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BASIS OF PRESENTATION (Tables)
 3 Months Ended
Mar. 31, 2014
BASIS OF PRESENTATION (Tables)  
Presentation of the numerators and denominators used in the calculation of basic and diluted earnings per share

The following table is a presentation of the numerators and denominators used in the calculation of basic and diluted (loss) earnings per share:

 

 

 

For the Three Months

 

 

 

Ended March 31,

 

 

 

2014

 

 

2013

 

Net loss

 

$

(2,390,493

)

 

$

(2,812,307

)

Basic weighted-average common shares outstanding

 

 

43,579,557

 

 

 

43,579,557

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Warrants

 

 

-

 

 

 

-

 

Options

 

 

-

 

 

 

-

 

Diluted weighted-average common shares outstanding

 

 

43,579,557

 

 

 

43,579,557

 

Basic loss per share

 

$

(0.05

)

 

$

(0.06

)

Diluted loss per share

 

$

(0.05

)

 

$

(0.06

)
Potential common shares were not included in the computation of diluted earnings per share

The following potential common shares were not included in the computation of diluted earnings per share as their effect would have been anti-dilutive: 

 

 

 

For the Three Months

 

 

 

Ended March 31,

 

 

 

2014

 

 

2013

 

Warrants with exercise prices of $3.00 to $3.80 per share

 

 

-

 

 

 

150,000

 

Options with an exercise price of $2.54 to $3.47 per share

 

 

-

 

 

 

25,000

 

Total

 

 

-

 

 

 

175,000