Annual report pursuant to Section 13 and 15(d)

Segment Reporting (Tables)

v3.19.1
Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Schedule of Revenue from Geographically Classified Segments

Summarized financial information is shown in the following tables:

 

   

Year Ended

December 31,

 
    2018     2017  
             
Revenues(1,3):                
Argentina-discontinued operations   $ 11,396,142     $ 19,553,584  
United States     40,709,621       24,464,164  
Total revenues   $ 52,105,763     $ 44,017,748  
                 
Cost of services(1,2,3):                
Argentina-discontinued operations   $ 13,932,740       24,934,757  
United States     51,578,914       28,067,742  
Total cost of services   $ 65,511,654     $ 53,002,499  
                 
Gross margin(1,2):                
Argentina-discontinued operations   $ (2,536,598 )   $ (5,381,173 )
United States     (10,869,293 )     (3,603,578 )
Total gross margin   $ (13,405,891 )   $ (8,984,751 )
                 
Capital expenditures:                
Argentina-discontinued operations   $ 2,846     $ 548,108  
United States     9,831,034       34,805,359  
Corporate and Other     1,040       25,974  
Total capital expenditures   $ 9,834,920     $ 35,379,441  
                 
Depreciation and amortization:                
Argentina-discontinued operations   $ 4,909,382     $ 4,105,417  
United States     14,087,347       2,593,145  
Corporate and Other     1,275,564       1,330,685  
Total depreciation and amortization   $ 20,272,293     $ 8,029,247  
                 
Asset Impairment:                
Argentina-discontinued operations   $ 4,427,564     $  
United States     28,803,756        
Total depreciation and amortization   $ 33,231,320     $  

 

(1) 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.
   
(2) 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.
   
(3) The Argentina segment has been reclassified into discontinued operations.