Quarterly report [Sections 13 or 15(d)]

LOSS PER COMMON SHARE

v3.25.1
LOSS PER COMMON SHARE
3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
LOSS PER COMMON SHARE

NOTE 11 – LOSS PER COMMON SHARE

 

The basic net loss per common share is calculated by dividing the Company’s net loss available to common stockholders by the weighted average number of common shares during the year. The diluted net loss per common share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of common shares outstanding during the year. The diluted weighted average number of common shares outstanding is the basic weighted number of common shares adjusted for any potentially dilutive debt or equity. Diluted net loss per common share is equal to basic net loss per share due to the Company’s net loss and any potentially issuable shares are anti-dilutive.

       
    Three Months Ended   Three Months Ended
   

March 31,

2025

 

March 31,

2024

         
Numerator:                
                 
Net loss   $ (2,460,430 )   $ (26,048,044 )
                 
Denominator:     2,705,880       9,961  
                 
Denominator for basic and diluted net loss per common share - weighted average of common shares   $ (0.91 )   $ (2,615.00 )
                 
Basic and diluted net loss per common share   $ (0.91 )   $ (2,615.00 )

 

As discussed in Note 2 above, the Company received notice from DTCC on behalf of the brokerage firms that hold the shares of Company common stock held in “street name” that in connection with the foregoing rounding of shares the Company would need to issue 188,950 shares of common stock which are not included in the amounts above. These shares were issued on May 5, 2025. If these shares had been issued as of November 19, 2024 when notice from DTCC was received, the amounts for basic and diluted net loss per common share for three months ended March 31, 2025 would be as follows:

   
Denominator:        
         
Denominator for basic and diluted net loss per common share - weighted average of common shares     2,894,830  
         
Basic and diluted net loss per common share   $ (0.85 )


Common shares consisting of shares potentially dilutive as of March 31, 2025 and 2024 are as follows:

       
    March 31,
2025
  March 31,
2024
Warrants     10,383,980       18,397  
Stock options     6,284       19  
Preferred Stock           21,063  
Total     10,390,264       39,479