Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.7.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Net Revenues    
Net Revenues $ 5,245,111 $ 18,393,038
Operating expenses:    
Direct costs of revenue 1,695,233 9,339,644
General and administrative 23,695,381 27,346,160
Sales and marketing expenses 2,457,050 3,763,802
Engineering expenses 2,074,463 415,482
Bad debt 3,630,685 99,754
Impairment charges 1,038,285 20,143,320
Depreciation and amortization 3,046,902 2,749,850
Total operating expenses 37,637,999 63,858,012
Loss from operations (32,392,888) (45,464,974)
Other income (expense):    
Other income 127,021 252
Loss on disposal of property and equipment (153,234) 0
Change in fair value of derivative instruments 5,392,390 2,888,746
Gain on legal settlement 0 275,028
Interest expense (6,322,004) (2,689,811)
Total other income (955,827) 474,215
Loss before income taxes (33,348,715) (44,990,759)
Income tax benefit (735,028) (9,028,253)
Net income (32,613,687) (35,962,506)
Preferred stock dividends 0 1,627,188
Net loss attributable to common stockholders $ (32,613,687) $ (37,589,694)
Net income (loss) per common share: Basic and Diluted $ (30.17) $ (90.46)
Weighted average number of shares outstanding during the period - Basic and diluted 1,080,934 415,517