| Reconciliation of Numerator and Denominator used in Basic and Diluted Computation of New Loss Per Share |
| | | Three Months Ended September 30, | | | Nine Months Ended September 30, | | | | | 2012 | | | 2011 | | | 2012 | | | 2011 | | | Numerator: | | | | | | | | | | | | | | Net loss | | $ | (8,994,179 | ) | | $ | (1,974,414 | ) | | $ | (25,307,122 | ) | | $ | (9,103,502 | ) | | Preferred stock dividends | | | (1,092,513 | ) | | | (1,156,150 | ) | | | (3,300,788 | ) | | | (3,585,929 | ) | | Loss available to common shareholders | | $ | (10,086,692 | ) | | $ | (3,130,564 | ) | | $ | (28,607,910 | ) | | $ | (12,689,431 | ) | | | | | | | | | | | | | | | | | | | | Denominator: | | | | | | | | | | | | | | | | | | Basic weighted average shares outstanding | | $ | 41,562,121 | | | $ | 25,306,243 | | | $ | 38,622,647 | | | $ | 23,400,424 | | | Effect of dilutive securities | | | - | | | | - | | | | - | | | | - | | | Diluted weighted average shares outstanding | | | 41,562,121 | | | | 25,306,243 | | | | 38,622,647 | | | | 23,400,424 | | | | | | | | | | | | | | | | | | | | | Net loss per common share: | | | | | | | | | | | | | | | | | | Basic | | $ | (0.24 | ) | | $ | (0.12 | ) | | $ | (0.74 | ) | | $ | (0.54 | ) | | Diluted | | $ | (0.24 | ) | | $ | (0.12 | ) | | $ | (0.74 | ) | | $ | (0.54 | ) | |
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
| | | September 30, | | | | | 2012 | | | 2011 | | | Convertible preferred stock | | | 60,276,610 | | | | 62,621,580 | | | Stock options | | | 450,000 | | | | 450,000 | | | Warrants | | | 2,333,500 | | | | 2,333,500 | | | Restricted stock | | | 5,956,000 | | | | - | | | | | | 69,016,110 | | | | 65,405,080 | | |