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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016
REVENUES: |  |  |  |
Project | $ 591,119 | $ 882,961 | $ 951,606 | $ 1,112,084
Maintenance and technical support | 310,974 | 603,034 | 626,301 | 1,210,913
IT asset management services | 260,411 | 161,149 | 620,327 | 328,389
Total Revenues | 1,162,504 | 1,647,144 | 2,198,234 | 2,651,386
COST OF REVENUES: |  |  |  |
Project | 375,729 | 377,838 | 721,856 | 519,164
Maintenance and technical support | 87,592 | 196,340 | 234,994 | 463,673
IT asset management services | 122,181 | 97,773 | 260,039 | 175,531
Total Cost of Revenues | 585,502 | 671,951 | 1,216,889 | 1,158,368
GROSS PROFIT | 577,002 | 975,193 | 981,345 | 1,493,018
OPERATING EXPENSES: |  |  |  |
Selling and marketing expenses | 50,182 | 84,629 | 118,929 | 170,669
Salaries, wages and contract labor | 840,286 | 938,567 | 1,575,887 | 1,824,734
Research and development | 72,380 | 73,894 | 159,998 | 129,381
Professional fees | 84,580 | 92,246 | 204,733 | 169,474
General and administrative expenses | 310,220 | 238,851 | 558,208 | 419,136
Total Operating Expenses | 1,357,648 | 1,428,187 | 2,617,755 | 2,713,394
LOSS FROM OPERATIONS | (780,646) | (452,994) | (1,636,410) | (1,220,376)
OTHER INCOME (EXPENSES): |  |  |  |
Interest expense | (832,689) | (210,109) | (1,754,004) | (282,414)
Gain on settlement of debt |  |  | 64,647 |
Warrant derivative gain (loss) | 295,061 |  | (287,327) |
Other income, net |  |  | 1 | 1,306
Total Other Income (Expense) | (537,628) | (210,109) | (1,976,683) | (281,108)
NET LOSS | (1,318,274) | (663,103) | (3,613,093) | (1,501,484)
Series A preferred stock dividends | (5,920) |  | (11,840) |
Net loss applicable to common stock | $ (1,324,194) | $ (663,103) | $ (3,624,933) | $ (1,501,484)
NET LOSS APPLICABLE TO COMMON STOCK PER COMMON SHARE: |  |  |  |
Basic & Diluted | $ (0.70) | $ (0.35) | $ (1.91) | $ (0.80)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |  |  |  |
Basic & Diluted | 1,894,923 | 1,881,640 | 1,894,549 | 1,878,653

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