NET LOSS PER COMMON SHARE

12 Months Ended

Dec. 31, 2015

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,  2015		Year ended  December 31,  2014
Denominator for basic net loss per share, weighted average shares outstanding		27,855,238		23,513,870
Dilutive effect of common stock options		N/A		N/A
Dilutive effect of Series C convertible preferred stock and convertible debt		N/A		N/A
Denominator for net loss per share, assuming dilution		27,855,238		23,513,870

Due to the net loss incurred for the years ended December 31, 2015, and December 31, 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:

	December 31,  2015		December 31,  2014
Exercise of common stock options		2,038,500		1,692,500
Exercise of common stock warrants		9,207,486		4,450,536
Conversion of Series C convertible preferred stock		2,450,980		2,828,054
Conversion of convertible debt		11,442,095		4,783,272
Total		25,139,061		13,754,362