BASIC AND DILUTED LOSS PER SHARE

9 Months Ended

Sep. 30, 2013

BASIC AND DILUTED LOSS PER SHARE [Text Block]

12.      BASIC AND DILUTED LOSS PER SHARE

Basic earnings (loss) per common share is computed by dividing net earnings (loss) by the weighted average number of basic common shares outstanding during the period. Diluted earnings (loss) per share are calculated based on the weighted average number of basic common shares outstanding adjusted for the dilutive effect, if any, of stock options, warrants and other dilutive securities outstanding. Outstanding options, warrants and other dilutive securities to purchase 12,568,862 and 8,474,660 shares of common stock for the three and nine months ended September 30, 2013 and 2012, respectively, are not included in the computation of diluted earnings per share as the effect of the assumed exercise of these options and warrants, and other dilutive securities would be anti-dilutive. During the nine months ended

September 30, 2012, 15,333,350 and 40,000,000 warrants with an exercise price of $1.10 and $0.38, respectively, expired unexercised.

Components of basic and diluted loss per share were as follows:

		Three Months Ended September 30,
		2013			2012
		(unaudited)			(unaudited)
Net loss available for common stock holders	$	(2,280,098	)	$	(2,282,004	)
Weighted average basic outstanding shares of common stock		116,871,503			115,131,697
Dilutive effect of warrants and stock options		-			-
Weighted average diluted outstanding shares of common stock		116,871,503			115,131,697
Loss per share:
Basic	$	(0.02	)	$	(0.02	)
Diluted	$	(0.02	)	$	(0.02	)

		Nine Months Ended September 30,
		2013			2012
		(unaudited)			(unaudited)
Net loss available for common stock holders	$	(6,455,500	)	$	(7,187,568	)
Weighted average basic outstanding shares of common stock		116,871,503			114,695,976
Dilutive effect of warrants and stock options		-			-
Weighted average diluted outstanding shares of common stock		116,871,503			114,695,976
Loss per share:
Basic	$	(0.06	)	$	(0.06	)
Diluted	$	(0.06	)	$	(0.06	)