Net income (loss) per common share (“EPS”) is presented for both Basic EPS and Diluted EPS. Basic EPS is based on the weighted-average number of common shares outstanding during the period. Diluted EPS is based on the weighted-average number of common shares and common shares equivalents outstanding during the period. Diluted shares outstanding includes the dilutive effect of in-the-money options and convertible securities. The dilutive effect of such equity awards is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options and the amount of compensation cost for future service that has not yet been recognized are collectively assumed to be used to repurchase shares. Diluted EPS for convertible securities is calculated using the ‘if-converted’ method, assuming all convertible securities outstanding during the period were converted into common stock at the beginning of the reporting period, resulting in an adjustment to both the numerator net income (loss) and denominator (weighted average shares outstanding) to reflect the potential dilution from such conversions.

When an entity has a loss from operations, including potential shares in the denominator of diluted per share computations will generally be anti-dilutive, even if the entity has net income after adjusting for discontinued operations. That is, including potential shares in the denominator of the earnings per share calculation for a loss-making entity will generally decrease the loss per share and, therefore, those shares should be excluded from calculations of diluted earnings per share.

In computing the net loss available to common shareholders, adjustments to the carrying value of preferred shares as a result of a modification accounted for as an extinguishment during a period should be subtracted or added to the net loss in arriving at the net loss available to common shareholders.

The 6,321,912 Conversion Shares held in abeyance described in Note 5 are issuable for no further consideration and are therefore included in the weighted-average number of shares used to compute basic net income (loss) per share from May 28, 2026, the Closing Date. As a result, the weighted-average number of shares used to compute basic net income (loss) per share exceeds the number of shares of Common Stock issued and outstanding as of June 30, 2026.  

The following data show the amounts used in computing EPS and the effect on income (loss) and the weighted average number of shares for the three months ended June 30, 2026 and 2025:

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The following data show the amounts used in computing EPS and the effect on income and the weighted average number of shares for the six months ended June 30, 2026 and 2025:

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For the six months ended June 30, 2026 and 2025, the following items have been excluded from the computation of diluted net loss per share because the effect of including these would have been anti-dilutive:

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