Outdoor Holding Company Reports Fourth Quarter and Fiscal Year 2026 Financial Results
Rhea-AI Summary
Outdoor Holding Company (Nasdaq: POWW, POWWP) reported Q4 fiscal 2026 revenue of $13.9 million, up 10.1% year-over-year, with gross margin of 87.6% and adjusted EBITDA of $7.7 million. Operating expenses fell to $15.1 million and loss from continuing operations narrowed to $2.7 million.
For fiscal 2026, net revenues rose to $51.1 million, adjusted EBITDA reached $22.3 million, and net loss attributable to common shareholders improved to $6.6 million. Cash and cash equivalents increased to $68.1 million, aided by positive operating cash flow, cost reductions and resolved legal matters, while the company repurchased over 500,000 shares for more than $1 million.
Positive
- Q4 2026 revenue increased 10.1% to $13.9 million year-over-year
- Fiscal 2026 adjusted EBITDA rose to $22.3 million from $15.3 million
- Operating expenses cut to $50.9 million from $102.6 million for fiscal 2026
- Cash and cash equivalents increased to $68.1 million from $30.2 million
- Quarterly GMV grew 10.1% year-over-year to approximately $229 million
- Repurchased over 500,000 shares for more than $1 million in Q4
Negative
- Q4 loss from continuing operations remained at $2.7 million
- Fiscal 2026 net loss attributable to common shareholders was $6.6 million
- Paid $4.4 million to settle the Digital Cash Processing matter
News Market Reaction – POWW
In the Jun 22 session, POWW gained 3.27%, reflecting a moderate positive market reaction. Argus tracked a peak move of +6.3% during that session. Argus tracked a trough of -12.8% from its starting point during tracking. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 20 | Earnings call notice | Neutral | +0.0% | Announced timing and access details for Q2 fiscal 2026 earnings call. |
| Aug 08 | Quarterly earnings | Positive | +1.8% | Reported post-divestiture Q1 FY26 results with higher margins and improved losses. |
| Aug 08 | Quarterly earnings | Negative | -7.1% | Q1 FY25 results showed revenue decline, margin compression and larger net loss. |
| Jul 25 | Earnings call notice | Neutral | +8.5% | Scheduled FY25 Q1 earnings call and outlined call logistics for investors. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-related headlines have historically seen share price moves that generally align with the tone of the news.
Key Terms
gross merchandise value financial
adjusted ebitda financial
material weaknesses in internal controls over financial reporting regulatory
federal firearms license regulatory
ai-powered listing tool technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Atlanta, Ga., June 22, 2026 (GLOBE NEWSWIRE) -- Outdoor Holding Company (Nasdaq: POWW, POWWP) (“OHC,” “we,” “us,” “our” or the “Company”), the owner of GunBroker.com, the largest online marketplace dedicated to firearms, hunting, shooting, and related products, today reported its financial results for its fourth fiscal quarter and year ended March 31, 2026.
Fourth Quarter Fiscal 2026 vs. Fourth Quarter Fiscal 2025
- Revenue increased
10.1% to$13.9 million from$12.6 million - Gross profit rose to
$12.2 million from$11.0 million - Gross profit margin increased slightly to
87.6% from87.5% - Operating expenses decreased to
$15.1 million from$38.0 million - Loss from continuing operations of
$(2.7) million , compared to last year’s loss from continuing operations of$(27.0) million - Net loss attributable to common shareholders of
$(1.5) million improved from$(78.3) million - Adjusted EBITDA (1) increased to
$7.7 million compared to$2.9 million in the same period last year - Grew gross merchandise value (“GMV”)
11.8% year-over-year to approximately$229 million from approximately$205 million
Fiscal 2026 vs. Fiscal 2025
- Net revenues increased
3.5% over the year to$51.1 million from$49.4 million - Gross profit rose to
$44.6 million from$42.9 million - Gross profit margin on the year increased to
87.2% from86.9% - Operating expenses decreased to
$50.9 million from$102.6 million - Loss from continuing operations of
$(4.9) million , compared to last year’s loss from continuing operations of$(65.2) million - Net loss attributable to common shareholders of
$(6.6) million improved from$(133.9) million - Adjusted EBITDA(1) increased to
$22.3 million compared to$15.3 million in the prior fiscal year
Operational Highlights
- Positive cash flow from operations for the fiscal year
- Overhauled and strengthened financial reporting infrastructure and successfully remediated all previously identified material weaknesses in internal controls over financial reporting
- Began executing on the Company’s stock repurchase program, purchasing a little over 500,000 shares for over
$1 million during the fourth quarter - Continued cost-reduction initiatives, reducing ordinary-course operating expenses by approximately
$5.4 million , including reductions in headcount, legal spend and facilities costs, while maintaining investment in core platform initiatives - Completed the integration with MasterFFL to streamline the transfer of products subject to federal firearms license (“FFL”) regulations
- Resolved significant legacy legal matters, including the
$4.4 million payment to settle the Digital Cash Processing (“DCP”) matter, to avoid additional litigation and trial costs - Continued to invest in platform enhancements and AI initiatives, including hiring a Director of AI Strategy, deploying an AI-powered listing tool in March, and continuing to identify additional areas of investment to improve customer experience
(1) Adjusted EBITDA is a non-GAAP financial measure. See the discussion and the reconciliations at the end of this release for additional information.
