Quarterly report pursuant to Section 13 or 15(d)

LOSS PER COMMON SHARE

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LOSS PER COMMON SHARE
6 Months Ended
Jun. 30, 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 7,724,030 shares as of June 30, 2022 were excluded from the calculation of diluted net loss per share due to their antidilutive effect. Common shares consisting of common stock warrants, stock options and restricted stock units totaling 13,289,237 and Series A and Series B preferred stock of 1,191,38 and 1,105,827, respectively, convertible into 5,743,036 shares of common stock as of June 30, 2021 and any potential shares issuable under the anti-dilution warrants discussed above were excluded from the calculation of diluted net loss per share due to their antidilutive effect.

                       
    Three months     Three months     Six months     Six months  
   

June 30,

2022

   

June 30,

2021

   

June 30,

2022

   

June 30,

2021

 
                         
Numerator:                                
                                 
Net loss   $ (9,926,462 )   $ (4,135,599 )   $ (18,538,808 )   $ (19,455,285 )
                                 
Denominator:                                
                                 
Denominator for basic and diluted net loss per common share - weighted average of common shares     24,243,189       2,065,198       23,001,040       2,028,818  
                                 
Basic and diluted net loss per common share   $ (0.41 )   $ (2.00 )   $ (0.81 )   $ (9.59 )