
	Three months ended March 31,
	2026		2025
Numerator:
Net loss	$	(9,266,081)	$	(7,567,187)
Preferred stock dividend	(191,250)		-

Net loss attributable to Common Stockholders	$	(9,457,331)	$	(7,567,187)
Denominator:
Weighted average shares used to compute basic LPS	3,840,563		381,215

Basic and diluted loss per share	$	(2.46)	$	(19.85)

Anti-dilutive securities excluded from shares outstanding:
Stock options	89		241
Restricted and performance stock units	1,331		1,972
Warrants	7,575		7,576
Earnout shares	2,894		2,894

SeaTrepid earnout shares	-		83,944
Convertible debt	328,448		107,909
Series A, B and C Convertible Preferred Stock	2,667,569		268,916
Total	3,007,906		473,452

Basic loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding during the period.

In computing the loss attributable to common shareholders, the Company deducts dividends on its preferred stock in accordance with ASC 260, Earnings Per Share. For the three months ended March 31, 2026, total preferred dividends of $191,250 were deducted from net loss, consisting of $13,062 of dividends that were capitalized and added to the stated value of the preferred stock in accordance with the Certificates of Designation; and $178,188 of dividends that were accrued but unpaid as of March 31, 2026.

Total preferred dividends increased the loss attributable to common shareholders for purposes of calculating basic and diluted earnings per share.