“Our fiscal fourth quarter capped a year of remarkable improvement across the organization,” said Steve Urvan, Chairman and CEO of Outdoor Holding Company. “We sustained operating momentum, grew profitability, and continued to generate positive cash flow by reducing costs, resolving legacy matters, and investing in GunBroker.com platform features. We continue to deliver consistent profitability and balance-sheet strength. Adjusted EBITDA improved sequentially each quarter throughout the year. Our quarterly annualized EBITDA run-rate in both the third and fourth fiscal quarters exceeded the
The Company delivered improved financial and operational performance in the fourth quarter of fiscal 2026. Year over year, net revenues increased
GunBroker.com delivered solid performance during the fourth fiscal quarter, reflecting continued engagement from both buyers and sellers and the benefits of recent platform investments.
| ● | Firearm unit sales increased over | |
| ● | Total GMV for the quarter increased | |
| ● | Take rate (net revenue as a percentage of GMV) remained relatively stable at a little over | |
| ● | Average order value grew by | |
During the quarter, the Company continued to introduce platform enhancements designed to improve marketplace efficiency and user experience. These updates included improved search relevance and filtering, expanded seller analytics and promotional capabilities, and refined buyer personalization algorithms. The Company also completed its integration with MasterFFL to streamline the transfer of products subject to FFL regulations, and deployed an AI-powered listing tool to generate standardized, marketplace-optimized product descriptions to increase conversion rates and maintain compliance. The Company continues to explore ways to reduce transaction friction and improve the experience for buyers and sellers alike.
Balance Sheet and Liquidity
The Company ended the quarter and fiscal year with
Strategy and Key Initiatives
The Company's post-divestiture strategy is focused on driving sustainable growth through operational efficiency and continuous platform innovation. Key initiatives for fiscal 2027 include expanding premium seller offerings, enhancing pricing, promotional tools and data analytics, implementing universal payments, and improving buyer engagement. Management intends to harness the power of AI and leverage the capital allocation flexibility achieved by disciplined cost management to help deliver on these initiatives, in an effort to position the Company to capture incremental market share and deliver durable profitability over time.
Discontinued Operations
As previously disclosed, in April 2025, the Company completed the sale of all assets of its business of designing, manufacturing, marketing, distributing and selling ammunition and ammunition components, along with certain related assets and liabilities (the “Transaction”), which previously comprised the Company’s Ammunition segment. Following the Transaction, the Company continues to operate its online e-commerce marketplace business GunBroker.com.
For the purposes of this earnings release and the financial information provided herein, the results of the Ammunition segment are presented as discontinued operations in the consolidated statements of operations for all periods presented. Prior periods have been adjusted to conform to the current presentation. The assets and liabilities of the Ammunition segment have been reflected as assets and liabilities of discontinued operations in the consolidated balance sheets for all periods presented.
Conference Call
Management will host a conference call at 9:00 AM ET on June 22, 2026 to review financial results and provide an update on corporate developments. Following management’s formal remarks there will be a question-and-answer session.
The conference call will primarily be available through a live webcast at the following link: https://events.q4inc.com/attendee/339194298, which is also available through the Company’s website. The recording of the webcast will be posted on the Company’s website after the call is completed.
