Net Loss Per Common Share (Tables)

9 Months Ended

Sep. 30, 2015

Potentially Calculation of Diluted Net Income Per Common

the following potentially weighted average dilutive number of common stock equivalents were excluded from the calculation of diluted net income per common share because their effect was anti-dilutive for each of the periods presented:

	Quarters Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Options		867,135		576,746		822,769		406,540
Warrants		18,889,103		4,978,892		11,771,953		2,436,336
Unvested restricted stock		—		15,493		405		16,512
Convertible preferred stock		10,923,802		1,971,744		6,777,980		693,361
Total		30,680,040		7,542,875		19,373,107		3,552,749

Schedule of Earnings Per Share, Basic and Diluted

The Beneficial Conversion Feature, or BCF, recorded in both the 2015 Offering and 2014 Offering was recognized as a deemed dividend attributable to the Preferred Stock and is reflected as an adjustment in the calculation of earnings per share. In May 2015, a BCF was recognized as a return of capital from the preferred shareholders to the common shareholders attributable to the repurchase of 3,206.357 Series A-4 preferred stock and related beneficial embedded conversion feature, and is reflected as an adjustment in the calculation of earnings per share. See Note 9, Stockholders’ Equity, for further details.

	Quarters Ended September 30,				Nine months Ended September 30,
	2015		2014		2015		2014
Net loss	$	(3,203,778)	$	(1,461,713)	$	(6,478,212)	$	(4,857,021)
Deemed dividend attributable to preferred stockholders in connection with embedded beneficial conversion features		—		—		(4,140,446)		(2,955,668)
Return of capital to common shareholders attributable to the repurchase of the Series A-4 preferred shares and related embedded beneficial conversion feature		—		—		589,751		—
Net loss applicable to common stockholders	$	(3,203,778)	$	(1,461,713)	$	(10,028,907)	$	(7,812,689)
Net loss per common share applicable to common stockholders, basic and diluted	$	(0.26)	$	(0.19)	$	(1.02)	$	(1.18)
Weighted average number of common shares outstanding, basic and diluted		12,133,984		7,853,292		9,879,905		6,602,626