| Earnings Per Share [Text Block] |
In accordance with ASC 260-10 (formerly SFAS 128, “Computation of Earnings per Share”), basic net income (loss) per share is computed by dividing the net income (loss) to common stockholders 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 dilutive common equivalent shares outstanding during the period. For the three and nine months ended June 30, 2011 and 2010, the Company has excluded all common equivalent shares from the calculation of diluted net loss per share as such securities are anti-dilutive.
A summary of the net income (loss) and shares used to compute net income (loss) per share for the three and nine months ended June 30, 2011 and 2010 are as follows:
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For the Three Months ended June 30,
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2011
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2010
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Net loss for computation of basic net loss per share
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$
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873,400
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$
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(1,500,200
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)
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Net loss for computation of dilutive net loss per share
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$
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873,400
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$
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(1,500,200
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)
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Basic net loss per share
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$
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0.02
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$
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(0.03
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)
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Diluted net loss per share
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$
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0.01
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$
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(0.03
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)
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Basic weighted average shares outstanding
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56,117,600
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56,023,921
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Dilutive common equivalent shares
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62,365,021
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-
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Diluted weighted average common shares
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118,482,621
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56,023,921
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For the Nine Months ended June 30,
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2011
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2010
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Net loss for computation of basic net loss per share
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$
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(6,170,400
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)
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$
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(4,753,200
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)
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Net loss for computation of dilutive net loss per share
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$
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(6,170,400
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)
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$
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(4,753,200
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)
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Basic net loss per share
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$
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(0.11
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)
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$
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(0.09
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)
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Diluted net loss per share
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$
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(0.11
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)
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$
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(0.09
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)
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Basic weighted average shares outstanding
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56,055,147
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51,028,185
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Dilutive common equivalent shares
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-
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-
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Diluted weighted average common shares
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56,055,147
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51,028,185
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Anti-dilutive common equivalent shares not included in the computation of dilutive net loss per share:
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For the Three Months ended June 30,
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2011
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2010
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Convertible debt
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-
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150,000
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Warrants
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-
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19,297,753
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Options
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-
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14,870,973
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For the Nine Months ended June 30,
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2011
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2010
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Convertible debt
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12,827,823
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50,000
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Warrants
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26,466,844
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18,904,516
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Options
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15,543,016
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9,781,463
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