Those without internet access may dial in by calling (855) 761-5600 (domestic) or 1(646) 307-1097 (international). Please join at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. When requested, please ask for the “Outdoor Holding Company Conference Call” or reference Conference ID #: 2981188.
About Outdoor Holding Company
Outdoor Holding Company is the publicly traded parent and operator of GunBroker.com, the largest online marketplace dedicated to firearms, hunting, shooting and related products. Third-party sellers list items on the site and federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed by using licensed firearms dealers as transfer agents. Launched in 1999, the GunBroker.com website is an informative, secure and safe way to buy and sell firearms, ammunition, shooting accessories and outdoor gear online. GunBroker promotes responsible ownership of guns and firearms. For more information, visit: www.gunbroker.com.
Cautionary Statement Concerning Forward-Looking Statements
Statements contained or incorporated by reference in this press release that are not historical are considered “forward-looking statements” within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, among others, statements about the Company’s ability to unlock post-divestiture efficiencies, the Company’s expected legal and other professional services expenses, the Company’s business strategy, plans, objectives, expectations and intentions, the Company’s anticipated future operating results and operating expenses, cash flow, capital resources, dividends and liquidity, the Company’s future expansion or growth plans and potential for future growth, including its plan to expand its e-commerce platform, the Company’s ability to attract new customers, the Company’s ongoing evaluation of strategic opportunities, and other statements that are not historical facts. Instead, they are based only on Company management’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause actual results to differ materially from those described in forward-looking statements include, but are not limited to, the Company’s ability to maintain and expand its e-commerce business, the Company’s ability to introduce new features on its e-commerce platform that match consumer preferences, the Company’s ability to retain and grow its customer base, the impact of lawsuits, including securities class action lawsuits, stockholder derivative suits and enforcement actions by regulatory authorities, the impact of adverse economic market conditions, including from social and political factors, and the occurrence of any other event, change or other circumstances that could give rise to impacts on operating results. Therefore, investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2026, filed with the Securities and Exchange Commission (“SEC”) on June 22, 2026, and additional disclosures the Company makes in its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Forward-looking statements are made as of the date of this press release, and except as required by law, the Company expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Contacts
For investors:
Darrow Associates
Phone: (917) 886-9071
IR@outdoorholding.com
Source: Outdoor Holding Company
OUTDOOR HOLDING COMPANY
NON-GAAP FINANCIAL MEASURES (Unaudited)
To supplement the Company’s financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present a non-GAAP financial measure in this press release, Adjusted EBITDA. We analyze operational and financial data to evaluate our business, allocate our resources, and assess our performance. In addition to total net sales, net loss, and other results under GAAP, the following information includes key operating metrics and non-GAAP financial measures that we use to evaluate our business. We believe that these measures are useful for period-to-period comparisons of the Company’s performance. We have included these non-GAAP financial measures in this press release because they are key measures management uses to evaluate our operational performance, produce future strategies for our operations, and make strategic decisions, including those relating to operating expenses and the allocation of our resources. Accordingly, we believe that these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. The Adjusted EBITDA reconciliation presented below begins with loss from continuing operations, which the Company believes is the most directly comparable GAAP financial measure. This reconciliation is consistent with the presentation in the Company’s first and second quarter fiscal 2026 earnings releases. In the third quarter fiscal 2026 earnings release, the Company presented the reconciliation beginning with net loss before discontinued operations and included the preferred stock dividend as a reconciling item. The Company has reverted to the prior presentation for clarity and consistency, as the preferred stock dividend does not impact Adjusted EBITDA under any period’s calculation. The definition of Adjusted EBITDA has not changed.
