Quarterly report pursuant to Section 13 or 15(d)

Earnings/(Loss) Per Share

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Earnings/(Loss) Per Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings/(Loss) Per Share
Note 13 – Earnings/(Loss) per share
 
The calculation of basic and diluted earnings/(loss) per share for the three months ended March 31, 2014 and 2013 was based on a loss of $595,600 and income of $60,368 attributable to common shareholders, respectively.
 
Diluted earnings/(loss) per share is computed using the weighted average number of common and dilutive potential common shares outstanding during the period. The basic and diluted weighted average number of common shares outstanding for the three months ended March 31, 2014 and 2013 was 4,197,937 and 1,278,948.
 
Potential common shares consist of options and warrants. Diluted net loss per common share was the same as basic loss per common share for the three months ended March 31, 2014 since the effect of options and warrants would be anti-dilutive due to the net loss attributable to the common shareholders for the period. Instruments excluded from dilutive earnings per share, because their inclusion would be anti-dilutive, were 1,989 units of warrants. Diluted earnings per common share was the same as basic earnings per common share for the three months ended March 31, 2013 as the average market price of the common share during this period is lower than the exercise price of the potential common shares.