Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2012

Net Income (Loss) Per Share [Abstract]

Net Income (Loss) Per Share

7.           Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of common and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of the common shares issuable upon the exercise of stock options and warrants. Potentially dilutive common shares are excluded from the calculation if their effect is antidilutive. At September 30, 2012 there were options and warrants to purchase 9,287,501 and 1,160,607 shares of common stock, respectively, outstanding which could potentially dilute future net income (loss) per share. At September 30, 2011 there were warrants to purchase 1,044,584 shares of common stock outstanding which could potentially dilute future net income (loss) per share.

Basic and diluted net loss per share was calculated as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2012		2011		2012		2011
Net loss	$	(525,857)	$	(551,442)	$	(1,456,624)	$	(1,136,551)
Weighted average shares outstanding - basic		41,985,950		35,949,838		41,137,769		34,351,290
Dilutive effect of stock options and warrants		-		-		-		-
Weighted average shares outstanding - diluted		41,985,950		35,949,838		41,137,769		34,351,290
Net loss per share - basic and diluted	$	(0.01)	$	(0.02)	$	(0.03)	$	(0.03)