| Earnings (Loss) per Share |
(3) Earnings (Loss) per Share
Basic
earnings (loss) per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number
of common shares outstanding during the period. Diluted earnings (loss) per share is based on the weighted average number of common shares
outstanding plus, where applicable, the additional potential common shares that would have been outstanding related to dilutive options,
warrants and unvested restricted stock units to the extent such shares are dilutive.
The
following table sets forth the computation of basic and diluted earnings (loss) per share of common stock for the three and six months
ended June 30, 2023 and 2022:
Schedule
of Computation of Basic and Diluted Earnings (loss) Per Share of Common Stock
| | |
| | | |
| | | |
| | | |
| | |
| | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Basic loss per share attributable to common stock: | |
| | | |
| | | |
| | | |
| | |
| Numerator | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
$ | (3,548,629 | ) | |
$ | (2,631,777 | ) | |
$ | (7,418,859 | ) | |
$ | (6,119,558 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator | |
| | | |
| | | |
| | | |
| | |
| Weighted avg. common shares outstanding | |
| 5,234,830 | | |
| 5,234,141 | | |
| 5,234,830 | | |
| 5,228,608 | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic loss per share attributable to common stock | |
$ | (0.68 | ) | |
$ | (0.50 | ) | |
$ | (1.42 | ) | |
$ | (1.17 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Diluted loss per share attributable to common stock: | |
| | | |
| | | |
| | | |
| | |
| Numerator | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
$ | (3,548,629 | ) | |
$ | (2,631,777 | ) | |
$ | (7,418,859 | ) | |
$ | (6,119,558 | ) |
| Effect of dilutive securities on net loss: | |
| | | |
| | | |
| | | |
| | |
| Common stock warrants | |
| 27,455 | | |
| 583,445 | | |
| 125,589 | | |
| 205,457 | |
| Total net loss for purpose of calculating diluted net loss per common share | |
$ | (3,576,084 | ) | |
$ | (3,215,222 | ) | |
$ | (7,544,448 | ) | |
$ | (6,325,015 | ) |
| Denominator | |
| | | |
| | | |
| | | |
| | |
| Weighted avg. common shares outstanding | |
| 5,234,830 | | |
| 5,234,141 | | |
| 5,234,830 | | |
| 5,228,608 | |
| Weighted average effect of dilutive securities: | |
| | | |
| | | |
| | | |
| | |
| Common stock warrants | |
| - | | |
| 29,248 | | |
| - | | |
| 34,385 | |
| Total shares for purpose of calculating diluted net loss per common share | |
| 5,234,830 | | |
| 5,263,389 | | |
| 5,234,830 | | |
| 5,262,993 | |
| | |
| | | |
| | | |
| | | |
| | |
| Diluted loss per share attributable to common stock | |
$ | (0.68 | ) | |
$ | (0.61 | ) | |
$ | (1.44 | ) | |
$ | (1.20 | ) |
The
computation of diluted loss per share for the three and six months ended June 30, 2023 and 2022 does not include the following stock
options and warrants to purchase shares of common stock in the computation of diluted loss per share because these instruments were antidilutive:
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| | |
June 30, | |
| | |
2023 | | |
2022 | |
| Stock options | |
| 264,150 | | |
| 236,822 | |
| Warrants | |
| 49,433 | | |
| 49,433 | |
|