Note 16 - Net Loss Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Text Block]

NOTE P – NET LOSS PER SHARE

We compute and present both basic and diluted earnings per share (EPS) on the face of the Statement of Operations. Basic EPS is computed using the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock at the beginning of the period (or as of the date of issuance if issued in the current year) being reported on, and the effect was dilutive.

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share, as the effect would have been anti-dilutive:

	March 31,
	2012		2011
Victory Park convertible debt upon conversion to common stock (1)		62,986,376		54,651,953
Options to purchase common stock		9,994,060		9,608,200
Warrants to purchase common stock		60,000		60,000
Unvested restricted stock		40,000		30,000
		73,080,436		64,350,153

(1) Assumes conversion of principal plus accrued interest as of March 31.

Reconciliation between the number of issued shares shown on the balance sheet and the number of shares used to determine EPS at March 31, 2012 and March 31, 2011:

	2012			2011
Issued shares per balance sheet		95,374,927			92,540,982
Unvested restricted stock		(40,000	)		(30,000	)
Treasury Stock		--			(26,650	)
Shares used in determining EPS		95,334,927			92,484,332