Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data (Tables)

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Selected Quarterly Financial Data (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Table Text Block]
 
 
Year Ended December 31, 2017
 
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
 
$
4,659
 
$
7,423
 
$
8,389
 
$
9,874
 
Total expenses
 
 
5,977
1
 
8,046
 
 
7,783
 
 
8,625
 
Net (loss) income
 
 
(1,318)
1
 
(623)
 
 
606
 
 
1,249
 
Less: Preferred stock dividends
 
 
-
 
 
-
 
 
(259)
 
 
(1,456)
 
Less: Net loss attributable to noncontrolling interest
 
 
-
 
 
-
 
 
34
 
 
14
 
Net (loss) income attributable to common stockholders
 
$
(1,318)
 
$
(623)
 
$
381
 
$
(193)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (loss) income attributable to common stockholders per share – basic and diluted
 
$
(0.07)
 
$
(0.04)
 
$
0.02
 
$
(0.01)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding – basic and diluted
 
 
17,606
 
 
17,644
 
 
21,523
 
 
21,631
 
 
1 In the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 that was filed with the SEC on May 11, 2017, $1.2 million of costs incurred in connection with the Company’s Revolving Credit Facility were erroneously expensed and included in the General and Administrative line item within the Company’s Consolidated Statement of Operations for the three months ended March 31, 2017. The Company corrected this error by removing the approximately $1.2 million from expense and capitalizing it as deferred financing costs on the Company’s Consolidated Balance Sheet as of June 30, 2017, which was included in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 that was filed with the SEC on August 10, 2017. Based upon evaluation and consideration of provisions under ASC Topic 250 – Accounting Changes and Error Corrections, that incorporates SEC Staff Accounting Bulletin (SAB) No. 99 - Materiality, the Company determined that the impact of the error and its subsequent correction as described above, did not have a material impact on previously issued financial statements for the quarter ended March 31, 2017. The total expense and net (loss) income lines in the table above properly reflect the adjusted amounts after correcting this item.
 
 
 
Year Ended December 31, 2016
 
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
 
$
1,314
 
$
1,771
 
$
2,002
 
$
3,123
 
Total expenses
 
 
3,261
 
 
2,265
 
 
3,985
 
 
5,053
 
Net loss
 
 
(1,947)
 
 
(494)
 
 
(1,983)
 
 
(1,930)
 
Less: Preferred stock dividends
 
 
-
 
 
-
 
 
-
 
 
-
 
Less: Net loss attributable to noncontrolling interest
 
 
-
 
 
-
 
 
-
 
 
-
 
Net loss attributable to common stockholders
 
$
(1,947)
 
$
(494)
 
$
(1,983)
 
$
(1,930)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss attributable to common stockholders per share – basic and diluted
 
$
(3.11)
 
$
(0.35)
 
$
(0.11)
 
$
(0.11)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding – basic and diluted
 
 
625
 
 
1,427
 
 
17,372
 
 
17,606