8. Net Loss per Common Share

3 Months Ended

Mar. 31, 2013

Notes to Financial Statements

NOTE 8 - Net Loss per Common Share

Basic net loss per common share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of common shares outstanding plus dilutive common stock equivalents outstanding during the period. Common stock equivalents are excluded for the three month periods ended March 31, 2013 and 2012, respectively, since the effect is anti-dilutive due to the Company’s net losses. Common stock equivalents include stock options and warrants.

Basic weighted average common shares outstanding, and the potentially dilutive securities excluded from loss per share computations because they are anti-dilutive, are as follows as of March 31, 2013 and 2012, respectively:

	Three Month Period Ended March 31,
	2013		2012
Basic and diluted weighted average common stock shares outstanding		70,035,710		69,679,854
Potentially dilutive securities excluded from loss per share computations:
Common stock options		19,873,747		18,766,977
Common stock purchase warrants		7,718,750		6,218,750