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8. Net Loss Per Share
 3 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Net Loss Per Share

 

Net loss per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s unaudited Condensed Consolidated Balance Sheet. Diluted net loss per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential common shares consist of the additional common shares issuable in respect of restricted share awards, stock options and convertible preferred stock. Preferred stock dividends are subtracted from net loss to determine the amount available to common stockholders.

 

The following table presents the computation of basic and diluted net loss per share:

 

   Three Months Ended December 31, 
   2013   2012 
         
Loss from continuing operations  $(408,158)  $(1,062,472)
Less: preferred stock dividends   (480)   (479)
Loss from continuing operations          
     applicable to common stock   (408,638)   (1,062,951)
Income (loss) from discontinued operations   –    1,963 
Net loss applicable to common stock  $(408,638)  $(1,060,988)
           
Weighted average common shares outstanding -          
   basic and diluted   10,735,676    7,961,811 
           
Earnings per share - basic and diluted:          
Loss from continuing operations  $(0.04)  $(0.13)
Discontinued operations   –    – 
Net loss  $(0.04)  $(0.13)

 

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share because the effects were anti-dilutive based on the application of the treasury stock method and because the Company incurred net losses during the period:

 

   Three Months Ended December 31, 
   2013   2012 
         
Options to purchase shares of common stock   675,000    – 
Warrants to purchase shares of common stock   2,866,506    698,904 
Series E convertible preferred stock   127,840    383,520 
Shares of non-vested restricted stock   –    789 
Total potentially dilutive shares   3,669,346    1,083,213