NET LOSS PER COMMON SHARE

6 Months Ended

Jun. 30, 2016

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		Six months ended		Six months ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Denominator for basic net loss per share, weighted average shares outstanding		28,753,289		27,862,908		28,639,424		27,318,467
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		28,753,289		27,862,908		28,639,424		27,318,467

Due to the net loss incurred for the three and six months ended June 30, 2016, and June 30, 2015, 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:

	June 30,2016		June 30, 2015
Exercise of common stock options		1,698,500		1,742,500
Exercise of common stock warrants		12,213,276		6,452,248
Conversion of Series C convertible preferred stock		1,982,816		1,329,646
Conversion of convertible debt		18,500,915		6,305,390
Total		34,395,507		15,829,784