Loss Per Share

6 Months Ended

Jun. 30, 2026

Following is the computation of loss per basic and diluted share:


	Three months ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(11,115,971)	$	(7,454,176)	$	(20,382,052)	$	(15,021,363)
Preferred stock dividend	(214,298)		-		(405,548)		-

Net loss attributable to Common Stockholders	$	(11,330,269)	$	(7,454,176)	$	(20,787,600)	$	(15,021,363)
Denominator:
Weighted average shares outstanding	5,367,986		402,876		4,608,495		392,105

Basic and diluted loss per share	$	(2.11)	$	(18.50)	$	(4.51)	$	(38.31)

Anti-dilutive securities excluded from shares outstanding:
Stock options	80		169		85		205
Restricted and performance stock units	7,077		1,755		4,204		1,864
Warrants	7,575		7,576		7,575		7,576
Earnout shares	2,894		2,894		2,894		2,894
SeaTrepid earnout shares	-		83,944		-		83,944
Convertible debt	479,800		110,871		479,800		110,871
Series A, B and C Convertible Preferred Stock	3,175,802		247,914		3,175,802		247,914
Total	3,673,228		455,123		3,670,360		455,268

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 and six months ended June 30, 2026, total preferred dividends of $214,298 and $405,548 were deducted from net loss, consisting of $21,825 and $213,075 of dividends that were capitalized and added to the stated value of the preferred stock in accordance with the Certificates of Designation; and $192,473 of dividends that were accrued but unpaid as of June 30, 2026.

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