Quarterly report pursuant to Section 13 or 15(d)

LOSS PER COMMON SHARE

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LOSS PER COMMON SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
LOSS PER COMMON SHARE

NOTE 10 – 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     Nine Months Ended     Nine Months Ended  
   

September 30,

2022

    

September 30,

2021

    

September 30,

2022

    

September 30,

2021

  
                         
Numerator:                                
                                 
Net loss   $ (7,899,184 )   $ (5,890,555 )   $ (26,437,991 )   $ (25,345,840 )
                                 
Denominator:                                
                                 
Denominator for basic and diluted net loss per common share - weighted average of common shares     24,345,221       2,303,508       23,454,024       2,121,129  
                                 
Basic and diluted net loss per common share   $ (0.32 )   $ (2.55 )   $ (1.13 )   $ (11.95 )

 

Common shares consisting of shares potentially dilutive as of September 30, 2022 and 2021 are as follows:

 

               
    2022     2021  
Series A preferred stock (number of common shares convertible to)   $ –     $ 2,978,588  
Series B preferred stock (number of common shares convertible to)     –       2,764,587  
Convertible Notes     12,077,295       –  
Warrants     15,085,618       11,578,642  
Stock options     3,407,831       1,674,250  
Restricted stock units     150,000       450,000  
Total   $ 30,720,744     $ 19,446,067  

 

Any potential shares issuable under the anti-dilution warrants discussed in Note 8 above were excluded from the calculation of diluted net loss per share due to their antidilutive effect.