For the Quarter Ended

For the Quarter

Ended

March 31, 2016

March 31, 2015

Numerator:

Net loss for basic earnings per share

$

(1,149,433

)

$

(4,569,322

)

Less change in fair value of warrant liability

760,157

-

Net loss for diluted earnings per share

$

(1,909,590

)

$

(4,569,322

)

Denominator:

Weighted-average basic common shares outstanding

31,279,412

24,405,813

Assumed conversion of dilutive securities:

Common stock purchase warrants

1,321,315

-

Denominator for diluted earnings per share – adjusted weighted-average shares

32,600,727

24,405,813

Basic net loss per share

$

(0.04

)

$

(0.19

)

Diluted net loss per share

$

(0.06

)

$

(0.19

)