Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Interim Statements of Operations (Unaudited)

v2.4.0.8
Condensed Consolidated Interim Statements of Operations (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Income Statement [Abstract]        
Revenue $ 14,230,178 $ 10,219,436 $ 30,398,599 $ 21,754,140
Cost of revenues, exclusive of depreciation and amortization, shown separately below 9,605,534 8,963,789 21,357,130 19,008,549
Gross profit 4,624,644 1,255,647 9,041,469 2,745,591
Depreciation and amortization 872,584 93,954 1,722,499 192,177
Selling general and administrative expenses (including stock-based compensation of approximately $28,000 and $54,000 for the three months ended June 30, 2013 and 2012, and approximately $56,000 and $61,000 for the six months ended June 30, 2013 and 2012 4,433,848 2,258,385 8,701,446 4,309,526
Total operating expenses 5,306,432 2,352,339 10,423,945 4,501,703
Operating loss (681,788) (1,096,692) (1,382,476) (1,756,112)
Other (expenses) income:        
Interest expense (669,731) (49,679) (1,329,250) (106,765)
Loss on extinguishment of debt (92,376) 0 (150,579) 0
Other income (expenses), net 220,786 (88,249) 42,916 (157,694)
Total other income (expenses) (541,321) (137,928) (1,436,913) (264,459)
Gain on extinguishment of accounts payable 2,908,882 0 2,908,882 0
Net income (loss) 1,685,773 (1,234,620) 89,493 (2,020,571)
Preferred stock dividends in arrears (100,349) (100,349) (199,595) (200,698)
Net loss applicable to common stockholders: $ 1,585,424 $ (1,334,969) $ (110,102) $ (2,221,269)
Basic earnings (loss) per common share: $ 0.01 $ (0.01) $ 0.00 $ (0.01)
Diluted earnings (loss) per common share: $ 0.01 $ (0.01) $ 0.00 $ (0.01)
Weighted average common shares outstanding:        
Basic 195,867,029 165,875,657 187,316,263 162,932,029
Diluted 279,677,196 165,875,657 187,316,263 162,932,029