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EARNINGS PER SHARE
 6 Months Ended
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