NET LOSS PER COMMON SHARE

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

NET LOSS PER COMMON SHARE

4. NET LOSS PER COMMON SHARE

The following sets forth the denominator used in the calculations of basic net loss per share and net loss per share assuming dilution:

	Year ended  December 31,  2014		Year ended  December 31,  2013
Denominator for basic net loss per share, weighted average shares outstanding		23,513,870		16,977,027
Dilutive effect of common stock options		N/A		N/A
Dilutive effect of Series C convertible preferred stock and convertible debt and warrants		N/A		N/A
Denominator for net loss per share, assuming dilution		23,513,870		16,977,027

Due to the net loss incurred for the years ended December 31, 2014, and December 31, 2013, the denominator used in the calculation of basic net loss per share was the same as that used for net loss per share, assuming dilution, since the effect of any options, convertible preferred shares, convertible debt or warrants would have been anti-dilutive.

Potentially dilutive securities outstanding are summarized as follows:

	December 31,  2014		December 31,  2013
Exercise of common stock options		1,692,500		1,372,000
Exercise of common stock warrants		4,450,536		1,313,679
Conversion of Series C convertible preferred stock		2,828,054		1,423,150
Conversion of convertible debt		4,783,272		4,321,385
Total		13,754,362		8,430,214