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Net Loss Per Common Share (Tables)
 9 Months Ended
Sep. 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 
 September 30,
 
Nine Months Ended 
 September 30,
 
2014
 
2013
 
2014
 
2013
Numerator:
 
 
 
 
 
 
 
Net loss
$
(1,048,758
)
 
$
(4,518,260
)
 
$
(8,262,325
)
 
$
(15,805,617
)
Preferred stock dividends
(931,680
)
 
(973,123
)
 
(2,802,769
)
 
(3,037,165
)
Loss available to common shareholders
$
(1,980,438
)
 
$
(5,491,383
)
 
$
(11,065,094
)
 
$
(18,842,782
)
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Basic weighted average shares outstanding
82,912,805

 
63,981,943

 
77,065,692

 
57,742,461

Effect of dilutive securities
—

 
—

 
—

 
—

Diluted weighted average shares outstanding
82,912,805

 
63,981,943

 
77,065,692

 
57,742,461

 
 
 
 
 
 
 
 
Net loss per common share:
 
 
 
 
 
 
 
Basic
$
(0.02
)
 
$
(0.09
)
 
$
(0.14
)
 
$
(0.33
)
Diluted
$
(0.02
)
 
$
(0.09
)
 
$
(0.14
)
 
$
(0.33
)
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.
 
 
September 30,
 
2014
 
2013
Convertible preferred stock
53,653,703

 
53,622,773

Stock Options and Warrants
583,500

 
783,500

Restricted stock
1,796,600

 
4,673,200

 
56,033,803

 
59,079,473