v3.7.0.1

2. Net Loss per Common Share

6 Months Ended

Mar. 31, 2017

Notes

2. Net Loss per Common Share

 

2.                   Net Loss per Common Share

Basic net loss per common share ("Basic EPS") is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period.

Diluted net loss per common share ("Diluted EPS") is computed by dividing net loss available to common stockholders by the sum of the weighted average number of common shares outstanding and the weighted-average dilutive potential common shares outstanding.  The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect.

Potential common shares consist of shares issuable upon the exercise of common stock warrants and options, shares issuable from restricted stock grants, and shares issuable pursuant to convertible notes and convertible Series D and Series E preferred stock.  The following table reflects the calculation of basic and diluted net loss per common share for the periods indicated:

	Three Months Ended March 31,								Six Months Ended March 31,
		2017				2016				2017				2016
Numerator:
Net loss, attributable to common stockholders	$	(4,888,965	)		$	(15,505,954	)		$	(9,277,179	)		$	(18,229,040	)
Effect of dilutive securities on net loss:
Common stock options and warrants		(63,550	)			-				-				-
Total net loss for purpose of calculating diluted net loss per common share	$	(4,952,515	)		$	(15,505,954	)		$	(9,277,179	)		$	(18,229,040	)
Number of shares used in per common share   calculations:
Total shares for purposes of calculating basic   net loss per common share		232,100				171,223				232,100				165,766
Weighted-average effect of dilutive securities:
Common stock options and warrants		281				-				-				-
Total shares for purpose of calculating diluted   net loss per common share		232,381				171,223				232,100				165,766
Net loss per common share:
Basic	$	(21.06	)		$	(90.56	)		$	(39.97	)		$	(109.97	)
Diluted	$	(21.31	)		$	(90.56	)		$	(39.97	)		$	(109.97	)

The effect of dilutive securities on the numerator for purposes of calculating diluted loss per common share is related to the convertible debt and related warrants due to the reduction of the gain on derivatives liability for warrants that were in the money.

As of March 31, 2017 and 2016, there were certain outstanding potential common shares that were not included in the computation of Diluted EPS as their effect would be anti-dilutive for the three and six months then ended.  The potential common shares outstanding consist of the following:

	Three Months Ended March 31,								Six Months Ended March 31,
		2017				2016				2017				2016
Common stock options and warrants		112,074				43,031				112,074				43,031
Series D convertible preferred stock		450				450				450				450
Series E convertible preferred stock		961				961				961				961
Convertible debt		135,417				126,262				135,417				126,262
Restricted shares of common stock		15				15				15				15
Liability to issue common stock and warrants		172,500				-				172,500				-
Total common stock equivalents		421,417				170,719				421,417				170,719

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

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