5. Earnings Per Share

The Company’s computation of earnings (loss) per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) attributable to holders of the Common Stockholders divided by the weighted average of the common shares outstanding for the period. Diluted EPS is like basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., preferred shares, warrants and stock options) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

Loss per common share is calculated by dividing net loss by the weighted-average number of shares of Common Stock outstanding during the period. Basic and diluted net loss per common share are the same for all periods presented because the effect of warrants, stock options, and restricted stock units was anti-dilutive. Potentially dilutive securities excluded from the computation totaled 2,648,927 and 2,523,982 shares for the three months ended March 31, 2026, and 2025, respectively.

Basic and fully diluted earnings (loss) per share is calculated as follows for the three months ended March 31, 2026 and 2025:

 Schedule of Basic and Diluted Earnings (Loss) Per Share

The following financial instruments were not included in the diluted loss per share calculations as of the three months ended March 31, 2026, and 2025 because their effect was anti-dilutive:

 Schedule of Anti-dilutive Loss Per Share