Quarterly report pursuant to Section 13 or 15(d)

NET LOSS PER SHARE

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NET LOSS PER SHARE
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

7.   NET LOSS PER SHARE

 

Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss, as adjusted, by the sum of the weighted average number of shares of common stock and the dilutive potential common stock equivalents then outstanding.  Potential common stock equivalents consist of stock options and convertible debt.  Since there is a net loss attributable to common stockholders for the three and nine months ended September 30, 2012 and 2011, the inclusion of common stock equivalents in the computation for those periods would be antidilutive. Accordingly, basic and diluted net loss per share is the same for all periods presented.

 

The following potentially dilutive securities have been excluded from the computation of diluted net loss per share since their inclusion would be antidilutive:

 

    Three Months Ended
September 30,		     Nine Months Ended
September 30,		     Cumulative
Development-
Stage Period from
November 7, 2002
(inception)
through
September 30,		  
    2012     2011     2012     2011     2012  
Warrants     23,767,459       7,327,322       23,767,459       7,327,322       23,767,459  
Stock options     4,675,754       3,632,638       4,675,754       3,632,638       4,675,754