Note 5 - Income (Loss) Per Share

3 Months Ended

Jun. 30, 2015

Note 5 – Income (Loss) Per Share

Net income (loss) per share has been computed according to FASB ASC 260, “Earnings per Share,” which requires a dual presentation of basic and diluted income (loss) per share (“EPS”). Basic EPS represents net income (loss) divided by the weighted average number of common shares outstanding during a reporting period. Diluted EPS reflects the potential dilution that could occur if securities, including warrants and options, were converted into common stock. The dilutive effect of outstanding warrants and options is reflected in earnings per share by use of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amounts of average unrecognized compensation costs attributed to future services.

	Three Months Ended		Three Months Ended
	June 30, 2015		June 30, 2014
Basic net income (loss) per share computation:
Net income(loss)	$	279,066	$	(384,005	)
Weighted-average common shares outstanding		3,256,887		3,251,387
Basic net income (loss) per share	$	0.09	$	(0.12	)
Diluted net income (loss) per share computation
Net income (loss)	$	279,066	$	(384,005	)
Add: Change in fair value of warrants		198,000		-
Diluted income (loss)		81,066		(384,005	)
Weighted-average common shares outstanding		3,256,887		3,251,387
Incremental shares attributable to the assumed exercise of outstanding stock options and warrants		63,555		-
Total adjusted weighted-average shares		3,320,442		3,251,387
Diluted net income (loss) per share	$	0.02	$	(0.12	)

The following table summarizes securities that, if exercised, would have an anti-dilutive effect on earnings per share:

	June 30, 2015		June 30, 2014
Stock options		99,500		93,500
Warrants		147,336		297,336
		246,836		390,836