PER SHARE INFORMATION

12 Months Ended

Mar. 31, 2016

NOTE 18 -

PER SHARE INFORMATION

Basic earnings per share of common stock (“Basic EPS”) is computed by dividing the net income(loss) by the weighted-average number of shares of common stock outstanding. Diluted earnings per share of common stock (“Diluted EPS”) is computed by dividing the net income(loss) by the weighted-average number of shares of common stock and dilutive common stock equivalents and convertible securities then outstanding. GAAP requires the presentation of both Basic EPS and Diluted EPS, if such Diluted EPS is not anti-dilutive, on the face of the Company’s Consolidated Statements of Operations. As the Company had a net loss for Fiscal Year 2016 and 2014, Diluted EPS is not presented as the effect of the Company’s common stock equivalents and convertible securities is anti-dilutive.

Basic EPS is calculated as follows:

	Fiscal Year 2016		Fiscal Year 2015		Fiscal Year 2014
Numerator
Net Income (Loss) attributable to common shareholders	$	(9,968,727)	$	28,929,674	$	(96,575,271)

Denominator
Weighted average shares of common stock outstanding		673,905,485		591,214,959		463,021,991

Net Earnings (Loss) per Share – Basic	$	(0.01)	$	0.05	$	(0.21)

Potentially dilutive securities excluded from the calculation of diluted loss per share for Fiscal 2016 and 2014
Stock Options		581,020		n/a		174,359

Convertible Preferred Mezzanine Equity		142,857,143		n/a		148,917,143

Warrants		22,926,029		n/a		15,782,718

Diluted Earnings (Loss) per share (for Fiscal 2015) is calculated as follows:

	Fiscal Year 2015
Net Income attributable to common shareholders	$	28,929,674
Adjustments to Net Income
Reversal of Change in Value of Warrant Derivatives		(18,447,573)
Reversal of Change in Value of Convertible Preferred Share Mezzanine Equity		(25,602,370)

Net loss attributable to common shareholders on a diluted basis	$	(15,120,269)

Denominator
Weighted average shares of common stock outstanding		591,214,959

Dilutive effects of convertible preferred mezzanine equity and warrants
Convertible preferred mezzanine equity		142,857,143
Warrants		22,926,029
Stock Options		581,020
Weighted average shares outstanding - diluted		757,579,152

Fully Diluted Earnings (Loss) per Share	$	(0.02)