Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Interim Statements of Operations (Unaudited)

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Condensed Consolidated Interim Statements of Operations (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Income Statement [Abstract]        
Revenue $ 23,140,973 $ 14,230,178 $ 46,045,802 $ 30,398,599
Cost of revenues, exclusive of depreciation and amortization, shown separately below 12,747,441 9,605,534 24,976,473 21,357,130
Gross profit 10,393,532 4,624,644 21,069,329 9,041,469
Depreciation and amortization 2,597,978 872,584 5,165,469 1,722,499
Selling general and administrative expenses (including stock-based compensation of approximately $73,000 and $28,000 for the three months ended June 31, 2014 and 2013, respectively, and approximately $142,000 and $56,000 for the six months ended June 30, 2014 and 2013, respectively) 7,825,494 4,433,848 15,644,891 8,701,446
Total operating expenses 10,423,472 5,306,432 20,810,360 10,423,945
Operating (loss) income (29,940) (681,788) 258,969 (1,382,476)
Other (expenses) income:        
Interest expense (1,597,215) (669,731) (2,991,761) (1,329,250)
Loss on extinguishment of debt 0 (92,376) 0 (150,579)
Change in fair value of derivative liability (690,878) 238,517 1,919,069 105,267
Other income (expenses), net 719 (17,731) (40,355) (62,351)
Total other expenses (2,287,374) (541,321) (1,113,047) (1,436,913)
Gain on extinguishment of accounts payable 0 2,908,882 0 2,908,882
(Loss) income before income taxes (2,317,314) 1,685,773 (854,078) 89,493
Provision for income taxes 151,583 0 173,078 0
Net (loss) income (2,468,897) 1,685,773 (1,027,156) 89,493
Preferred stock dividends in arrears (443,194) (100,349) (885,282) (199,595)
Net (loss) income applicable to common stockholders: $ (2,912,091) $ 1,585,424 $ (1,912,438) $ (110,102)
Basic (loss) earnings per common share: $ (0.42) $ 0.40 $ (0.28) $ (0.03)
Diluted (loss) earnings per common share: $ (0.42) $ 0.30 $ (0.38) $ (0.03)
Weighted average common shares outstanding:        
Basic 6,876,617 3,917,341 6,842,532 3,746,326
Diluted 6,876,617 5,593,546 6,842,532 3,746,326