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PER SHARE DATA
6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

NOTE 11—PER SHARE DATA

 

Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the year. Diluted loss per share is computed by dividing net loss by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive) related to warrants, convertible notes and convertible preferred stock.

 

The Company has excluded all common equivalent shares outstanding for warrants, convertible notes and convertible preferred stock to purchase common stock from the calculation of diluted net loss per share because all such securities are anti-dilutive for the periods presented. As of June 30, 2012, the Company had 18,302,500 warrants, 4,000,000 options, 1,156,344,007 and 77,500,000 potential shares which may be issued resulting from the provisions of convertible notes and convertible preferred stock respectively. As of December 31, 2011, the Company had 23,302,500 warrants, 4,000,000 options, 1,214,830,512 and 77,500,000 potential shares which may be issued resulting from the provisions of convertible notes and convertible preferred stock, respectively.