Note 4 - Earnings (Loss) Per Share

6 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

4.            Earnings (Loss) Per Share

Earnings (loss) per common share (“EPS”) is calculated for basic EPS by dividing net income (loss) available to common stockholders by the weighted average number of vested common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unconverted or unexercised financial instruments. Potentially dilutive instruments include warrants, restricted stock awards and preferred stock.

The basic loss attributable to common stockholders was computed as follows:

	Three Months Ended September 30,						Six Months Ended September 30,
	2013			2012			2013			2012
Net loss	$	(1,508,271	)	$	(1,769,091	)	$	(2,566,745	)	$	(2,762,728	)
Cumulative dividends		(75,000	)		(7,500	)		(150,000	)		(15,000	)
Net loss attributable to common shareholders	$	(1,583,271	)	$	(1,776,591	)	$	(2,716,745	)	$	(2,777,728	)

There were no dilutive instruments as of September 30, 2013 or 2012 due to the recognition of a net loss for the three and six month periods then ended. The weighted average shares outstanding were 13,508,252 for both the three and six months ended September 30, 2013. The weighted average shares outstanding were 8,988,252 and 8,983,279 for the three and six months ended September 30, 2012.