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Note 4 - Computation of Net Loss Per Common Share

3 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

4. Computation of Net Loss per Common Share

Basic net loss per share (“EPS”) is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Where applicable, diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period, calculated using the treasury stock method. Common equivalent shares include the effect of restricted stock, exercise of stock options and warrants and contingently issuable shares. Stock options and warrants that are out-of-the-money with exercise prices greater than the average market price of the underlying common shares and shares of performance-based restricted stock where the contingency was not met are excluded from the computation of diluted EPS as the effect of their inclusion would be anti-dilutive. For the three months ended June 30, 2024, 336,206 shares were not included in the calculation of diluted EPS. Of these, 300,000 relate to shares associated with the contingent consideration derivative liability for which the contingency has not yet been met, and 36,206 relate to outstanding stock options as they were considered anti-dilutive. For the three months ended June 30, 2023, 1,071,504 million shares were not included in the calculation of diluted EPS. Of these, 1,000,000 relate to shares associated with the contingent consideration derivative liability for which the contingency has not yet been met, and 71,504 relate to outstanding stock options as they were considered anti-dilutive.

The following table reconciles the numerators and denominators of the earnings per share calculation for the three months ended June 30, 2024 and 2023 (in thousands, except per share data):

		*Three Months Ended June 30,*
		*2024*				*2023*
Numerator:
Net loss		$	(2,524	)		$	(5,398	)
Denominator:
Weighted-average shares of common stock outstanding			36,991				29,706
Weighted-average shares subject to repurchase			(1,315	)			(1,448	)
Shares used in per-share calculation ― basic			35,676				28,258
Shares used in per-share calculation ― diluted			35,676				28,258
Net loss per share ― basic		$	(0.07	)		$	(0.19	)
Net loss per share ― diluted		$	(0.07	)		$	(0.19	)