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Loss Per Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Loss Per Share | Note 19 – Loss Per Share The net loss available to common stockholders and weighted average common shares outstanding are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |
Net loss |  | $ | (75,817 | ) |  | $ | (23,589 | )
Accretion of financing fees |  |  | (1,954 | ) |  |  | (347 | )
Accrued dividends on Series C Preferred Stock |  |  | (18,227 | ) |  |  | (9,636 | )
Net loss available to common stockholders - basic |  | $ | (95,998 | ) |  | $ | (33,572 | )
Net loss available to common stockholders - diluted |  | $ | (95,998 | ) |  | $ | (33,572 | )
Denominator: |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 17,495,542 |  |  |  | 16,965,161 |
Issuance of Warrants |  |  | 13,231,374 |  |  |  | 11,401,296 |
Weighted average common shares outstanding - basic |  |  | 30,726,916 |  |  |  | 28,366,457 |
Weighted average common shares outstanding - diluted |  |  | 30,726,916 |  |  |  | 28,366,457 |
The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for Common Stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. The Company allocates earnings between both classes; however, in periods of undistributed losses, they are only allocated to common shares as the unvested restricted stockholders do not contractually participate in losses of the Company. The Company computes basic earnings per share by dividing net income allocated to common shareholders by the weighted average number of shares outstanding during the year. Warrants issued in connection with the Company's long-term debt were issued at a nominal exercise price and are considered outstanding at the date of issuance. The 2023 Warrant was issued out-of-the money and the Company will apply the treasury stock method to this warrant when computing earnings per share. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the year. Weighted average diluted common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and the assumed vesting of non-vested share awards. For the years ended December 31, 2024 and 2023, 2,029,134 and 3,771,495 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive.

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