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Per Share Information
3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Per Share Information

Note 12 - 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 March 31, 2015 and 2014, there were 125,024,890 and 116,901,296, of potentially dilutive pre-split common stock equivalents outstanding, respectively. The potentially dilutive common stock equivalents at March 31, 2015 arise from (i) the issuance on December 7, 2011 of 45,000 Series B Preferred Shares which are convertible into 15,000,000 common shares, (ii) 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 3,086 pre-split common shares, given recent market prices, and notwithstanding a restriction against owning more than 4.99% of the Company’s stock, (iii) the issuance of a note to a third party Financier, which based on a theoretical conversion at December 31, 2014 would have converted into pre-split 21,804 shares of common stock, and (iv) the issuance of a note payable to GV Global which based on hypothetical conversion at March 31, 2015 would have converted into 10,000,000 pre-split common shares, and (v) the issuance of 100,000 Series D Preferred Shares worth $120,000 to Vulcan, which given hypothetical conversion at March 31, 2015 would have converted to 100,000,000 pre-split shares. The potentially dilutive common stock equivalents at March 31, 2014 arise from (i) the issuance on December 7, 2011 of 45,000 Series B Preferred Shares which are convertible into 15,000,000 pre-split common shares, (ii) the issuance of the Rasel note which is convertible into 234,630 pre-split shares, (iii) the issuance of 10,000 Series C Preferred Shares having a stated value of $100 per share which are convertible into 18,333,333 pre-split common shares, had they been converted at or around March 31, 2014 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, which would have been convertible into pre-split 83,333,333 shares, given market prices at or around March 31, 2014, and notwithstanding a restriction against owning more than 4.99% of the Company’s 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. Share amounts are shown in pre-split amounts (prior to the reverse split in October 2014) to facilitate comparison between the periods.