Note 4 - Earnings/(Loss) Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 4: EARNINGS/(LOSS) PER SHARE

Basic earnings/(loss) per share were calculated using the weighted average number of shares outstanding of 91,643,746 and 90,104,659 for the three month periods ended March 31, 2015 and March 31, 2014, respectively.

The outstanding share balance as of March 31, 2015 and March 31, 2014, respectively, includes 2,506,681 and 850,007 restricted shares that have been issued but are still at risk of forfeiture as the restrictions have not lapsed.

Antidilutive shares of 83,357,382 and 82,178,428 have been omitted from the calculation of dilutive earnings/(loss) per share for the three month periods ended March 31, 2015 and March 31, 2014, respectively, as the shares were antidilutive. Provided below is the reconciliation between numerators and denominators of the basic and diluted earnings per shares. There were no differences between basic and diluted earnings per share for the three month periods ended March 31, 2015 and March 31, 2014. The table below provides a reconciliation of anti-dilutive securities outstanding as of March 31, 2015 and March 31, 2014, respectively.

Anti-Dilutive security	March 31, 2015		March 31, 2014
Preferred stock		2,750,149		2,750,149
Employee stock options		3,222,500		5,575,000
Warrants		52,263,517		48,463,517
Convertible notes		24,620,000		24,620,000
Shares issuable for accrued interest		501,216		769,762
Total		83,357,382		82,178,428

The employee stock options are exercisable at prices ranging from $0.045 to $0.50 per share. The exercise prices on the warrants range from $0.25 to $0.60 per share. Shares issuable upon conversion of Convertible Debentures have conversion prices ranging from $0.25 to $0.50 per share.

The Company’s convertible debt and convertible preferred stock have an anti-dilutive effect on net income/(loss) per share and were not included in the computation of diluted earnings per share.

For the three months ended
	March 31, 2015								March 31, 2014
	Income/(loss)			Shares		Per-share			Income/(loss)			Shares		Per-share
	numerator			denominator		amount			numerator			denominator		amount
Basic EPS	$	(2,806,044	)		91,643,746	$	(0.03	)	$	(1,559,739	)		90,104,659	$	(0.02	)
Effect of dilutive securities - none		-0-			-0-		-0-			-0-			-0-		-0-
Diluted EPS	$	(2,806,044	)		91,643,746	$	(0.03	)	$	(1,559,739	)		90,104,659	$	(0.02	)