Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.21.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]    
Net revenues $ 7,200,120 $ 16,003,443
Operating expenses:    
Direct costs of revenue 11,783,526 14,759,258
General and administrative expenses 11,660,899 16,148,393
Asset impairment 250,000
Depreciation and amortization 700,993 795,202
Total operating expenses 24,395,418 31,702,853
Loss from continuing operations before other income (expense) and income taxes (17,195,298) (15,699,410)
Other income (expense):    
Other income (expense), net 5,371,484 (9,298,401)
Net gain from legal settlements 671,613
Gain on extinguishment of debt 2,041,038
Change in fair value of derivative instrument (105,076)
Gain on bargain purchase 250,000
Interest expense (9,840,724) (21,730,066)
Total other income (expense), net (1,756,589) (30,883,542)
Net loss from continuing operations before income taxes (18,951,887) (46,582,952)
Benefit from income taxes 1,308,180
Net loss from continuing operations (17,643,707) (46,582,952)
Net loss from discontinued operations (696,067) (1,450,869)
Net loss (18,339,774) (48,033,821)
Deemed dividends (263,254,718) (123,861,587)
Net loss available to common stockholders $ (281,594,492) $ (171,895,408)
Net loss per common share:    
Basic net loss available to common stockholders $ (94.27) $ (307.74)
Diluted net loss available to common stockholders $ (94.27) $ (307.74)
Weighted average number of common shares outstanding during the period:    
Basic 2,987,229 558,577
Diluted 2,987,229 558,577