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BASIC AND DILUTED NET LOSS PER COMMON SHARE
 9 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

NOTE 2 — BASIC AND DILUTED NET LOSS PER COMMON SHARE

 

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed giving effect to all potentially dilutive common shares that were outstanding during the period that are not anti-dilutive. Potentially dilutive common shares consist of incremental shares issuable upon exercise of stock options and warrants or conversion of convertible preferred stock outstanding and related accrued dividends. In computing diluted net loss per share for the three and nine months ended December 31, 2012 and 2011, no adjustment has been made to the weighted average outstanding common shares as the assumed exercise of outstanding options and warrants and the assumed conversion of convertible preferred stock and related accrued dividends is anti-dilutive.

 

Potential common shares not included in calculating diluted net loss per share are as follows:

    Nine months ended  
    December 31,  
    2012     2011  
Stock options     8,120,765       6,170,599  
Warrants to purchase common stock     11,874,087       13,680,901  
Convertible preferred stock and accrued dividends     25,413,065       23,472,515  
                 
Total     45,407,917       43,324,015