Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues    
Net Revenues $ 1,176,113 $ 1,878,813
Operating expenses:    
Direct costs of revenue 292,304 564,200
General and administrative expenses 4,224,239 5,954,046
Sales and marketing expenses 314,866 873,440
Engineering expenses 380,197 522,768
Bad debt expense (2,911) 1,285
Depreciation and amortization 592,945 727,270
Total operating expenses 5,801,640 8,643,009
Loss from operations (4,625,527) (6,764,196)
Other income (expense):    
Other income 0 100,010
Change in fair value of derivative instruments 571,719 3,433,588
Interest expense (45,647,649) (1,013,413)
Total other (expense) income (45,075,930) 2,520,185
Loss before income taxes (49,701,457) (4,244,011)
Income tax expense 3,250 0
Net loss $ (49,704,707) $ (4,244,011)
Net loss per common share: Basic and diluted $ (10.15) $ (8.59)
Weighted average number of shares outstanding during the period - Basic and diluted 4,897,647 493,887