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Net (Loss) Income per Share | 9 Months Ended
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Dec. 31, 2023
Net (Loss) Income per Share [Abstract] |
Net (Loss) Income per Share | 11. Net (Loss) Income per Share Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, Warrants, and Convertible Notes (as defined in Note 7), which would result in the issuance of incremental shares of common stock to the extent such impact is not anti-dilutive. The following presents a reconciliation of basic and diluted net (loss) income per share:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net (loss) income |  | $ | (47,214,000 | ) |  | $ | 1,026,000 |  |  | $ | (50,582,000 | ) |  | $ | (5,666,000 | )
Basic shares |  |  | 19,634,306 |  |  |  | 19,474,871 |  |  |  | 19,580,960 |  |  |  | 19,383,531 |
Effect of potentially dilutive securities |  |  | - |  |  |  | 159,282 |  |  |  | - |  |  |  | - |
Diluted shares |  |  | 19,634,306 |  |  |  | 19,634,153 |  |  |  | 19,580,960 |  |  |  | 19,383,531 |
Net (loss) income per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic net (loss) income per share |  | $ | (2.40 | ) |  | $ | 0.05 |  |  | $ | (2.58 | ) |  | $ | (0.29 | )
Diluted net (loss) income per share |  | $ | (2.40 | ) |  | $ | 0.05 |  |  | $ | (2.58 | ) |  | $ | (0.29 | )
Potential common shares that would have the effect of increasing diluted net income per share or decreasing diluted net loss per share are considered to be anti-dilutive and as such, these shares are not included in calculating diluted net (loss) income per share. For the three and nine months ended December 31, 2023 there were 2,130,615, respectively, of potential common shares not included in the calculation of diluted net (loss) income per share because their effect was anti-dilutive. For the three and nine months ended December 31, 2022 there were 1,201,984 and 1,897,876, respectively, of potential common shares not included in the calculation of diluted net (loss) income per share because their effect was anti-dilutive. For the three and nine months ended December 31, 2023 there were 2,293,926, respectively, of potential common shares not included in the calculation of diluted (loss) income per share under the “if-converted” method for the Convertible Notes because their effect was anti-dilutive. The potential common shares related to the Warrants issued in connection with the Convertible Notes (see Note 7) are anti-dilutive until they become exercisable and as of December 31, 2023, the Warrants were not exercisable.

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