Quarterly report pursuant to Section 13 or 15(d)

LOSS PER COMMON SHARE

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LOSS PER COMMON SHARE
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
LOSS PER COMMON SHARE

NOTE 9 – LOSS PER COMMON SHARE

 

The basic net loss per common share is calculated by dividing the Company's net loss available to common shareholders 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 shareholders 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. Common shares consisting of common stock warrants, stock options and restricted stock units totaling 8,206,032 and 12,151,590 shares as of March 31, 2022 and 2021, respectively, were excluded from the calculation of diluted net loss per share due to their antidilutive effect. There were no dilutive instruments outstanding as of March 31, 2022 or 2021.

           
    Three months ended     Three months ended  
    March 31, 2022     March 31, 2021  
             
Numerator:                
                 
Net loss   $ 8,612,344     $ 15,319,687  
                 
Denominator:                
                 
Denominator for basic and diluted net loss per common share - weighted average of common shares     21,745,089       1,992,160  
                 
Basic and diluted net loss per common share   $ (0.40 )   $ (7.69 )