NET LOSS PER SHARE (RESTATED)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

NET LOSS PER SHARE (RESTATED)

NOTE 10: NET LOSS PER SHARE (RESTATED)

The Company accounts for and discloses net loss per common share in accordance with FASB ASC Topic 260, Earnings Per Share. 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 for all periods presented, diluted net loss per common share is the same as basic net loss per common share.

Subsequent to issuance of the Company’s quarterly report on Form 10-Q for the three and six months ended June 30, 2016, filed with the SEC on August 12, 2016, the Company discovered an inadvertent error in the weighted average shares outstanding in the financial statements for the three and six months ended June 30, 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 three and six months ended June 30, 2016:

	Three Months Ended June 30, 2016						Six Months Ended June 30, 2016
	As Previously Reported			Restated			As Previously Reported			Restated
Weighted average common shares outstanding used to compute income (loss) per share, basic and diluted		34,550,826			38,818,069			33,058,066			37,287,800
Loss per common share - basic and diluted	$	(0.05	)	$	(0.04	)	$	(0.12	)	$	(0.11	)

The following table sets forth the number of potential common shares excluded from the calculation of net loss per diluted share for the three-months and six-months ended June 30, 2016 and 2015 because the effect of them would be anti-dilutive since the Company recorded net losses for both periods:

	Three Months Ended   June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Options to purchase common stock		5,911,359		4,312,409		5,911,359		4,312,409
Warrants to purchase common stock		6,033,426		9,644,423		6,033,426		9,644,423
Total		11,944,785		13,956,832		11,944,785		13,956,832