Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]        
Net revenues $ 2,069,019 $ 4,061,189 $ 3,910,550 $ 9,251,839
Operating expenses:        
Direct costs of revenue 2,779,369 4,680,333 5,345,649 8,844,733
General and administrative 2,421,863 4,290,935 5,384,592 9,567,071
Depreciation and amortization 181,091 186,236 345,798 409,822
Total operating expenses 5,382,323 9,157,504 11,076,039 18,821,626
Loss from continuing operations before other income (expense) and income taxes (3,313,304) (5,096,315) (7,165,489) (9,569,787)
Other income (expense):        
Other income (expense), net 6,847,209 (311,463) 6,719,166 (1,195,742)
Gain from legal settlements 1,230,522 1,230,522
Gain on bargain purchase 250,000
Change in fair value of derivative instruments (105,076)
Interest expense (2,658,972) (7,871,798) (5,549,232) (15,591,766)
Total other income (expense), net 5,418,759 (8,183,261) 2,400,456 (16,642,584)
Net income (loss) from continuing operations before income taxes 2,105,455 (13,279,576) (4,765,033) (26,212,371)
Benefit from income taxes 1,118,485
Net income (loss) from continuing operations 2,105,455 (13,279,576) (3,646,548) (26,212,371)
Net income (loss) from discontinued operations 16,173 (145,251) (23,602) (653,860)
Net income (loss) 2,121,628 (13,424,827) (3,670,150) (26,866,231)
Deemed dividend (3,150,368) (3,150,368) (123,861,587)
Net loss available to common shareholders $ (1,028,740) $ (13,424,827) $ (6,820,518) $ (150,727,818)
Net loss per common share:        
Basic net loss available to common shareholders $ (1.04) $ (25.38) $ (6.92) $ (448.88)
Diluted net loss available to common shareholders $ (1.04) $ (25.38) $ (6.92) $ (448.88)
Weighted average number of common shares outstanding during the period:        
Basic 989,894 528,965 985,608 335,786
Diluted 989,894 528,965 985,608 335,786