Note 5 - Loss Per Share

9 Months Ended

Dec. 31, 2012

Earnings Per Share [Text Block]

Note 5 – Loss Per Share

Financial Accounting Standards Board (“FASB”) ASC 260 requires presentation of basic earnings per share (“basic EPS”) and diluted earnings per share (“diluted EPS”).

The Company’s basic income (loss) per common share is based on net income (loss) for the relevant period, divided by the weighted average number of common shares outstanding during the period.  Diluted income per common share is based on net income, divided by the weighted average number of common shares outstanding during the period, including common share equivalents, such as outstanding stock options.  Diluted loss per share for the three and nine months ended December 31, 2012 does not include common stock equivalents, as these stock equivalents would be anti-dilutive.

	Three Months Ended			Three Months Ended
	December 31, 2012			December 31, 2011
Basic net income (loss) per share computation:
Net income (loss) attributable to common stockholders	$	(545,177	)	$	97,431
Weighted-average common shares outstanding		2,912,516			2,652,864
Basic net income (loss) per share attributable to        common stockholders	$	(0.19	)	$	0.04
Diluted net income (loss)  per share computation
Net income (loss) attributable to common stockholders	$	(545,177	)	$	$   97,431
Weighted-average common shares outstanding		2,912,516			2,652,864
Incremental shares attributable to the assumed exercise        of outstanding stock options		-			53,214
Total adjusted weighted-average shares		2,912,516			2,706,078
Diluted net income (loss) per share attributable to        common stockholders	$	(0.19	)	$	0.04

	Nine Months Ended			Nine Months Ended
	December 31, 2012			December 31, 2011
				(Restated)
Basic net income (loss) per share computation:
Net income (loss) attributable to common stockholders	$	(1,643,682	)	$	119,952
Weighted-average common shares outstanding		2,776,643			2,650,032
Basic net income (loss) per share attributable to       common stockholders	$	(0.59	)	$	0.05
Diluted net income (loss) per share computation
Net income (loss) attributable to common stockholders	$	(1,643,682	)	$	119,952
Weighted-average common shares outstanding		2,776,643			2,650,032
Incremental shares attributable to the assumed exercise      of outstanding stock options		-			68,688
Total adjusted weighted-average shares		2,776,643			2,718,720
Diluted net income (loss) per share attributable to       common stockholders	$	(0.59	)	$	0.04