Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Selected Quarterly Financial Data (Unaudited) [Abstract]

Selected Quarterly Financial Data (Unaudited)

(10) Selected Quarterly Financial Data (Unaudited) (1)

	Quarter
2014		First (3)			Second			Third			Fourth (3)
Fee Income	$	308,348		$	395,619		$	452,937		$	441,895
Operating loss		(1,178,626	)		(1,150,453	)		(649,444	)		(1,470,360	)
Net loss		(1,169,985	)		(1,141,858	)		(639,806	)		(1,462,073	)
Basic and diluted net loss
per common share		(0.05	)		(0.05	)		(0.03	)		(0.06	)

	Quarter
2013	First (3)		Second		Third		Fourth (3)
Fee income	$	707,231	$	521,844	$	506,692	$	425,592
Operating loss		(1,615,420)		(826,927)		(920,670)		(2,715,742	)
Net loss		(1,607,568)		(815,771)		(911,141)		(2,706,131	)
Basic and diluted net loss
per common share (2)		(0.07)		(0.04)		(0.04)		(0.12	)

____________________  

(1)

During the year ended December 31, 2014, it was noted that the Company was applying the expected term of warrants granted in 2009 to certain consultants, rather than the contractual term, which is required by GAAP.  The result of using the expected terms of the warrants was an increase to previously reported consultant compensation charges included in Operating Expenses in the Company's Consolidated Statement of Operations. The impact of this change to the prior periods is not considered material to each of the periods presented.

(2)

Since per share information is computed independently for each quarter and the full year, based on the respective average number of common shares outstanding, the sum of the quarterly per share amounts does not necessarily equal the per share amounts for the year.

(3) The Company incurred higher costs in the first and fourth quarter of 2014 and 2013 relating primarily to: (i) $616,000 and $2,305,000 of stock and option
compensation charges in the 2014 and 2013, respectively, relating to common stock and options granted to directors, employees and consultants, and (ii) $175,000 in the first quarter of 2014
and 2013 in directors' fees, respectively.