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INCOME/(LOSS) PER COMMON SHARE
 12 Months Ended
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