776) (3,572,087) (24,431,157) (5,949,234)
Other income (expense):        
Other income 127,008 0 227,020 23
Change in fair value of derivative instruments 2,087,041 190,000 6,813,701 190,000
(Loss) gain on legal settlement 0 0 (17,652) 275,028
Interest expense (1,646,712) (547,378) (4,707,453) (1,594,921)
Total other (expense) income 567,337 (357,378) 2,315,616 (1,129,870)
Loss before income taxes (12,009,439) (3,929,465) (22,115,541) (7,079,104)
Income tax benefit 0 (2,678,777) 0 (2,579,977)
Net loss (12,009,439) (1,250,688) (22,115,541) (4,499,127)
Preferred stock dividends 0 268,927 0 1,589,321
Net loss attributable to common stockholders $ (12,009,439) $ (1,519,615) $ (22,115,541) $ (6,088,448)
Net loss per common share: Basic and diluted $ (.29) $ (.05) $ (.94) $ (.21)
Weighted average number of shares outstanding during the period - Basic and diluted 41,313,448 30,955,483 23,574,845 29,064,792