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Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2014
Net Income (Loss) Per Share [Abstract]  
Net Income (Loss) Per Share
12.

Net Income (Loss) Per Share

  

Basic net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) for the period by the weighted average number of common and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of the common shares issuable upon the exercise of stock options and warrants. Potentially dilutive common shares are excluded from the calculation if their effect is antidilutive. At December 31, 2014, there were options and warrants to purchase 15,425,001 and 25,572,059 shares of common stock, respectively, outstanding which could potentially dilute future net income (loss) per share. At December 31, 2014 the Company also has outstanding convertible debt which is initially convertible into 15,982,800 shares of common stock, which could potentially dilute future net income (loss) per share. The number of shares the convertible debt could be converted into could potentially increase under certain circumstances related to the market price of the Company’s common stock at the time of conversion. At December 31, 2013 basic and diluted common shares outstanding exclude 500,000 common shares that are held in escrow and subject to forfeiture. At December 31, 2013, there were options and warrants to purchase 10,330,001 and 6,119,864 shares of common stock, respectively, outstanding which could potentially dilute future net income (loss) per share. At December 31, 2013 the Company also has outstanding convertible debt which is initially convertible into 4,818,605 shares of common stock, which could potentially dilute future net income (loss) per share. The number of shares the convertible debt could be converted into could potentially increase under certain circumstances related to the market price of the Company’s common stock at the time of conversion.

 

Basic and diluted net loss per share was calculated for the years ending December 31, 2014 and 2013 as follows:

 

   2014  2013 
 Net loss $(1,537,315) $(2,163,302)
          
 Weighted average shares outstanding - basic  42,787,865   42,327,819 
 Dilutive effect of stock options and warrants  -   - 
 Weighted average shares outstanding - diluted  42,787,865   42,327,819 
          
 Net loss per share - basic and diluted $(0.04) $(0.05)