Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

The following presents the unaudited quarterly results of operations for the fiscal years ended December 31, 2019 and December 31, 2018.

Consolidated Statement of Operations

2019

	Three Months Ended
	March 31(1)		June 30		September 30		December 31 (2)
Revenues, net	$	77,389,597	$	69,391,315	$	74,110,376	$	71,486,350
Total operating expenses	71,202,232		68,880,374		68,281,229		74,582,671
Operating income/(loss)	6,187,365		510,941		5,829,147		(3,096,321)
Net income/(loss) *	29,483		(5,992,156)		(4,562,989)		(11,171,453)
Basic net loss per share	$	—	$	(0.08)	$	(0.06)	$	(0.16)
Diluted net loss per share	$	—	$	(0.08)	$	(0.06)	$	(0.16)

⁽¹⁾ Net loss for the three months ended March 31, 2019 includes $2.3 million loss on debt extinguishment.

⁽²⁾ Net loss for the three months ended December 31, 2019 includes $1.1 million relating to OFAC settlement.

2018

	Three Months Ended
	March 31		June 30		September 30		December 31
Revenues, net	$	79,370,609	$	74,938,700	$	69,092,740	$	86,692,209
Total operating expenses	73,051,692		65,953,230		60,262,456		73,220,074
Operating income	6,318,917		8,985,470		8,830,284		13,472,135
Net income	52,745		3,450,767		2,584,822		6,486,350
Basic net income per share	$	—	$	0.05	$	0.04	$	0.09
Diluted net income per share	$	—	$	0.05	$	0.04	$	0.09