Adjusted EBITDA
| For the Three Months Ended March 31, | For the Year Ended March 31, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Reconciliation of GAAP net loss from continuing operations to Adjusted EBITDA | ||||||||||||||||
| Net loss from continuing operations | $ | (2,717,977 | ) | $ | (26,961,518 | ) | $ | (4,945,592 | ) | $ | (65,221,463 | ) | ||||
| Provision for income taxes | 49,537 | 317,891 | 49,537 | 6,286,305 | ||||||||||||
| Depreciation and amortization | 3,677,479 | 3,457,661 | 14,396,813 | 13,589,698 | ||||||||||||
| Interest expense, net | 245,865 | (54,229 | ) | 1,769,656 | 82,173 | |||||||||||
| Stock based compensation | 249,806 | 811,070 | 1,507,266 | 4,474,516 | ||||||||||||
| Other income (expense), net | (531,992 | ) | (243,503 | ) | (2,364,142 | ) | (860,293 | ) | ||||||||
| Acquisition and divestitures | — | 1,194,763 | 108,748 | 1,493,069 | ||||||||||||
| Special Committee Investigation and restatement | (20,000 | ) | 3,090,806 | 1,517,158 | 8,639,147 | |||||||||||
| SEC Investigation | 1,247,379 | 1,629,455 | 74,782 | 9,923,892 | ||||||||||||
| Delaware Litigation legal and professional fees | — | 1,609,575 | 1,641,915 | 4,480,193 | ||||||||||||
| Delaware Litigation settlement contingency | — | 18,076,226 | — | 29,067,229 | ||||||||||||
| Corporate restructuring costs | 903,884 | — | 2,995,460 | — | ||||||||||||
| Gain on extinguishment of debt | — | — | (801,894 | ) | — | |||||||||||
| Other nonrecurring expenses¹ | 4,600,000 | — | 6,350,000 | 3,298,399 | ||||||||||||
| Adjusted EBITDA | $ | 7,703,981 | $ | 2,928,197 | $ | 22,299,707 | $ | 15,252,865 | ||||||||
| 1 | For the three months ended March 31, 2026, other nonrecurring expenses consisted of |
Adjusted EBITDA is a non-GAAP financial measure that displays our net loss from continuing operations (the most directly comparable financial measure prepared in accordance with GAAP), adjusted to eliminate the effect of certain items described below. We defined Adjusted EBITDA as net income (loss) from continuing operations excluding (i) provision or benefit for income taxes, (ii) depreciation and amortization, (iii) interest expense, (iv) stock-based compensation expenses relating to stock awards and common stock purchase options, (v) interest and other income, (vi) expenses related to acquisition and divestitures, (vii) gain on extinguishment of debt, (viii) professional service and legal fees related to an investigation conducted by a special committee of the Board of Directors (the “Special Committee Investigation”), an investigation by the SEC (“the SEC Investigation”) and the now-settled lawsuit related to the GunBroker acquisition (the “Delaware Litigation”) and (ix) other nonrecurring expenses, such as contingencies associated with litigation or settlements and corporate restructuring costs related to headcount reductions, severance, and expense consolidation.
We believe that it is useful to exclude these expenses because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. Non-GAAP financial measures have limitations, should be considered as supplemental in nature and are not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:
- stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense for the Company and an important part of our compensation strategy;
- the assets being depreciated or amortized may have to be replaced in the future, and the non-GAAP financial measures do not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or other capital commitments;
- non-GAAP measures do not reflect changes in, or cash requirements for, our working capital needs; and
- other companies, including companies in our industry, may calculate their non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.
Because of these limitations, you should consider the non-GAAP financial measures alongside other financial performance measures, including our net income (loss) from continuing operations and our other financial results presented in accordance with GAAP.
