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Per Share Information
12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Per Share Information

Note 13 - Per Share Information

 

Loss per share

 

Basic loss per share of common stock is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share of common stock (“Diluted EPS”) is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents and convertible securities then outstanding. At December 31, 2014 and 2013, there were 19,689 (98,445,000 pre-split)and 40,410 (202,049,290 pre-split), of potentially dilutive common stock equivalents outstanding, respectively. The potentially dilutive common stock equivalents at December 31, 2014 arise from (i) the issuance on December 7, 2011 of 45,000 Series B Preferred Shares which are convertible into 3,000 (15,000,000 pre-split) common shares, (ii) the issuance of the Rasel note which is convertible into pre-split 5,932 (29,660,000 pre-split) shares, (iii) the issuance of 10,000 Series C Preferred Shares having a stated value of $100 per share, of which 700 (shares remain unconverted, which remaining unconverted shares are convertible into 723 (3,615,000 pre-split) common shares, given recent market prices, and notwithstanding a restriction against owning more than 4.99% of the Company's stock, and (iv) the issuance of a note to a third party Financier, which based on a theoretical conversion at December 31, 2014 would have converted into 2,749 (13,745,000 pre-split) shares of common stock and (iv) the issuance of a note to Blackbridge for their commitment fee, which based on a theoretical conversion at December 31, 2014 would have converted into 7,285 (36,425,000 pre-split) common shares. The potentially dilutive common stock equivalents at December 31, 2013 arise from (i) the issuance on December 7, 2011 of 45,000 Series B Preferred Shares which are convertible into 3,000 (15,000,000 post-split) common shares, (ii) the issuance of the Rasel note which is convertible into 10,034 (50,171,042 pre-split) shares, (iii) the issuance of 10,000 Series C Preferred Shares having a stated value of $100 per share, of which 8,470 shares remain unconverted, which remaining unconverted shares are convertible into 9,317 (46,585,000 pre-split) common shares, given recent market prices, and notwithstanding a restriction against owning more than 4.99% of the Company's stock, and (iv) the issuance of a $500,000 convertible note payable to Vulcan netted against the note receivable from Vulcan, which is convertible into 12,000 (60,000,000 pre-split) shares, given recent market prices, and notwithstanding a restriction against owning more than 4.99% of the Company's stock, and (iv) the issuance of a note to a third party Financier, which based on a theoretical conversion at December 31, 2013 would have converted into 6,059 (30,293,248 pre-split) shares of common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on the net loss per common share.