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Net Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2025
Net earnings (loss) per share:  
Net Income (Loss) Per Share

Note 11 – Net Income (Loss) Per Share

 

Basic net income (loss) per share is calculated by dividing net income (loss) available to common shareholders, adjusted for preferred stock discount accretion and dividends accrued on preferred stock, by the weighted-average number of common stock outstanding during the period excluding the effects of any potentially dilutive securities. Diluted net loss per share is computed similar to basic loss per share, except that the denominator is increased to include the number of additional common stock that would have been outstanding if potential shares of common stock had been issued if such additional common stock were dilutive.

 

As the Company had a net loss from continuing operations and net income from discontinued operations for the three and six months ended June 30, 2024, the following presents dilutive and anti-dilutive securities.

 

For continuing operations, since there was a net loss, all securities presented below were excluded from weighted average shares outstanding. For discontinued operations, dilutive securities presented below were included in the net income per share calculation and the anti-dilutive securities were excluded in weighted average shares outstanding:

 

   Three Months
Ended June 30,
2025		   Six Months
Ended June 30,
2025		 
Dilutive:          
Prefunded warrants   11,897,165    11,817,165 
Regular warrants   6,219,032    6,219,032 
Restricted Stock Units   4,167    4,167 
Total Dilutive   18,120,364    18,040,364 
Anti-Dilutive:          
Stock options   9,022    9,022 
SportsHub warrants   252    252 
Total Anti-dilutive   9,274    9,274 

 

As the Company had a net loss from continuing operations and net income from discontinued operations for the three months ended March 31, 2024, the following presents dilutive and anti-dilutive securities. For continuing operations, since there was a net loss, all securities presented below were excluded from weighted average shares outstanding. For discontinued operations, dilutive securities presented below were included in the net income per share calculation and the anti-dilutive securities were excluded in weighted average shares outstanding:

 

   Three Months
Ended June 30,
2024		   Six Months
Ended June 30,
2024		 
Dilutive:        
Purchase warrants Alpha   39,130    39,130 
Regular warrants Alpha   21,187    21,187 
MTS warrants   209    209 
MTS stock options   209    209 
Total Dilutive   60,735    60,735 
Anti-Dilutive:          
Stock options   9,022    9,022 
Series A-1 preferred stock   601    601 
Series B preferred stock   1,040    1,040 
MTS warrants   487    487 
SportsHub warrants   252    252 
Restricted Stock Units   12,498    12,498 
Total Anti-dilutive   23,900    23,900 

 

 

The calculation of the net income (loss) per share and weighted-average shares of the Company’s common stock outstanding for the periods presented are as follows:

 

   2025   2024   2025   2024 
   For the Three Months
Ended June 30,		   For the Six Months Ended
June 30,		 
   2025   2024   2025   2024 
Net loss from continuing operations  $(103,370,535)  $(916,664)  $(104,287,267)  $(2,677,475)
Less: deemed dividends on series B preferred stock   -    -    -    (44,619)
Net loss from continuing operations available to common stockholders   (103,370,535)   (916,664)   (104,287,267)   (2,722,094)
                     
Net income (loss) from discontinued operations, net of tax, available to common stockholders   (52,192)   453,706    (110,361)   14,564,872 
                     
Net income (loss) available to common stockholders  $(103,422,727)  $(462,959)  $(104,397,628)  $11,842,778 
                     
Basic weighted-average shares for continuing and discontinued operations   24,202,467    282,709    12,989,772    270,876 
Diluted weighted average shares for discontinued operations   24,202,467    343,444    12,989,772    331,611 
                     
Basic:                    
Net (loss) from continuing operations per share  $(4.27)  $(3.24)  $(8.03)  $(10.05)
Net income (loss) from discontinued operations per share   -    1.60    (0.01)   53.77 
Net income (loss) per share  $(4.27)  $(1.64)  $(8.04)  $43.72 
                     
Fully Diluted:                    
Net (loss) from continuing operations per share  $(4.27)  $(2.67)  $(8.03)  $(10.05)
Net income (loss) from discontinued operations per share   -    1.32    (0.02)   43.92 
Net income (loss) per share  $(4.27)  $(1.35)  $(8.05)  $33.87