OUTDOOR HOLDING COMPANY
ADJUSTED EBITDA PER SHARE (Unaudited)
| For the Three Months Ended March 31, | For the Year Ended March 31, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Reconciliation of GAAP loss from continuing operations to Adjusted EBITDA | ||||||||||||||||
| Net loss from continuing operations | $ | (0.02 | ) | $ | (0.23 | ) | $ | (0.04 | ) | $ | (0.55 | ) | ||||
| Provision for income taxes | 0.00 | 0.00 | 0.00 | 0.05 | ||||||||||||
| Depreciation and amortization | 0.03 | 0.03 | 0.12 | 0.12 | ||||||||||||
| Interest expense, net | 0.00 | (0.00 | ) | 0.02 | 0.00 | |||||||||||
| Stock based compensation | 0.00 | 0.01 | 0.01 | 0.04 | ||||||||||||
| Other income (expense), net | (0.00 | ) | (0.00 | ) | (0.02 | ) | (0.01 | ) | ||||||||
| Acquisitions and divestitures | — | 0.01 | 0.00 | 0.01 | ||||||||||||
| Special Committee Investigation and restatement | (0.00 | ) | 0.03 | 0.01 | 0.07 | |||||||||||
| SEC Investigation | 0.01 | 0.01 | 0.00 | 0.08 | ||||||||||||
| Delaware Litigation legal and professional fees | — | 0.01 | 0.01 | 0.04 | ||||||||||||
| Delaware Litigation settlement contingency | — | 0.16 | — | 0.25 | ||||||||||||
| Corporate restructuring costs | 0.01 | — | 0.03 | — | ||||||||||||
| Gain on extinguishment of debt | — | — | (0.01 | ) | — | |||||||||||
| Other nonrecurring expenses | 0.04 | — | 0.05 | 0.03 | ||||||||||||
| Adjusted EBITDA | $ | 0.07 | $ | 0.03 | $ | 0.19 | $ | 0.13 | ||||||||
Diluted Loss Per Share — Continuing Operations
| For the Three Months Ended March 31, | For the Year Ended March 31, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Total diluted loss before discontinued operations, net of tax | $ | (0.03 | ) | $ | (0.24 | ) | $ | (0.06 | ) | $ | (0.58 | ) | ||||
| Preferred stock dividend | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.03 | ) | ||||||||
| Total diluted loss from continuing operations | $ | (0.02 | ) | $ | (0.23 | ) | $ | (0.04 | ) | $ | (0.55 | ) | ||||
Weighted Average Shares Outstanding
| For the Three Months Ended March 31, | For the Year Ended March 31, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Weighted average number of shares outstanding | ||||||||||||||||
| Basic | 117,229,844 | 116,511,247 | 117,095,850 | 117,642,232 | ||||||||||||
| Diluted | 117,229,844 | 116,511,247 | 117,095,850 | 117,642,232 | ||||||||||||
OUTDOOR HOLDING COMPANY
CONSOLIDATED BALANCE SHEETS
| March 31, 2026 | March 31, 2025 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 68,103,395 | $ | 30,227,796 | ||||
| Accounts receivable, net of allowance for credit losses of | 10,361,158 | 10,189,011 | ||||||
| Prepaid expenses and other current assets | 3,523,921 | 1,233,611 | ||||||
| Current assets held for sale | — | 30,497,720 | ||||||
| Total Current Assets | 81,988,474 | 72,148,138 | ||||||
| Property and equipment, net | 6,927,868 | 6,477,684 | ||||||
| Other Assets: | ||||||||
| Other noncurrent assets | 465,247 | 83,278 | ||||||
| Other intangible assets, net | 86,890,053 | 98,891,767 | ||||||
| Goodwill | 90,870,094 | 90,870,094 | ||||||
| Right of use assets - operating leases | 342,034 | 1,466,026 | ||||||
| Noncurrent assets held for sale | — | 27,392,642 | ||||||
| TOTAL ASSETS | $ | 267,483,770 | $ | 297,329,629 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 15,743,606 | $ | 18,079,577 | ||||
| Accrued liabilities | 4,241,349 | 37,413,636 | ||||||
| Current portion of operating lease liability | 515,579 | 519,522 | ||||||
| Note payable - related parties, current maturities | 220,000 | — | ||||||
| Current liabilities held for sale | — | 6,080,182 | ||||||
| Total Current Liabilities | 20,720,534 | 62,092,917 | ||||||
| Long-term Liabilities: | ||||||||
| Notes payable - related parties, net of | 9,816,229 | — | ||||||
| Income tax payable | — | 1,609,520 | ||||||
| Operating lease liability, net of current portion | 616,904 | 1,035,813 | ||||||
