For the Three
Months Ended
March 31,
2016

For the Three
Months Ended
March 31,
2015

Loss per Share - Basic

Numerator for basic loss per share

$

(6,408,491

)

$

(3,141,706

)

Denominator for basic loss per share

13,444,500

12,828,124

Loss per common share - basic

$

(0.48

)

$

(0.24

)

Loss per Share - Diluted

Numerator for basic loss per share

$

(6,408,491

)

$

(3,141,706

)

Adjust: Change in Fair Value of Warrant Liability

—

(1,092,058

)

Adjust: Change in Fair Value Warrant Derivative Liability

—

84,895

Numerator for dilutive loss per share

$

(6,408,491

)

$

(4,148,869

)

Denominator for basic loss per share

13,444,500

12,828,124

Plus: Incremental shares underlying “in the money” warrants outstanding

—

258,166

Denominator for dilutive loss per share

13,444,500

13,086,290

Loss per common share - diluted

$

(0.48

)

$

(0.32

)