Quarterly report pursuant to Section 13 or 15(d)

LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS

LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS

9 Months Ended

Sep. 30, 2015

LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS

NOTE 12 – LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS

The following table sets forth the computations of loss per share amounts applicable to common stockholders for the three and nine months ended August 31, 2015 and 2014. Potentially dilutive shares were excluded from the computation as of August 31, 2015 and 2014 since they would have been anti-dilutive.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Loss applicable to common stockholders	$	(6,956,926)	$	(379,498)	$	(7,506,403)	$	(791,709)

Basic and diluted loss per common share	$	(0.26)	$	(0.02)	$	(0.29)	$	(0.04)

Weighted average common shares outstanding:
Basic and diluted shares		26,300,868		21,783,591		26,027,706		20,501,232

Potentially dilutive securities (1):
Stock options (2)		1,000,000		-		1,000,000		-
Stock warrants (2)		35,000,000		-		35,000,000		-

	(1)	Excludes grants with performance conditions that have not yet been satisfied.
	(2)	The impact of the warrants and options on earnings per share is antidilutive in a period of loss.