2012

2011

Numerator:

Net Loss

$

(6,246,000

)

$

(5,483,000

)

Preferred Dividends

(640,000

)

(640,000

)

Loss Available to Common Shareholders

$

(6,886,000

)

$

(6,123,000

)

Denominator:

BASIC

Weighted average amount of shares outstanding

5,317,758

DILUTED

Weighted average amount of shares outstanding

5,317,758

Dilutive effect of assumed conversion of Preferred Stock

-

Dilutive common shares

5,317,758

Loss per share

Basic

$

(1.29

)

$

(1.15

)

Diluted

(1.29

)

(1.15

)