| Quarterly Financial Data (unaudited) |
Quarterly Financial Data (unaudited)
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Three Months Ended |
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March 31, |
June 30, |
September 30, |
December 31, |
Total |
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2016 |
2016 |
2016 |
2016 |
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Revenue from external customers |
$ |
28,971,935 |
|
$ |
20,070,966 |
|
$ |
20,009,086 |
|
$ |
26,024,053 |
|
$ |
95,076,040 |
|
Revenue from related parties |
$ |
5,531,569 |
|
$ |
48,871,322 |
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$ |
42,757,132 |
|
$ |
38,762,658 |
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$ |
135,922,681 |
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Cost of revenue |
$ |
32,897,220 |
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$ |
51,375,378 |
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$ |
42,733,976 |
|
$ |
46,543,335 |
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$ |
173,549,909 |
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Selling, general and administrative expenses |
$ |
3,255,064 |
|
$ |
4,795,729 |
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$ |
3,001,809 |
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$ |
5,678,373 |
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$ |
16,730,975 |
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Earnings before other expense (income), interest, depreciation and amortization, impairment and taxes |
$ |
(1,648,780 |
) |
$ |
12,771,181 |
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$ |
17,030,433 |
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$ |
12,565,003 |
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$ |
40,717,837 |
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Other expense (income) |
$ |
(18,192 |
) |
$ |
(676,496 |
) |
$ |
242,893 |
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$ |
199,556 |
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$ |
(252,239 |
) |
Interest expense |
$ |
1,191,895 |
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$ |
917,310 |
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$ |
932,749 |
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$ |
669,503 |
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$ |
3,711,457 |
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Depreciation and amortization |
$ |
17,413,591 |
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$ |
18,253,792 |
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$ |
17,148,430 |
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$ |
17,095,045 |
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$ |
69,910,858 |
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Impairment of long-lived assets |
$ |
— |
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$ |
1,870,885 |
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$ |
— |
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$ |
— |
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$ |
1,870,885 |
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Loss before income taxes |
$ |
(20,236,074 |
) |
$ |
(7,594,310 |
) |
$ |
(1,293,639 |
) |
$ |
(5,399,101 |
) |
$ |
(34,523,124 |
) |
Provision (benefit) for income taxes |
$ |
894,360 |
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$ |
789,376 |
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$ |
1,055,960 |
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$ |
51,145,175 |
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$ |
53,884,871 |
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Net loss |
$ |
(21,130,434 |
) |
$ |
(8,383,686 |
) |
$ |
(2,349,599 |
) |
$ |
(56,544,276 |
) |
$ |
(88,407,995 |
) |
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Net loss per share (basic and diluted) (Note 10) |
$ |
(0.70 |
) |
$ |
(0.28 |
) |
$ |
(0.08 |
) |
$ |
(1.57 |
) |
$ |
(2.81 |
) |
Weighted average number of shares outstanding (Note 10) |
30,000,000 |
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30,000,000 |
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30,000,000 |
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35,951,087 |
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31,500,000 |
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Three Months Ended |
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March 31, |
June 30, |
September 30, |
December 31, |
Total |
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2015 |
2015 |
2015 |
2015 |
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Revenue from external customers |
$ |
68,265,763 |
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$ |
56,780,307 |
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$ |
44,151,122 |
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$ |
19,547,290 |
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$ |
188,744,482 |
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Revenue from related parties |
$ |
44,103,719 |
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$ |
50,786,000 |
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$ |
42,045,370 |
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$ |
34,257,122 |
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$ |
171,192,211 |
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Cost of revenue |
$ |
80,748,069 |
|
$ |
85,115,293 |
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$ |
70,360,228 |
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$ |
40,123,727 |
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$ |
276,347,317 |
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Selling, general and administrative expenses |
$ |
4,912,574 |
|
$ |
4,938,008 |
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$ |
4,191,917 |
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$ |
6,499,049 |
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$ |
20,541,548 |
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Earnings before other expense (income), interest, depreciation and amortization, impairment and taxes |
$ |
26,708,839 |
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$ |
17,513,006 |
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$ |
11,644,347 |
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$ |
7,181,636 |
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$ |
63,047,828 |
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Other expense (income) |
$ |
896,518 |
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$ |
1,195,967 |
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$ |
142,029 |
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$ |
(76,750 |
) |
$ |
2,157,764 |
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Interest income |
$ |
46,678 |
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$ |
51,564 |
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$ |
250 |
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$ |
— |
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$ |
98,492 |
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Interest expense |
$ |
1,532,394 |
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$ |
1,273,936 |
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$ |
1,376,424 |
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$ |
1,108,067 |
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$ |
5,290,821 |
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Depreciation and amortization |
$ |
17,743,210 |
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$ |
17,993,622 |
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$ |
17,959,432 |
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$ |
18,697,618 |
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$ |
72,393,882 |
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Impairment of long-lived assets |
$ |
— |
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$ |
4,470,781 |
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$ |
908,456 |
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$ |
6,745,116 |
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$ |
12,124,353 |
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Loss (income) before income taxes |
$ |
6,583,395 |
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$ |
(7,369,736 |
) |
$ |
(8,741,744 |
) |
$ |
(19,292,415 |
) |
$ |
(28,820,500 |
) |
Provision (benefit) for income taxes |
$ |
1,164,943 |
|
$ |
408,193 |
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$ |
(4,250,643 |
) |
$ |
1,088,421 |
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$ |
(1,589,086 |
) |
Net income (loss) |
$ |
5,418,452 |
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$ |
(7,777,929 |
) |
$ |
(4,491,101 |
) |
$ |
(20,380,836 |
) |
$ |
(27,231,414 |
) |
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Net loss per share (basic and diluted) (Note 10) |
$ |
0.18 |
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$ |
(0.26 |
) |
$ |
(0.15 |
) |
$ |
(0.68 |
) |
$ |
(0.91 |
) |
Weighted average number of shares outstanding (Note 10) |
30,000,000 |
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30,000,000 |
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30,000,000 |
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30,000,000 |
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30,000,000 |
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