| Other noncurrent liabilities | 1,375,000 | — | ||||||
| Noncurrent liabilities held for sale | — | 10,564,816 | ||||||
| Total Liabilities | 32,528,667 | 75,303,066 | ||||||
| Contingencies (Note 14) | ||||||||
| Shareholders’ Equity: | ||||||||
| Series A cumulative perpetual preferred stock | 1,400 | 1,400 | ||||||
| Common stock, | 116,905 | 116,816 | ||||||
| Additional paid-in capital | 454,877,083 | 434,335,782 | ||||||
| Accumulated deficit | (210,453,668 | ) | (203,862,034 | ) | ||||
| Treasury stock, at cost | (9,586,617 | ) | (8,565,401 | ) | ||||
| Total Shareholders’ Equity | 234,955,103 | 222,026,563 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 267,483,770 | $ | 297,329,629 | ||||
OUTDOOR HOLDING COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
| For the Three Months Ended March 31, | For the Year Ended March 31, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net revenues | $ | 13,889,393 | $ | 12,614,668 | $ | 51,125,398 | $ | 49,401,547 | ||||||||
| Cost of revenues | 1,728,199 | 1,582,159 | 6,524,437 | 6,468,031 | ||||||||||||
| Gross Profit | 12,161,194 | 11,032,509 | 44,600,961 | 42,933,516 | ||||||||||||
| Operating Expenses | ||||||||||||||||
| Selling and marketing | 401,559 | 370,557 | 550,333 | 610,926 | ||||||||||||
| Corporate general and administrative | 9,305,905 | 29,700,218 | 22,674,572 | 70,594,542 | ||||||||||||
| Employee salaries and related expenses | 1,730,818 | 4,445,432 | 13,271,678 | 17,851,628 | ||||||||||||
| Depreciation and amortization expense | 3,677,479 | 3,457,661 | 14,396,813 | 13,589,698 | ||||||||||||
| Total operating expenses | 15,115,761 | 37,973,868 | 50,893,396 | 102,646,794 | ||||||||||||
| Loss from operations | (2,954,567 | ) | (26,941,359 | ) | (6,292,435 | ) | (59,713,278 | ) | ||||||||
| Other Income (Expense) | ||||||||||||||||
| Interest and other income | 531,992 | 243,503 | 2,364,142 | 860,293 | ||||||||||||
| Gain on extinguishment of debt | — | — | 801,894 | — | ||||||||||||
| Interest expense | (245,865 | ) | 54,229 | (1,769,656 | ) | (82,173 | ) | |||||||||
| Total other income, net | 286,127 | 297,732 | 1,396,380 | 778,120 | ||||||||||||
| Loss before income taxes from continuing operations | (2,668,440 | ) | (26,643,627 | ) | (4,896,055 | ) | (58,935,158 | ) | ||||||||
| Provision for income taxes | 49,537 | 317,891 | 49,537 | 6,286,305 | ||||||||||||
| Loss from continuing operations | (2,717,977 | ) | (26,961,518 | ) | (4,945,592 | ) | (65,221,463 | ) | ||||||||
| Preferred stock dividend | (765,625 | ) | (765,625 | ) | (3,053,993 | ) | (3,105,036 | ) | ||||||||
| Net loss before discontinued operations, net of tax | (3,483,602 | ) | (27,727,143 | ) | (7,999,585 | ) | (68,326,499 | ) | ||||||||
| Income (loss) from discontinued operations, net of tax | 2,003,585 | (50,555,212 | ) | 1,407,951 | (65,612,137 | ) | ||||||||||
| Net loss attributable to common stock shareholders | $ | (1,480,017 | ) | $ | (78,282,355 | ) | $ | (6,591,634 | ) | $ | (133,938,636 | ) | ||||
| Basic income (loss) per share of common stock: | ||||||||||||||||
| Continuing operations | $ | (0.03 | ) | $ | (0.24 | ) | $ | (0.06 | ) | $ | (0.58 | ) | ||||
| Discontinued operations | 0.02 | (0.43 | ) | 0.01 | (0.56 | ) | ||||||||||
| Total basic loss per share of common stock | $ | (0.01 | ) | $ | (0.67 | ) | $ | (0.05 | ) | $ | (1.14 | ) | ||||
| Diluted income (loss) per share of common stock: | ||||||||||||||||
| Continuing operations | $ | (0.03 | ) | $ | (0.24 | ) | $ | (0.06 | ) | $ | (0.58 | ) | ||||
| Discontinued operations | 0.02 | (0.43 | ) | 0.01 | (0.56 | ) | ||||||||||
| Total diluted loss per share of common stock | $ | (0.01 | ) | $ | (0.67 | ) | $ | (0.05 | ) | $ | (1.14 | ) | ||||
| Weighted average number of shares outstanding: | ||||||||||||||||
| Basic | 117,229,844 | 116,511,247 | 117,095,850 | 117,642,232 | ||||||||||||
| Diluted | 117,229,844 | 116,511,247 | 117,095,850 | 117,642,232 | ||||||||||||
