| Reconciliation of Numerator and Denominator used in Basic and Diluted Computation of New Loss Per Share |
The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share: | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2015 | | 2014 | | 2015 | | 2014 | Numerator: | | | | | | | | Net loss | $ | (1,509,446 | ) | | $ | (3,388,586 | ) | | $ | (220,332 | ) | | $ | (7,213,566 | ) | Preferred stock dividends | (965,164 | ) | | (957,307 | ) | | (1,883,996 | ) | | (1,915,025 | ) | Net loss available to common shareholders | $ | (2,474,610 | ) | | $ | (4,345,893 | ) | | $ | (2,104,328 | ) | | $ | (9,128,591 | ) | | | | | | | | | Denominator: | | | | | | | | Basic weighted average shares outstanding | 82,540,600 |
| | 76,592,200 |
| | 82,515,428 |
| | 74,192,028 |
| Effect of dilutive securities | — |
| | — |
| | — |
| | — |
| Diluted weighted average shares outstanding | 82,540,600 |
| | 76,592,200 |
| | 82,515,428 |
| | 74,192,028 |
| | | | | | | | | Net income (loss) per common share: | | | | | | | | Basic | $ | (0.03 | ) | | $ | (0.06 | ) | | $ | (0.03 | ) | | $ | (0.12 | ) | Diluted | $ | (0.03 | ) | | $ | (0.06 | ) | | $ | (0.03 | ) | | $ | (0.12 | ) |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following table includes the number of common stock equivalent shares that are not included in the computation of diluted income and (loss) per share, because the inclusion of such shares would be anti-dilutive or certain performance conditions have not been achieved. | | | | | | | | June 30, | | 2015 | | 2014 | Convertible preferred stock | 53,608,855 |
| | 53,947,036 |
| Stock options and warrants | 50,000 |
| | 783,500 |
| Restricted stock | 1,796,600 |
| | 3,485,600 |
| | 55,455,455 |
| | 58,216,136 |
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