4. Loss Per Share

The Company calculates net loss per share in accordance with ASC 260, Earnings Per Share. Under the provisions of ASC 260, basic net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and dilutive common stock equivalents then outstanding. Common stock equivalents consist of shares of common stock issuable upon the exercise of stock options and warrants.

The following table sets forth the computation for basic and diluted loss per share:

	Three Months Ended March 31,
	2012			2013
	(Unaudited)			(Unaudited)
Numerator:
Net loss	$	(3,124,589	)	$	(824,304	)
Numerator for basic and diluted earnings per share	$	(3,124,589	)	$	(824,304	)
Denominator:
Denominator for basic and diluted earnings per share - weighted-average shares outstanding		22,948,916			32,797,625
Basic and diluted loss per share	$	(0.14	)	$	(0.03	)

Outstanding stock options and warrants to purchase 1,777,099 and 1,711,643 shares for the periods ended March 31, 2012 and 2013, respectively, were excluded from the calculation of diluted loss per share as their effect would have been antidilutive.