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 June 30,				Six Months Ended June 30,
	2013		2014		2013		2014
	( Unaudited )				( Unaudited )

Numerator:
Net loss	$	(1,297,154)	$	(3,138,915)	$	(2,121,458)	$	(6,643,411)
Numerator for basic and diluted earnings per share	$	(1,297,154)	$	(3,138,915)	$	(2,121,458)	$	(6,643,411)
Denominator:
Denominator for basic and diluted earnings per share — weighted-average shares		32,798,010		38,732,793		32,797,819		38,726,196
Basic and diluted loss per share	$	(0.04)	$	(0.08)	$	(0.06)	$	(0.17)

Outstanding stock options to purchase 2,465,390 and 2,210,229 shares of Common Stock of the Company for the periods ended June 30, 2013 and 2014, respectively, were excluded from the calculation of diluted loss per share as their effect would have been antidilutive. Also excluded from the calculation were 270,000 unvested shares of restricted common stock for both of the periods ended June 30, 2013 and 2014.