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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
Basic earnings per share includes no dilution and is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares outstanding for the periods presented. The calculation of basic earnings per share for the year ended December 31, 2016 includes the weighted average of common shares outstanding.  Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, stock options, warrants or convertible securities.  The calculation of diluted earnings per share for the year ended December 31, 2016 does not include options to purchase 3,063,852 shares and warrants to purchase 4,252,135 shares due to their anti-dilutive effect. In the event the Preferred B and B1 were to convert, 3,229,409 and 12,285,875 shares, respectively, of common stock would be issuable at December 31, 2016.
The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share for the years ended December 31, 2016 and 2015:
 
 
2016
 
2015
Basic Earnings per Share
 
 
 
 
Numerator:
 
 
 
 
Net income (loss) available to common shareholders
 
$
(15,537,395
)
 
$
(24,102,700
)
Denominator:
 
 

 
 

Weighted-average common shares outstanding
 
30,520,820

 
28,181,096

Basic earnings per share
 
$
(0.51
)
 
$
(0.86
)
 
 
 
 
 
Diluted Earnings per Share
 
 
 
 
Numerator:
 
 
 
 
Net income (loss) available to common shareholders
 
$
(15,537,395
)
 
$
(24,102,700
)
Denominator:
 
 

 
 

Weighted-average shares outstanding
 
30,520,820

 
28,181,096

Effect of dilutive securities
 
 
 
 
Stock options and warrants
 
—

 
—

Preferred stock
 
—

 
—

Diluted weighted-average shares outstanding
 
30,520,820

 
28,181,096

Diluted earnings (loss) per share
 
$
(0.51
)
 
$
(0.86
)