Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues $ 1,153,003 $ 1,441,209 $ 1,256,608 $ 1,568,180
Operating Expenses        
Cost of revenues 334,305 271,889 370,492 321,014
Patent amortization expense 125,915 377,744 503,660 755,489
General and administrative 876,252 1,791,278 2,077,013 3,386,499
Total operating expenses 1,336,472 2,440,911 2,951,165 4,463,002
Loss from operations (183,469) (999,702) (1,694,557) (2,894,822)
Other income (expense)        
Gain on debt extinguishment 40,802,730 0 40,802,730 2,434,661
Decrease in fair value of derivative liabilities 0 3,413 0 618
Interest expense, net (924,511) (971,445) (1,973,542) (2,000,028)
Total other income (expense), net 39,878,219 (968,032) 38,829,188 435,251
Net income (loss) 39,694,750 (1,967,734) 37,134,631 (2,459,571)
Deemed dividend on preferred stock 0 0 0 (466,667)
Net income (loss) attributable to common shareholders $ 39,694,750 $ (1,967,734) $ 37,134,631 $ (2,926,238)
Basic income (loss) per share $ 2.99 $ (0.44) $ 2.99 $ (0.67)
Fully diluted income (loss) per share $ 1.76 $ (0.44) $ 1.72 $ (0.67)
Weighted average shares outstanding:        
Basic 13,282,916 4,518,396 12,408,966 4,336,888
Fully diluted 22,512,548 4,518,396 21,638,598 4,336,888