2. BASIC INCOME (LOSS) PER SHARE

9 Months Ended

Nov. 30, 2014

Accounting Policies [Abstract]

2 BASIC INCOME (LOSS) PER SHARE

NOTE 2:    BASIC INCOME (LOSS) PER SHARE

Basic income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each period presented.  Diluted income (loss) per share is determined using the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents.  In periods when losses are reported, the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.  The dilutive effect of outstanding stock options and warrants is reflected in diluted earnings per share by application of the treasury stock method.

The denominator for diluted income (loss) per share for the three and nine month periods ended November 30, 2014 did not include warrants as they would have been anti-dilutive.  During the three and nine months ended November 30, 2014, 4,677,123 and  6,305,415  warrants, respectively, were excluded from diluted income (loss) per share as their inclusion would be anti-dilutive. The denominator for diluted income per share for the three and  nine month periods ended November 30, 2013 is adjusted to include the effect of warrants totaling  3,808,285 and 1,685,030, respectively.  

	For the nine months ended
	November 30,
	2014			2013
Numerator:
Net Income (Loss) available to common shareholders	$	(688,354	)	$	480,503
Weighted average shares – basic		25,898,446			25,848,628
Net income (loss) per share – basic	$	(0.03	)	$	0.02
Dilutive effect of common stock equivalents:
Warrants		-			1,685,030
Weighted average shares – diluted		25,898,446			27,533,658
Net income (loss) per share – diluted	$	(0.03	)	$	0.02

	For the three months ended
	November 30,
	2014			2013
Numerator:
Net Income (Loss) available to common shareholders	$	(283,038	)	$	197,415
Weighted average shares – basic		25,913,206			25,853,646
Net income per share – basic	$	(0.01	)	$	0.01
Dilutive effect of common stock equivalents:
Warrants		-			3,808,285
Weighted average shares – diluted		25,913,206			29,661,931
Net income  per share – diluted	$	(0.01	)	$	0.01