LOSS PER SHARE

3 Months Ended

Mar. 31, 2012

LOSS PER SHARE

7.           LOSS PER SHARE

At March 31, 2012 and 2011, respectively, options to acquire 1,819,333 and 586,818 shares of Common Stock, warrants to acquire 3,230,825 and 1,280,840 shares of Common Stock and securities convertible into 712,396 and 640,000 shares of Common Stock were excluded from the calculation of diluted loss per share, as their effect would be anti-dilutive.  Loss per share for the three months ended March 31, 2012 and 2011 was calculated as follows (net loss / weighted average common shares outstanding):

	Three Months Ended
	March 31,
	2012			2011
Net loss	$	(4,713,061	)	$	(3,411,006	)
Weighted average common shares outstanding
used for basic and diluted net loss per share		24,013,386			19,141,353
Basic and diluted net loss per common share	$	(0.20	)	$	(0.18	)