| Fair Value Measurements |
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Fair value of Derivative Liability – December
31, 2012 |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
199,027 |
|
|
$ |
199,027 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Fair value of Derivative Liability – December
31, 2011 |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
3,679,746 |
|
|
$ |
3,679,746 |
|
|
| Earnings (Loss) per Share |
| | |
Year | | |
Year | |
| | |
Ended | | |
Ended | |
| | |
December 31, 2012 | | |
December 31, 2011 | |
| | |
| | | |
| | |
| Numerator: | |
| | | |
| | |
| Net income (loss) | |
$ | 596,245 | | |
$ | (2,834,811 | ) |
| Interest on convertible
notes | |
| 185,798 | | |
| 191,765 | |
| Net income available
for common shareholders | |
| 782,043 | | |
| (2,643,046 | ) |
| | |
| | | |
| | |
| Denominator: | |
| | | |
| | |
| Weighted-average shares outstanding | |
| 72,655,027 | | |
| 54,257,476 | |
| Effect of dilutive securities | |
| 2,286,667 | | |
| – | |
| Weighted-average diluted shares outstanding | |
| 74,941,694 | | |
| 54,257,476 | |
| | |
| | | |
| | |
| Basic earnings (loss) per share | |
$ | 0.01 | | |
$ | (0.05 | ) |
| Diluted earnings (loss) per share | |
$ | 0.01 | | |
$ | (0.05 | ) |
|