Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) per Common Share

v3.23.1
Earnings (Loss) per Common Share
3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings (Loss) per Common Share Earnings (Loss) per Common ShareBasic income or loss per common share is computed by dividing net income or loss by the weighted average number of common shares outstanding during the period. Diluted income or loss per common share is computed by dividing net income or loss by the weighted average number of common shares outstanding, plus the issuance of potentially dilutive common shares that could result from the exercise of outstanding stock options and warrants, vesting of restricted stock and conversion of convertible notes. No potentially dilutive common shares are included in the computation of any diluted per share amount when a loss is reported, which was the case for the three months ended March 31, 2023 and 2022. The Company applied the treasury stock method to account for the dilutive impact of its options, warrants and restricted stock units and the if-converted method for its Convertible Note.
The following table reconciles the earnings (loss) and number of common shares used to calculate basic and diluted earnings per common share attributable to the Company’s shareholders:

Three Months Ended March 31,
2023 2022
Basic earnings per common share:
Net income (loss) - basic $ (23,435) $ (10,756)
Weighted shares outstanding - basic 4,794,178  3,756,402 
Basic earnings (loss) per common share $ (4.89) $ (2.86)
Diluted earnings per common share:
Net income (loss) - basic $ (23,435) $ (10,756)
Net income (loss) - diluted $ (23,435) $ (10,756)
Weighted shares outstanding - basic 4,794,178  3,756,402 
Weighted shares outstanding - diluted 4,794,178  3,756,402 
Diluted earnings (loss) per common share $ (4.89) $ (2.86)

All potentially dilutive common shares in the following table were excluded from the computation of diluted loss per share for the three months ended March 31, 2023 and 2022 because including them would have had an anti-dilutive effect due to losses reported during those periods.

Outstanding as of March 31,
2023 2022
Convertible notes payable 260,273 382,012
Outstanding warrants 1,218,286 1,218,286
Stock options 131,141 157,285
Restricted stock units 220,865 51,414
Total anti-dilutive stock 1,830,565 1,808,997