Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.7.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Revenues    
Revenues $ 8,432,616 $ 4,618,988
Cost of revenues 2,096,392 1,066,669
Gross profit 6,336,224 3,552,319
Operating expenses    
General and administrative 4,385,763 4,555,895
Sales and marketing 5,038,041 4,150,793
Engineering, research, and development 1,712,750 728,741
Depreciation and amortization 709,456 361,840
Total operating expenses 11,846,010 9,797,269
Loss from operations (5,509,786) (6,244,950)
Other income/(expense)    
Interest income 2,780 1,540
Interest expense (77,361) (847)
Goodwill impairment (2,247,447)
Intangible asset impairment (1,684,203) (21,188)
Change in fair value of derivative liabilities   42,659
Gain on adjustment of contingent consideration   89,740
Foreign currency gain 1,556  
Total other income/(expense) (4,004,675) 111,904
Loss before income taxes (9,514,461) (6,133,046)
Income tax expense
Net loss (9,514,461) (6,133,046)
Other comprehensive loss, net of income tax    
Foreign currency translation adjustments (32,999)  
Comprehensive loss $ (9,547,460) $ (6,133,046)
Net loss per share - basic and diluted $ (0.29) $ (0.23)
Weighted average number of shares during the period - basic and diluted 32,797,631 26,684,927