EARNINGS PER SHARE (EPS)

12 Months Ended

Mar. 31, 2013

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)

NOTE 17 - EARNINGS PER SHARE (EPS)

Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of dilutive potential common shares. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260.

	March 31,2013			March 31, 2012
Basic EPS
Net Loss	$	(2,411,937	)	$	(2,123,106	)
Weighted average shares	19,004,897			16,738,213
Basic Loss per share	$	(0.13	)	$	(0.13	)
Diluted EPS
Net Loss	$	(2,411,937	)	$	(2,123,106	)
Dilutive effect of convertible preferred stock, warrants and stock options	—			—
Diluted weighted average shares	19,004,897			16,738,213
Diluted Loss per share	$	(0.13	)	$	(0.13	)

All potential common share equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the period ended March 31, 2013 and 2012, there were 5,594,949 and 7,289,854, respectively, of potentially anti-dilutive stock options, warrants and convertible preferred stock, none of which were included in the EPS calculations above.