Net Loss per Common Share

9 Months Ended

Sep. 30, 2022

(10)	Net Loss per Common Share

Basic net loss per share is determined by dividing net loss by the weighted average shares of common stock outstanding during the period, without consideration of potentially dilutive securities, except for those shares that are issuable for little or no cash consideration. Diluted net loss per share is determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as stock options and warrants calculated using the treasury stock method. In periods with reported net operating losses, all common stock options and warrants are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal.

The following potentially dilutive securities were excluded from the computation of earnings per share as of September 30, 2022 and 2021 because their effects would be anti-dilutive:


	September 30,
	2022		2021
Common stock warrants - equity		4,461,249		3,894,509
Assumed conversion of Series E and Series E-1 Preferred Stock		1,135,721		1,170,721
Assumed conversion of convertible notes		488,031		488,031
Stock options		2,249,955		1,698,249

Total		8,334,956		7,251,510

At September 30, 2022, the Company had 850,506

pre-funded

warrants outstanding. The following table provides a reconciliation of the weighted average shares outstanding calculation for the three and nine months ended September 30, 2022 and 2021:


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Weighted average shares issued		8,470,006		7,354,428		8,096,551		6,665,826
Weighted average pre-funded warrants		745,780		233,215		439,455		257,715

Weighted average shares outstanding		9,215,786		7,587,643		8,536,006		6,923,541