Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
NET REVENUE $ 5,341,002 $ 5,612,715 $ 15,663,687 $ 17,716,778
OPERATING EXPENSES:        
Direct operating costs 2,670,385 2,812,242 7,292,415 9,271,916
Selling and marketing 274,796 59,350 838,721 276,783
General and administrative 2,569,399 3,089,717 8,173,272 9,409,095
Research and development 174,876 159,141 575,059 489,317
Change in contingent consideration (196,882) (367,479) (607,978) (1,283,294)
Depreciation and amortization 1,118,282 1,137,263 3,536,940 3,499,185
Total operating expenses 6,610,856 6,890,234 19,808,429 21,663,002
OPERATING LOSS (1,269,854) (1,277,519) (4,144,742) (3,946,224)
OTHER:        
Interest income 10,918 5,884 25,310 19,869
Interest expense (176,527) (75,612) (486,481) (161,484)
Other (expense) income - net (13,933) 61,869 (40,447) 165,228
LOSS BEFORE INCOME TAXES (1,449,396) (1,285,378) (4,646,360) (3,922,611)
Income tax provision (benefit) 45,309 (52,051) 126,236 (35,998)
NET LOSS (1,494,705) (1,233,327) (4,772,596) (3,886,613)
Preferred stock dividend 231,473 549,945
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (1,726,178) $ (1,233,327) $ (5,322,541) $ (3,886,613)
Loss per common share:        
Basic and diluted loss per share $ (0.17) $ (0.13) $ (0.53) $ (0.40)
Weighted-average basic and diluted shares outstanding 10,006,121 9,730,728 10,031,212 9,712,721