9.	EARNINGS (LOSS) PER SHARE - COMMON STOCK (“EPS”)

The Company’s basic EPS is calculated using net loss available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock, such as stock issuable pursuant to the exercise of stock options and warrants and the assumed conversion of convertible preferred stock.

The reconciliation of the numerator of the basic and diluted EPS calculations was as follows for both of the following

three

and

six

month periods ended

June 30, 2018

and

2017:

	Three Months ended June 30,						Six Months ended June 30,
	201 8			201 7			201 8			201 7
Basic Numerator:

Net loss	$	(1,655,465	)	$	(1,789,329	)	$	(3,847,456	)	$	(3,145,516	)
Convertible preferred stock dividends		(41,870	)		(200,625	)		(198,033	)		(401,250	)
Net loss available to common stockholders	$	(1,697,335	)	$	(1,989,954	)	$	(4,045,489	)	$	(3,546,766	)

The following table summarizes the weighted average securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the net losses for the

three

and

six

months ended

June 30, 2018

and

2017:

	Three Months ended June 30,				Six Months ended June 30,
	201 8		201 7		201 8		201 7

Preferred stock		1,200,767		5,416,667		2,853,513		5,416,667
Stock options		37,015		35,706		19,863		44,580
Warrants		-		3,004		-		3,336
Total		1,237,782		5,455,377		2,873,376		5,464,583

Items excluded from the diluted per share calculation because the exercise price was greater than the average market price of the common shares:

	Three Months ended June 30,				Six Months ended June 30,
	201 8		201 7		201 8		201 7

Stock options		1,366,467		218,761		1,445,891		218,761
Warrants		1,398,969		1,212,163		1,398,969		1,212,163
Total		2,765,436		1,430,924		2,844,860		1,430,924