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Loss Per Share

6 Months Ended

Jun. 30, 2023

Loss Per Share [Abstract]

LOSS PER SHARE

NOTE 9 – LOSS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.

The number of shares related to options and restricted stock units included in diluted EPS is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes the theoretical repurchase of shares using proceeds of the respective stock options exercised, and for restricted stock units, the amount of compensation cost attributed to future services which have not yet been recognized, and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock units, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options and restricted stock units is dependent on this average stock price and will increase as the average stock price increases.

The following table sets forth the computation of basic and diluted net loss per share.

		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Numerator
Net loss		$	(4,161,449	)		$	(3,884,714	)		$	(10,559,163	)		$	(7,645,812	)

Denominator
Weighted average shares outstanding used in computing net loss per share
Basic			16,992,100				18,122,500				17,043,793				18,000,958
Effect of dilutive stock options, warrants, and stock grants			—				—				—				—
Diluted			16,992,100				18,122,500				17,043,793				18,000,958

Net loss per share
Basic		$	(0.24	)		$	(0.21	)		$	(0.62	)		$	(0.42	)
Diluted		$	(0.24	)		$	(0.21	)		$	(0.62	)		$	(0.42	)

No calculation of diluted earnings per share is included for the three or six months ended June 30, 2023 or 2022 as the effect of the calculation would be anti-dilutive.

The number of common shares potentially issuable upon the exercise of certain options and the vesting of certain restricted stock units that were excluded from the diluted loss per common share calculation are reflected in the table below.

		Three Months Ended June 30,								Six Months Ended June 30,
Weighted average number of shares for the periods ended		2023				2022				2023				2022
Options			19,824				156,018				24,923				176,996
Unvested restricted stock unit awards			24,922				63,541				24,922				77,221
Total			44,746				219,559				49,845				254,217