Basic loss per share is computed by dividing net loss by the weighted-average number of shares of Class A and Class B Common Stock outstanding. Diluted loss per share reflects the potential dilution that could occur if the stock options to issue Common Stock were exercised. The Company had a net loss in all periods presented thus the dilutive net loss per common share is the same as the basic net loss per common share as the effect of any options or conversions is anti-dilutive.

The earnings per share amounts are the same for the different classes of Common Stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or liquidation.

The following securities outstanding at June 30, 2025 and 2024 have been excluded from the calculation of weighted average shares outstanding:


	As of June 30,
	2025		2024
Warrants		8,681,182		8,681,182
Class A Common Stock options		77,654,180		52,692,948
Restricted stock units		129,257		2,161,352
Convertible preferred stock		—		85,120,200