XML 15 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net revenues (note 10) $ 84,223,301 $ 47,203,913 $ 153,791,363 $ 91,950,003
Cost of revenues (note 10)        
Cost of revenues 59,445,344 29,792,108 108,756,056 58,598,827
Network expenses 2,260,566 1,404,826 4,603,762 2,637,757
Depreciation of property and equipment 714,629 350,920 1,304,976 697,673
Amortization of intangible assets (note 6) 455,402 11,532 835,564 23,064
Total cost of revenues 62,875,941 31,559,386 115,500,358 61,957,321
Gross profit 21,347,360 15,644,527 38,291,005 29,992,682
Expenses:        
Sales and marketing 7,447,225 5,230,118 14,666,547 9,695,174
Technical operations and development 1,798,097 998,651 3,492,238 2,175,011
General and administrative 3,286,610 2,926,608 6,743,953 5,331,535
Depreciation of property and equipment 164,693 76,922 331,010 150,190
Amortization of intangible assets (note 6) 1,608,489 276,918 2,989,298 333,915
Impairment of indefinite life intangible assets (note 6) 3,894 24,879
Loss (gain) on currency forward contracts (note 5) (26,776) (8,711) (61,201) (119,468)
Total expenses 14,278,338 9,504,400 28,161,845 17,591,236
Income from operations 7,069,022 6,140,127 10,129,160 12,401,446
Other income (expense):        
Interest expense, net (970,029) (120,528) (1,838,022) (166,699)
Other income, net 225,481 128,820 354,378 257,640
Total other income (expense) (744,548) 8,292 (1,483,644) 90,941
Income before provision for income taxes 6,324,474 6,148,419 8,645,516 12,492,387
Provision for income taxes (note 8) 1,082,990 2,077,633 957,541 3,983,363
Net income before redeemable non-controlling interest 5,241,484 4,070,786 7,687,975 8,509,024
Redeemable non-controlling interest (note 4 (a)) (117,294) (273,690) (243,058) (444,482)
Net income attributable to redeemable non-controlling interest 117,294 273,690 243,058 444,482
Net income for the period 5,241,484 4,070,786 7,687,975 8,509,024
Other comprehensive income (loss), net of tax        
Unrealized income (loss) on hedging activities (note 5) 142,768 27,264 328,997 575,227
Net amount reclassified to earnings (note 5) (17,425) 79,367 (98,045) 414,924
Other comprehensive income (loss) net of tax of $71,303 and $60,659 for the three months ended June 30, 2017 and June 30, 2016, and $131,382 and $544,363 for the six months ended June 30, 2017 and June 30, 2016 (note 5) 125,343 106,631 230,952 990,151
Comprehensive income for the period $ 5,366,827 $ 4,177,417 $ 7,918,927 $ 9,499,175
Basic earnings per common share (note 9) (in dollars per share) $ 0.50 $ 0.39 $ 0.73 $ 0.80
Shares used in computing basic earnings per common share (note 9) (in shares) 10,528,219 10,541,659 10,501,407 10,607,843
Diluted earnings per common share (note 9) (in dollars per share) $ 0.49 $ 0.38 $ 0.71 $ 0.79
Shares used in computing diluted earnings per common share (note 9) (in shares) 10,793,031 10,733,860 10,785,685 10,797,458