Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.19.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]    
Revenues [1],[2] $ 40,709,621 $ 24,464,164
Operating cost and expenses:    
Cost of services [2],[3] 51,578,914 28,550,114
Selling, general, and administrative expenses 11,654,363 6,890,843
Depreciation and amortization expense 14,199,357 2,760,277
Impairment of assets 28,803,756
Total operating costs and expenses 106,236,390 38,201,234
Operating loss (65,526,769) (13,737,070)
Other income (expense):    
Interest expense (1,685,117) (1,695,494)
Interest forgiven 634,477
Other expense (274,528) (12,647)
Total other expense (1,959,645) (1,073,664)
Net loss from continuing operations (67,486,414) (14,810,734)
Loss from discontinued operations (20,380,656) (12,136,143)
Net loss $ (87,867,070) $ (26,946,877)
Basic and diluted loss per share continuing operations $ (3.60) $ (0.90)
Basic and diluted loss per share discontinued operations (1.09) (0.73)
Basic and diluted loss per share $ (4.69) $ (1.63)
Weighted average number of common shares outstanding-basic and diluted 18,726,628 16,516,354
[1] The Argentina segment has been reclassified into discontinued operations.
[2] U.S. activity began in February 2017 with start-up expenses being incurred. The Company began recognizing U.S. revenue in late May 2017. Intersegment transactions included in revenues were not significant for any of the periods presented.
[3] Gross margin is defined as revenues less costs of services. Cost of services excludes selling, general and administrative expenses, research and development expenses and depreciation and amortization expense.