NET LOSS PER COMMON SHARE

9 Months Ended

Sep. 30, 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		Nine months ended		Nine months ended
	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Denominator for basic net loss per share, weighted average shares outstanding		28,370,953		24,974,613		27,673,151		22,715,940
Dilutive effect of common stock options		N/A		N/A		N/A		N/A
Dilutive effect of Series C convertible preferred stock, convertible debt and warrants		N/A		N/A		N/A		N/A
Denominator for diluted net loss per share, weighted average shares outstanding		28,370,953		24,974,613		27,673,151		22,715,940

Due to the net loss incurred for the three and nine months ended September 30, 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:

	September 30, 2015		September 30, 2014
Exercise of common stock options		2,042,500		1,692,500
Exercise of common stock warrants		7,864,013		3,398,890
Conversion of Series C convertible preferred stock		1,857,194		2,673,797
Conversion of convertible debt		9,089,153		3,171,776
Total		20,852,860		10,936,963