Annual report pursuant to Section 13 and 15(d)

Basic and Diluted Net Income (Loss) Per Share (Tables)

Basic and Diluted Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Basic and Diluted Net Income (Loss)

The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share for the nine-months ended:

	Year ended December 31, 2015
	Net Loss (Numerator)			Shares (Denominator)		Per share amount
Basic loss per share	$	(4,257,875	)		66,873,761	$	(0.06	)

Effect of dilutive securities—Common stock options and warrants		-			-		-

Diluted loss per share	$	(4,257,875	)		66,873,761	$	(0.06	)

	Year ended December 31, 2014
	Net Loss (Numerator)			Shares (Denominator)		Per share amount
Basic loss per share	$	(16,994,625	)		60,225,524	$	(0.28	)

Effect of dilutive securities—Common stock options and warrants		-			-		-

Diluted loss per share	$	(16,994,625	)		60,225,524	$	(0.28	)

Schedule of Computation of Diluted Net Income (Loss) Per Share

The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for the years presented because including them would have been antidilutive for the years ended:

	December 31, 2015		December 31, 2014
Common stock options		34,167,354		26,156,553
Common stock warrants		46,445,212		28,435,782
Total common stock equivalents		80,612,566		54,592,335