Net Loss Per Common Share

9 Months Ended

Sep. 30, 2015

Note C – Net Loss Per Common Share

Basic net loss per common share is calculated by dividing the net loss by the weighted average number of outstanding common shares during the period. Diluted net loss per common share includes the weighted average dilutive effect of stock options and warrants. Potential common shares outstanding as of September 30, 2015 and 2014:

	September 30, 2015		September 30, 2014
Warrants		2,385,000		3,303,000
Options		1,435,000		2,558,000

The number of securities not included in the diluted net loss per common share for the three and nine months ended September 30, 2015 and the three and nine months ended September 30, 2014 (because the effect would have been anti-dilutive) was 3,820,000 and 5,861,000, respectively.