| Schedule of calculation of basic and diluted (loss)/earnings per share |
The Company calculates basic and diluted (loss)/earnings per share as follows:
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month period
ended June 30,
2024 |
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For the six-month period ended June 30, 2025 |
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Numerator |
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Net (loss)/income |
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(7,970,332 |
) |
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(7,970,332 |
) |
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2,588,391 |
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2,588,391 |
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Less: Cumulative dividends on Series A Perpetual Convertible Preferred Shares |
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(379,166 |
) |
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(379,166 |
) |
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(377,083 |
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(377,083 |
) |
Less: Down round deemed dividend on Series A Perpetual Convertible Preferred Shares |
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(2,862,000 |
) |
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(2,862,000 |
) |
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(1,818,000 |
) |
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(1,818,000 |
) |
Less: Undistributed earnings allocated to non-vested shares |
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— |
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— |
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(11,926 |
) |
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— |
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Change in fair value of warrants |
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— |
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— |
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— |
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(508,232 |
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Net (loss)/income attributable to common shareholders, basic and diluted |
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(11,211,498 |
) |
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(11,211,498 |
) |
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381,382 |
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(114,924 |
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Denominator |
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Weighted average number of shares outstanding, basic |
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234,474 |
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234,474 |
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733,370 |
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733,370 |
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Unexercised warrants (Note 8) |
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— |
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— |
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— |
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1,070,950 |
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Effect of dilutive shares |
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— |
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— |
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— |
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1,070,950 |
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Weighted average number of shares outstanding, diluted |
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234,474 |
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234,474 |
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733,370 |
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1,804,320 |
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(Loss)/earnings per share |
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(47.82 |
) |
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(47.82 |
) |
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0.52 |
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(0.06 |
) |
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