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Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2013

Net Loss Per Common Share [Abstract]

Reconciliation of Numerator and Denominator used in Basic and Diluted Computation of New Loss Per Share

The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share:

		Three Months Ended March 31,
		2013				2012
Numerator:
Net loss		$	(5,763,032	)		$	(7,332,598	)
Preferred stock dividends			(1,034,307	)			(1,105,877	)
Loss available to common shareholders		$	(6,797,339	)		$	(8,438,475	)
Denominator:
Basic weighted average shares outstanding			51,666,399				34,770,178
Effect of dilutive securities			-				-
Diluted weighted average shares outstanding			51,666,399				34,770,178
Net loss per common share:
Basic		$	(0.13	)		$	(0.24	)
Diluted		$	(0.13	)		$	(0.24	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table includes the number of common stock equivalent shares that are not included in the computation of diluted loss per share, because the Company has a net loss and the inclusion of such shares would be antidilutive or certain performance conditions have not been achieved.

		March 31,
		2013				2012
Stock options			50,000				450,000
Convertible preferred stock			58,804,748				62,989,429
Warrants			1,708,500				2,333,500
Restricted stock			4,691,200				4,710,000
			65,254,448				70,482,929

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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- Definition

Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

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