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LOSS PER SHARE
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
NOTE 5 - LOSS PER SHARE
 
The following table presents the shares used in the basic and diluted loss per common share computations:
 
 
 
Three Months Ended September 30,
 
 
Nine Months Ended September 30,
 
 
 
2014
 
 
2013
 
 
2014
 
2013
 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss available in basic and diluted calculation
 
$
(1,115,221)
 
$
(3,974,903)
 
$
(4,468,170)
 
$
(7,251,965)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
 
 
259,899
 
 
1,821,006
 
 
2,052,709
 
 
1,687,625
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of diluted stock options and warrants (1)
 
 
-
 
 
-
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
 
 
2,984,335
 
 
1,821,006
 
 
2,967,483
 
 
1,687,625
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss per common share-basic and diluted
 
$
(0.37)
 
$
(2.18)
 
$
(1.51)
 
$
(4.30)
 
 
(1) The number of shares underlying options and warrants outstanding as of September 30, 2014 and September 30, 2013 are 945,220  and 861,287 respectively. The effect of the shares that would be issued upon exercise of such options and warrants has been excluded from the calculation of diluted loss per share because those shares are anti-dilutive.