Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.8.0.1
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]    
Net revenues $ 4,619,473 $ 3,338,425
Operating expenses:    
Direct costs of revenue 948,838 1,245,304
General and administrative 15,757,527 17,318,026
Sales and marketing expenses 742,637 1,758,667
Bad debt 1,531,257 2,055,002
Impairment 1,038,285
Depreciation and amortization 1,715,321 2,415,048
Total operating expenses 20,695,580 25,830,332
Loss from continuing operations before other income (expense) and income taxes (16,076,107) (22,491,907)
Other income (expense):    
Other income 38,342 128,954
Change in fair value of derivative instruments (42,702,815) 5,392,390
Gain on extinguishment of debt 42,702,815
Value of derivative liabilities (12,435,250)
(Loss) on disposal of property and equipment (124,494)
Interest expense (21,432,285) (6,308,347)
Total other income (expense), net (33,829,193) (911,497)
Net loss from continuing operations before income taxes (49,905,300) (23,403,404)
Provision for income taxes (benefit) 1,015,724 (778,756)
Net loss from continuing operations (50,921,024) (22,624,648)
Net loss from discontinued operations (4,276,918) (9,989,039)
Net loss (55,197,942) (32,613,687)
Deemed dividend from trigger of down round provision feature (53,341,619)
Net loss to common shareholders $ (108,539,561) $ (32,613,687)
Net loss per common share:    
Basic and diluted: continuing operations $ (45.17) $ (313.96)
Basic and diluted: discontinued operations (1.85) (138.62)
Total Basic and diluted $ (47.02) $ (452.58)
Weighted average number of common shares outstanding during the period:    
Basic and diluted 2,308,090 72,062