Note

Net Loss per Common Share

Basic loss per

share is calculated based upon the net loss available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted loss per share is calculated after adjusting the denominator of the basic earnings per share computation for the effects of all dilutive potential common shares outstanding during the period. The dilutive effects of preferred stock, options and warrants and their equivalents are computed using the treasury stock method.

The total num

ber of shares of common stock issuable upon exercise of warrants and equity awards was

6,208,386

shares for the

three

and

nine

month periods ended

September 30, 2017.

For the

three

and

nine

month periods ended

September 30, 2017,

diluted loss per common share was the same as basic loss per common share as all options and all warrants that were exercisable into shares of the Company’s common stock were excluded from the calculation of diluted earnings attributable to common shareholders per common share as their effect would have been anti-dilutive.

For the

three

and

nine

month periods ended

September 30, 2016,

the total number of shares of common stock issuable upon exercise of warrants and equity awards was

1,353,312

shares. The Pre-funded Series B Warrants (as more fully described in Note

of these financial statements) exercisable into shares of the Company’s common stock totaling

132,142

shares was considered issued in calculating basic loss per share. For the

three

and

nine

month periods ended

September 30, 2016,

diluted loss per common share was the same as basic loss per common share as the other

1,221,168

warrants and equity awards that were exercisable into shares of the Company’s common stock were excluded from the calculation of diluted loss per common share as their effect would have been anti-dilutive.