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INCOME/(LOSS) PER COMMON SHARE | 12 Months Ended
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Mar. 31, 2024
Net Income/(Loss) per share |
INCOME/(LOSS) PER COMMON SHARE | NOTE 4 – INCOME/(LOSS) PER COMMON SHARE We calculate basic income/(loss) per share using the weighted average number of common shares outstanding during each period. Diluted earnings per share assumes the conversion, exercise or issuance of all potential common stock equivalents unless the effect is to reduce a loss or increase the income per share. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method), the exercise of warrants (using the if-converted method) and the vesting of restricted stock unit awards.
|  | For the Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (As Restated) |  |  | (As Restated) |  |  | (As Restated) |
Numerator: |  |  |  |  |  |  |  |  |
Net income/(loss) |  | $ | (16,593,609 | ) |  | $ | (8,766,686 | ) |  | $ | 25,867,178 |
Less: Preferred stock dividends |  |  | (3,122,049 | ) |  |  | (3,105,034 | ) |  |  | (2,668,649 | )
Net income/(loss) attributable to common stockholders |  | $ | (19,715,658 | ) |  | $ | (11,871,720 | ) |  | $ | 23,198,529 |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average shares of common stock - basic |  |  | 118,249,486 |  |  |  | 117,177,885 |  |  |  | 112,328,680 |
Effect of dilutive common stock purchase warrants |  |  | - |  |  |  | - |  |  |  | 2,121,302 |
Effect of dilutive equity incentive awards |  |  | - |  |  |  | - |  |  |  | 375,853 |
Weighted average shares of common stock - Diluted |  |  | 118,249,486 |  |  |  | 117,177,885 |  |  |  | 114,825,835 |
Basic earnings per share: |  |  |  |  |  |  |  |  |
Income/(loss) per share attributable to common stockholders - basic |  | $ | (0.17 | ) |  | $ | (0.10 | ) |  | $ | 0.21 |
Diluted earnings per share: |  |  |  |  |  |  |  |  |
Income/(loss) per share attributable to common stockholders - diluted |  | $ | (0.17 | ) |  | $ | (0.10 | ) |  | $ | 0.20 |
The following table presents the number of shares excluded from the calculation of diluted net loss per share attributable to common stockholders:
|  | For the Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (As Restated) |  |  | (As Restated) |  |  | (As Restated) |
Common stock options |  |  | 175,000 |  |  |  | - |  |  |  | - |
Non-vested stock awards |  |  | 1,540,524 |  |  |  | 2,204,659 |  |  |  | 2,735,226 |
Warrants |  |  | 1,808,870 |  |  |  | 2,560,986 |  |  |  | 150,000 |
Total shares excluded from net income (loss) per share attributable to common stockholders |  |  | 3,524,394 |  |  |  | 4,765,645 |  |  |  | 2,885,226 |

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