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Net Loss Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Reconciliation of Numerator and Denominator used in Basic and Diluted Computation of New Loss Per Share
The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share:
 
 
Three Months Ended   June 30,
 
Six Months Ended   June 30,
 
2014
 
2013
 
2014
 
2013
Numerator:
 
 
 
 
 
 
 
Net loss
$
(3,388,586
)
 
$
(5,524,324
)
 
$
(7,213,566
)
 
$
(11,287,356
)
Preferred stock dividends
(957,307
)
 
(1,029,735
)
 
(1,915,025
)
 
(2,064,042
)
Loss available to common shareholders
$
(4,345,893
)
 
$
(6,554,059
)
 
$
(9,128,591
)
 
$
(13,351,398
)
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Basic weighted average shares outstanding
76,592,200

 
57,443,706

 
74,192,028

 
54,571,012

Effect of dilutive securities
—

 
—

 
—

 
—

Diluted weighted average shares outstanding
76,592,200

 
57,443,706

 
74,192,028

 
54,571,012

 
 
 
 
 
 
 
 
Net loss per common share:
 
 
 
 
 
 
 
Basic
$
(0.06
)
 
$
(0.11
)
 
$
(0.12
)
 
$
(0.24
)
Diluted
$
(0.06
)
 
$
(0.11
)
 
$
(0.12
)
 
$
(0.24
)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table includes the number of common stock equivalent shares that are not included in the computation of diluted loss per share, because the Company has a net loss and the inclusion of such shares would be antidilutive or certain performance conditions have not been achieved.
 
 
June 30,
 
2014
 
2013
Convertible preferred stock
53,820,370

 
57,992,307

Stock Options and Warrants
583,500

 
883,500

Restricted stock
1,796,600

 
4,237,000

 
56,200,470

 
63,112,807