Annual report pursuant to Section 13 and 15(d)

3. Loss per Share

3. Loss per Share

12 Months Ended

Dec. 31, 2016

Basic and diluted loss per share is computed by dividing (i) loss available to common stockholders, by (ii) the weighted-average number of shares of common stock outstanding during the period.

The following table sets forth the computation of the Company’s basic and diluted net loss per share during the years ended December 31, 2016 and 2015:

	Year Ended December 31,
	2016			2015
Numerator
Net loss	$	(32,613,687	)	$	(35,962,506	)
Preferred stock dividends		–			(1,627,188	)
Net loss attributable to common stockholders	$	(32,613,687	)	$	(37,589,694	)
Denominator
Basic and diluted weighted average common shares outstanding		1,080,934			415,517
Loss per share
Basic and diluted	$	(30.17	)	$	(90.46	)

For the years ended December 31, 2016 and 2015, the following outstanding securities were excluded from the calculation of diluted earnings per common share because of their anti-dilutive effects:

	For the Year Ended December 31,
	2016		2015
Warrants		1,407,647		229,952
Convertible preferred stock		3,726,667		384,680
Convertible debt		1,427,954		35,814
Stock options		709,025		60,756
		7,271,293		711,202