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EARNINGS (LOSS) PER SHARE
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
NOTE 6 EARNINGS (LOSS) PER SHARE

 

The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations.

 

Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. The Company had net losses for the three months and nine months ended March 31, 2013 and 2012, and the effect of including dilutive securities in the earnings per common share would have been anti-dilutive. Accordingly, all options and warrants to purchase common shares (totaling 7,768,356 potential shares at March 31, 2013) were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2013 and 2012.

  

    Three Months     Three Months  
    Ending     Ending  
Basic EPS   March 31, 2013     March 31, 2012  
Net Loss   $ (1,256,228 )     (795,141 )
Weighted Average Shares     21,936,512       18,038,323  
Basic and Diluted Loss Per Share   $ (0.06 )   $ (0.04 )