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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2025
Net income (loss) per share: |
EARNINGS PER SHARE | NOTE 3 – EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated the same as Basic EPS but reflects the potential dilution that could occur from common shares issuable through stock options, restricted stock units (“RSUs”), and warrants in the weighted average number of common shares outstanding. Each stock option, RSU, and warrant represents the right to receive one share of the Company’s common stock. The following table sets forth the calculation of basic and diluted weighted average shares outstanding and net income (loss) per share for the periods presented:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 181,555 |  |  | $ | 202,792 |  |  | $ | 728,079 |  |  | ($119,976) |
Preferred dividends |  |  | (1,875 | ) |  |  | (1,875 | ) |  |  | (3,750 | ) |  |  | (3,750 | )
Net income (loss) available to common shareholders |  | $ | 179,680 |  |  | $ | 200,917 |  |  | $ | 724,329 |  |  | $ | (123,726) |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares - basic |  |  | 118,261,366 |  |  |  | 108,438,984 |  |  |  | 115,994,982 |  |  |  | 108,173,645 |
Add - dilutive effect of stock options |  |  | 2,499,367 |  |  |  | - |  |  |  | 2,412,816 |  |  |  | - |
Add - dilutive effect of RSUs |  |  | 1,210,001 |  |  |  | 504,142 |  |  |  | 1,150,838 |  |  |  | - |
Add - dilutive effect of warrants |  |  | 5,252,701 |  |  |  | - |  |  |  | 4,784,999 |  |  |  | - |
Weighted average shares - diluted |  |  | 127,223,435 |  |  |  | 108,943,126 |  |  |  | 124,343,635 |  |  |  | 108,173,645 |
Net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $nil |  |  | $nil |  |  | $ | 0.01 |  |  | $nil |
Diluted |  | $nil |  |  | $nil |  |  | $ | 0.01 |  |  | $nil |
The potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive were as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Warrants |  |  | - |  |  |  | 12,346,215 |  |  |  | - |  |  |  | 12,346,215 |
Stock options and RSU awards |  |  | 1,897,034 |  |  |  | 3,945,000 |  |  |  | 1,997,034 |  |  |  | 5,778,333 |
Total possible share dilution |  |  | 1,897,034 |  |  |  | 16,291,215 |  |  |  | 1,997,034 |  |  |  | 18,124,548 |

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