NET INCOME (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2016

The following table sets forth the computation of income (loss) per share:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2016		2015		2016		2015

Net income (loss)	$	(2,102,962)	$	28,503,325	$	(878,561)	$	(32,413,693)
Less: Non cash income from changes in fair value of derivative liabilities		-		-		(2,856,000)		-
Net income (loss) - diluted		(2,102,962)		28,503,325		(3,734,561)		(32,413,693)

Weighted average shares outstanding - basic		7,281,000		4,048,750		6,370,000		3,054,297
Common stock warrants		-		2,663,333		565,000		-
Common stock options		-		33,333		-		-
Weighted average shares outstanding - diluted		7,281,000		6,745,416		6,935,000		3,054,297

Net income (loss) per share data:
Basic	$	(0.29)	$	7.04	$	(0.14)	$	(10.61)
Diluted	$	(0.29)	$	4.23	$	(0.54)	$	(10.61)

Net Loss Per Share

The following securities, rounded to the thousand, were not included in the diluted net loss per share calculation because their effect was anti-dilutive for the periods presented:

	Nine Months Ended September 30,
	2016		2015
Common stock options		432,000		39,000
Common stock warrants - equity treatment		5,054,000		211,000
Common stock warrants - liability treatment		6,000		4,750,000
Potentially dilutive securities		5,492,000		5,000,000