Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Property and Equipment

Our property and equipment is comprised of the following:

	March 31, 2014		December 31, 2013
Equipment	$	17,969	$	18,700
Machinery and equipment		9,176,689		8,803,087
Purchased software		165,205		145,622
Furniture and fixtures		-		14,599
Subtotal – property and equipment, at cost		9,359,863		8,982,008
Less accumulated depreciation		(1,337,337)		(1,082,522)
Net property and leasehold improvements	$	8,022,526	$	7,899,486

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2014:

Numerator for basic earnings per share calculation - income attributable to common shareholders	$	3,188,453
Interest on 8% convertible promissory notes		265,882
Dividends for 10% convertible preferred stock		159,797
Accretion of discount on 10% convertible preferred stock		221,386
Numerator for diluted earnings per share calculation - income attributable to common shareholders	$	3,835,518
Denominator for basic earnings per share - weighted-average shares outstanding		31,874,213
Incremental shares attributable to:
Options and warrants		13,845,932
8% convertible promissory notes		38,296,826
10% convertible preferred stock		6,946,230
Denominator for diluted earnings per share		90,963,201
Basic earnings per share	$	0.10
Diluted earnings per share	$	0.04