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Per Share Information
6 Months Ended
Jun. 30, 2017
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 June 30, 2017 and 2016, there were 76,157,622 and 102,353,717 of potentially dilutive post-split common stock equivalents outstanding, respectively. The potentially dilutive common stock equivalents at June 30, 2017 arise from (i) the issuance on December 7, 2011 of 45,000 Series B Preferred Shares which are convertible into 3,000 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 770 post-split common shares, given recent market prices, and notwithstanding a restriction against owning more than 4.99% of the Company’s stock, and (iii) the issuance of a note payable to GV Global which based on hypothetical conversion at June 30, 2016 would have converted into 4,037,741 post-split common shares, (iv) the issuance of 100,000 Series D Preferred Shares worth $120,000 to Vulcan, 34,000 of which have already been converted, the remainder (unconverted balance) of which given hypothetical conversion at June 30, 2017 would have converted to 66,000,000 post-split shares, and (v) the Waterford warrant on 93,750 shares. The potentially dilutive shares at June 30, 2017 also include the following shares contemplating the conversion of certain convertible notes issued in the first six months of 2017: (i) 4,261,900 shares from the issuance of a note to Guardian Patch LLC; (ii) 293,407 shares from the issuance of a note to Crown Bridge Partners; (iii) 293,407 shares from the issuance of the backend note to Crown Bridge Partners; (iv) 293,407 shares from the issuance of a note to Eagle Equities LLC; (v) 293,407 shares from the issuance of the backend note to Eagle Equities LLC; (vi) 294,523 shares from the issuance of a note to JSJ Investments, Inc., issued on or around June 7, 2017; and, (vii) 292,312 shares from the issuance of a note to JSJ Investments, Inc., issued on or around June 29, 2017.

 

The potentially dilutive common stock equivalents at June 30, 2016 arise from (i) the issuance on December 7, 2011 of 45,000 Series B Preferred Shares which are convertible into 3,000 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 770 post-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 I which based on hypothetical conversion at June 30, 2016 would have converted into 9,999,947 post-split common shares, and (iv) the issuance of 100,000 Series D Preferred Shares worth $120,000 to Vulcan, the remainder (unconverted balance)of which given hypothetical conversion at June 30, 2016 would have converted to 92,350,000 post-split shares. 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 post-split amounts to facilitate comparison between the periods.