Note 14 - Loss per share

The calculation of basic and diluted loss per share at December 31, 2017 and 2016 was based on the loss attributable to common shareholders of $5,805,326 and $3,303,538. The basic and diluted weighted average number of common shares outstanding for 2017 and 2016 was 9,494,977 and 5,430,205.

Diluted net loss per share is computed using the weighted average number of common and dilutive potential common shares outstanding during the period.

Potential common shares consist of options, warrants and unvested restricted stock. Diluted net loss per common share was the same as basic net loss per common share for the years ended December 31, 2017 and 2016 since the effect of options and warrants would be anti-dilutive due to the net loss attributable to the common shareholders. Instruments excluded from dilutive earnings per share, because their inclusion would be anti-dilutive, were as follows: incentive and award stock options – 255,000 and 259,000; unvested restricted shares of common stock – 9,166 and 18,333; warrants – 48,766,371 and - as of December 31, 2017 and 2016.