13. NET LOSS PER COMMON SHARE

12 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

13. NET LOSS PER COMMON SHARE

13. NET LOSS PER COMMON SHARE

Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. The Company’s potentially dilutive shares, which include outstanding common stock options, common stock warrants, restricted stock and shares issuable on convertible debt, have not been included in the computation of diluted net loss per share for all periods presented, as the result would be anti-dilutive. For the years presented, the gain on derivative instruments in not included in net loss available to common shareholders for purposes of computing dilutive loss per share because its effect is anti-dilutive.

The following table provides a reconciliation of the numerators and denominators of the basic and diluted per-share computations:

	2014			2013			2012
Net loss – available to
common shareholders	$	(28,483,712	)	$	(9,230,478	)	$	(17,645,930	)
Less:  Gain on derivative
Instruments		(248,767	)		(10,750,666	)		(1,911,683	)
Net loss - diluted	$	(28,732,479	)	$	(19,981,144	)	$	(19,557,613	)
Weighted average number of
shares - basic and diluted		58,804,622			30,279,442			25,183,654
Loss per share - basic	$	(0.48	)	$	(0.30	)	$	(0.70	)
Loss per share - diluted	$	(0.49	)	$	(0.66	)	$	(0.78	)

In accordance with the contingently issuable shares guidance of FASB ASC Topic 260, Earnings Per Share, the calculation of diluted net loss per share excludes 15,700,000 shares of unvested restricted stock for the year ended September 30, 2014, because their inclusion would be anti-dilutive. Also excluded from the above computations of weighted-average shares for diluted net loss per share were options and warrants to purchase approximately 40,271,000, 12,351,000 and 9,827,000 shares of common stock as of September 30, 2014, 2013 and 2012, respectively, because their inclusion would be anti-dilutive.