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EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Schedule of reconciliation of basic and diluted earnings per share
The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share for the six months ended June 30, 2016 and 2015: 

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Basic Earnings per Share
 
 
 
 
 
 
 
Numerator:
 
 
 
 
 
 
 
Net (loss) income available to common shareholders
$
(6,331,864
)
 
$
(445,195
)
 
$
(8,495,639
)
 
$
(17,411,650
)
Denominator:
 
 
 
 
 

 
 

Weighted-average shares outstanding
29,765,702

 
28,130,575

 
29,535,212

 
28,124,492

Basic earnings per share
$
(0.21
)
 
$
(0.02
)
 
$
(0.29
)
 
$
(0.62
)
 
 
 
 
 
 
 
 
Diluted Earnings per Share
 
 
 
 
 

 
 

Numerator:
 
 
 
 
 

 
 

Net (loss) income available to common shareholders
$
(6,331,864
)
 
$
(445,195
)
 
$
(8,495,639
)
 
$
(17,411,650
)
Denominator:
 
 
 
 
 

 
 

Weighted-average shares outstanding
29,765,702

 
28,130,575

 
29,535,212

 
28,124,492

Effect of dilutive securities
 
 
 
 
 

 
 

Stock options and warrants
—

 
—

 
—

 
—

Preferred stock
—

 
—

 
—

 
—

Diluted weighted-average shares outstanding
29,765,702

 
28,130,575

 
29,535,212

 
28,124,492

Diluted earnings per share
$
(0.21
)
 
$
(0.02
)
 
$
(0.29
)
 
$
(0.62
)