Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

v2.4.0.6
EARNINGS PER SHARE
 12 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
8.
EARNINGS PER SHARE
 
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 years ended September 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 years ended September 30, 2011 and 2010 is as follows:
 
   
2011
    
2010
  
Net loss for computation of basic net income (loss) per share
  
$
(8,866,600
)
  
$
(8,174,000
)
Net income (loss) for computation of dilutive net income (loss) per share
  
$
(8,866,600
)
  
$
(8,174,000
)
                 
Basic net income (loss) per share
  
$
(0.16
)
  
$
(0.16
)
                 
Diluted net income (loss) per share
  
$
(0.16
)
  
$
(0.16
)
                 
Basic weighted average shares outstanding
    
56,071,120
      
52,277,119
  
Dilutive common equivalent shares
    
-
      
-
  
Diluted weighted average common shares
    
56,071,120
      
52,277,119
  
                 
Anti-dilutive common equivalent shares not included in the
computation of dilutive net loss per share:
                
Convertible debt
    
14,224,146
      
214,561
  
Warrants
    
27,240,979
      
19,194,806
  
Options
    
15,644,098
      
11,242,729