NET LOSS PER COMMON SHARE

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

NET LOSS PER COMMON SHARE

2.    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:

	Three months ended		Three months ended
	March 31, 2015		March 31, 2014
Denominator for basic net loss per share, weighted average shares outstanding		26,767,978		20,036,240
Dilutive effect of common stock options		N/A		N/A
Dilutive effect of Series C convertible preferred stock, convertible debt and warrants		N/A		N/A
Denominator for diluted net loss per share, weighted average shares outstanding		26,767,978		20,036,240

Due to the net loss incurred for the three months ended March 31, 2015, and 2014, 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:

	March 31, 2015		March 31, 2014
Exercise of common stock options		1,742,500		1,409,000
Exercise of common stock warrants		5,727,251		2,393,891
Conversion of Series C convertible preferred stock		1,470,588		1,176,471
Conversion of convertible debt		6,306,802		4,808,776
Total		15,247,141		9,788,138