Note 16 - Net Loss Per Share

6 Months Ended

Jun. 30, 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 Statements 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:

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Victory Park convertible debt upon conversion to common stock (1)		65,359,776		54,674,583		65,359,776		31,807,320
Options to purchase common stock		9,849,488		2,647,500		9,590,047		9,450,308
Warrants to purchase common stock		60,000		60,000		60,000		60,000
Unvested restricted stock		40,000		-		40,000		13,481
Total		75,309,264		57,382,083		75,049,823		41,331,109

(1) Assumes conversion of principal plus accrued interest as of June 30.

Reconciliation between the number of issued shares shown on the balance sheet and the number of shares used to determine EPS at June 30, 2012 and 2011:

	June 30, 2012		June 30, 2011
Issued shares per balance sheet		95,414,927		92,681,832
Unvested restricted stock		(40,000)		(40,000	)
Treasury Stock		--		--
Shares used in determining EPS		95,374,927		92,641,832