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 ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2017
Mar. 31, 2017
Jun. 30, 2016
Mar. 31, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues, net of discounts $ 50,697   $ 3,163   $ 55,783 $ 5,256
Cost of revenues 42,377   1,934   45,055 3,246
Gross Profit 8,320   1,229   10,728 2,010
Operating Expenses            
Compensation expense 4,169   566   5,356 1,100
Selling, general and administrative expenses 3,529   814   4,503 1,372
Amortization of intangible assets 589     2,310
Travel expense 191   87   291 166
Occupancy costs 280   197   394 360
Transaction expenses 1,409     1,419
Loss on sale of asset 429     (472)
Total Operating Expenses 10,596   1,664   13,024 2,998
Operating Income (Loss) (2,276)   (435)   (2,296) (988)
Other (Expense) Income            
Interest income (expense) (1,793)   (476)   (2,527) (962)
Amortization of deferred financing costs and debt discount (1,934)   (109)   (2,331) (219)
Change in warrant fair market valuation 1,021     (1,179)
Other Income (Expense) 10   (39)   (46) 46
Incentive expenses for investors     (35)
Financing Costs     (563)
Total Other (Expense) Income (2,696)   (624)   (6,646) (1,170)
Income (Loss) before provision for local income taxes (4,972)   (1,059)   (8,942) (2,158)
Provision for local income taxes 121     121
Net Income (Loss) (5,093)   (1,059)   (9,063) (2,158)
Preferred stock dividends (20)   (20)   (40) (40)
Net Loss attributable to common shareholders $ (5,113)   $ (1,079)   $ (9,103) $ (2,198)
Income (Loss) per share:            
Basic and Diluted $ (0.04)   $ (0.02)   $ (0.08) $ (0.04)
Weighted average number of common shares outstanding            
Basic and Diluted 124,736,287   53,192,406   107,645,345 53,192,406
Predecessor [Member]            
Revenues, net of discounts   $ 42,089 [1]   $ 133,260   $ 226,973
Cost of revenues   33,789 [1]   107,839   183,992
Gross Profit   8,300 [1]   25,421   42,981
Operating Expenses            
Compensation expense   5,671 [1]   7,283   13,398
Selling, general and administrative expenses   2,009 [1]   6,412   11,331
Amortization of intangible assets   [1],[2]    
Travel expense   22 [1]   30   57
Occupancy costs   160 [1]   153   202
Transaction expenses   [1]    
Loss on sale of asset   [1]    
Total Operating Expenses   7,862 [1]   13,878   24,988
Operating Income (Loss)   438 [1]   11,543   17,993
Other (Expense) Income            
Interest income (expense)   5 [1]   2   47
Amortization of deferred financing costs and debt discount   [1]    
Change in warrant fair market valuation   [1]    
Other Income (Expense)   51 [1]   26   44
Incentive expenses for investors   [1]    
Financing Costs   [1],[2]    
Total Other (Expense) Income   56 [1]   28   91
Income (Loss) before provision for local income taxes   494 [1]   11,571   18,084
Provision for local income taxes   240 [2]   1,141   1,688
Net Income (Loss)   254 [2]   10,430   16,396
Preferred stock dividends   [1]    
Net Loss attributable to common shareholders   $ 254 [1]   $ 10,430   $ 16,396
Income (Loss) per share:            
Basic and Diluted   [1]    
Weighted average number of common shares outstanding            
Basic and Diluted   [1]    
[1] Activity for the period April 1, 2017 through April 20, 2017 was not material.
[2] The Series D (39,883,500) and Series F (19,415,460) preferred shares are convertible at a rate of 400 pre-split shares of common stock for each share of preferred stock but not until the Company has effected a sufficient increase in the authorized common shares. The Series D and Series F preferred shares were mandatorily converted to common shares at a ratio of 1 to 20 when the reverse split of common shares was effectuated on May 26, 2016.