NET LOSS PER SHARE (RESTATED)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

NET LOSS PER SHARE (RESTATED)

NOTE 11: NET LOSS PER SHARE (RESTATED)

Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares that would have been outstanding during the period assuming the issuance of common shares for all potential dilutive common shares outstanding. Potential common shares consist of shares issuable upon the exercise of stock options and warrants. Because the inclusion of potential common shares would be anti-dilutive.

Subsequent to issuance of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission on March 16, 2017, the Company discovered an inadvertent error in the weighted average shares outstanding in the financial statements for the year ended December 31, 2016.

The Company has calculated and recognized adjustments accordingly. The following table shows the effect of the restatement on the Company’s financial statements for the year ended December 31, 2016:

	Year Ended December 31, 2016
	As Previously Reported			Restated
Weighted average common shares outstanding used to compute net loss per share, basic and diluted		2,277,775			2,947,282
Net loss per share of common stock, basic and diluted:
Net loss per share from continuing operations	$	(2.80	)	$	(2.16	)
Net loss per share	$	(2.80	)	$	(2.16	)

The following table sets forth the calculation of basic and diluted net loss per share for the years ended December 31, 2016 and 2015:

	Year Ended December 31,
	2016 (restated)			2015
Numerator
Net loss from continuing operations	$	(6,368,885	)	$	(12,758,187	)
Net loss from discontinued operations		-			(3,002,136	)
Net Loss	$	(6,368,885	)	$	(15,760,323	)
Denominator
Weighted average common shares outstanding used to compute net loss per share, basic and diluted		2,947,282			1,895,168
Net loss per share of common stock, basic and diluted:
Net loss per share from continuing operations	$	(2.16	)	$	(6.73	)
Net loss per share from discontinued operations		-			(1.58	)
Net loss per share	$	(2.16	)	$	(8.31	)

The following table sets forth the number of potential common shares excluded from the calculation of net loss per diluted share for the years ended December 31, 2016 and 2015 because the effect of them would be anti-dilutive:

	Year Ended December 31,
	2016		2015
Options to purchase common stock		378,924		240,930
Warrants to purchase common stock		402,228		402,228
Total		781,152		643,158