Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 35,096
Accounts receivable, net 1,101,758 971,312
Inventory 251,029 236,914
Prepaid expenses and other current assets 35,350 9,842
Income tax refunds receivable 1,915,343 1,940,845
Current assets of AMSG and HTS classified as held for sale 222,051 226,732
Total current assets 3,560,627 3,385,645
Property and equipment, net 2,362,225 2,695,440
Deposits 193,006 180,875
Non-current assets of AMSG and HTS classified as held for sale 21,912 28,834
Total assets 6,137,770 6,290,794
Current liabilities:    
Accounts payable (includes related parties of $0.3 and $0.2 million, respectively) 4,605,123 4,188,678
Accrued expenses (includes related parties of $0.1 and $0.1 million, respectively) 4,131,767 4,967,405
Income taxes payable 1,968,750 1,971,592
Current portion of notes payable 6,957,830 6,957,830
Current portion of notes payable, related parties 1,068,500 1,128,500
Current portion of capital lease obligations 1,715,727 2,079,137
Current portion of debentures 3,445,841 1,615,693
Current portion of derivative liabilities 152,423,375 12,435,250
Current liabilities of AMSG and HTS classified as held for sale 2,062,992 1,972,854
Total current liabilities 178,379,905 37,316,939
Other liabilities:    
Debentures, net current portion 3,794,079 3,752,022
Total liabilities 182,173,984 41,068,961
Stockholders' deficit:    
Common stock, $0.01 par value, 3,000,000,000 shares authorized, 499,992,133 and 19,750,844 shares issued and outstanding 4,999,922 197,508
Additional paid-in-capital 126,619,959 128,351,954
Accumulated deficit (315,545,009) (169,180,425)
Total stockholders' deficit (183,907,626) (40,613,461)
Total liabilities and stockholders' deficit 6,137,770 6,290,794
Redeemable Preferred Stock I-1 [Member]    
Other liabilities:    
Redeemable Preferred Stock 5,835,294 5,835,294
Redeemable Preferred Stock I-2 [Member]    
Other liabilities:    
Redeemable Preferred Stock 2,036,118
Series G Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value 2 2
Series H Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value
Series F Preferred Stock [Member]    
Stockholders' deficit:    
Preferred stock value $ 17,500 $ 17,500

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Net revenues $ 1,601,661 $ 684,265
Operating expenses:    
Direct costs of revenue 2,089,366 244,831
General and administrative 2,892,019 3,316,448
Sales and marketing expenses (1,215) 252,314
Depreciation and amortization 333,515 426,929
Total operating expenses 5,313,685 4,240,522
Loss from continuing operations before other income (expense) and income taxes (3,712,024) (3,556,257)
Other income (expense):    
Other income 11,969
Change in fair value of derivative instruments (139,779,232) 563,617
Interest expense (3,307,014) (45,642,525)
Total other income (expense), net (143,074,277) (45,078,908)
Net loss from continuing operations before income taxes (146,786,301) (48,635,165)
Provision for income taxes 76 3,250
Net loss from continuing operations (146,786,377) (48,638,415)
Net income (loss) from discontinued operations 421,793 (1,066,292)
Net loss (146,364,584) (49,704,707)
Net loss to common shareholders $ (146,364,584) $ (49,704,707)
Net loss per common share:    
Basic and diluted: continuing operations $ (0.66) $ (0.66)
Basic and diluted: discontinued operations (0.01)
Total Basic and diluted $ (0.66) $ (0.67)
Weighted average number of common shares outstanding during the period:    
Basic and diluted 221,942,501 73,464,705

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows used in operating activities:    
Net loss from continuing operations $ (146,786,377) $ (48,638,415)
Depreciation and amortization 333,515 426,929
Non-cash gain on derivative instruments (571,720)
Stock-based compensation 665,307 35,215
Non-cash interest expense 44,074,628
Amortization of debt discount 4,522,329 943,160
Non-cash settlement of debt (50,000)
Change in fair value of derivative instruments 139,779,232 (563,617)
Income (loss) from discontinued operations 421,793 (1,066,292)
Changes in operating assets and liabilities:    
Accounts receivable (130,449) 115,446
Inventory (14,115)
Prepaid expenses and other current assets (25,508) 21,964
Security deposits (12,128) 14,594
Accounts payable 416,445 146,969
Accrued expenses (835,638) (957,683)
Income tax assets and liabilities 22,660 (241,997)
Net cash used in operating activities of continuing operations (1,642,934) (5,739,099)
Net cash used in discontinued operations (698,259) (212,365)
Net cash used in operating activities (2,341,193) (5,951,464)
Cash flows from investing activities:    
Purchase of property and equipment (301) (1,090,922)
Net cash used in investing activities of continuing operations (301) (1,090,922)
Net cash provided by (used in) investing activities of discontinued operations 800,000
Net cash provided by (used in) investing activities 799,699 (1,090,922)
Cash flows from financing activities:    
Proceeds from issuance of related party notes payable and advances 3,395,000
Proceeds from issuance of notes payable and debentures 2,000,000 9,892,500
Payments on related party notes payable and advances (60,000) (3,430,000)
Payments on notes payable (1,948,111)
Payments on capital lease obligations (363,410) (911,042)
Net cash provided by financing activities of continuing operations 1,576,590 6,998,347
Net cash provided by (used in) financing activities of discontinued operations 1,331,113
Net cash provided by financing activities 1,576,590 8,329,460
Net increase in cash 35,096 1,287,074
Cash at beginning of period 77,979
Cash at end of period $ 35,096 $ 1,365,053

Source