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INCOME (LOSS) PER COMMON SHARE | 6 Months Ended
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Sep. 30, 2025
Net Loss per share |
INCOME (LOSS) PER COMMON SHARE | NOTE 3 – INCOME (LOSS) PER COMMON SHARE We calculate basic income/(loss) per share using the weighted average number of shares of common stock 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 shares of common stock consist of the incremental shares of common stock 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 Three Months Ended September 30, |  |  | For the Six Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (Unaudited) |  |  | (Unaudited) |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | 1,404,828 |  |  | $ | (5,868,205 | ) |  | $ | (4,457,865 | ) |  | $ | (17,865,230 | )
Less: Preferred stock dividends |  |  | (748,611 | ) |  |  | (782,640 | ) |  |  | (1,522,743 | ) |  |  | (1,556,773 | )
Net income (loss) before discontinued operations |  |  | 656,217 |  |  |  | (6,650,845 | ) |  | $ | (5,980,608 | ) |  | $ | (19,422,003 | )
Net loss from discontinued operations, net of tax |  |  | — |  |  |  | (6,559,908 | ) |  |  | (595,634 | ) |  |  | (9,322,858 | )
Net income (loss) attributable to common stockholders |  | $ | 656,217 |  |  | $ | (13,210,753 | ) |  | $ | (6,576,242 | ) |  | $ | (28,744,861 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares of common stock - basic |  |  | 117,110,827 |  |  |  | 118,728,976 |  |  |  | 116,976,725 |  |  |  | 118,916,210 |
Effect of dilutive common stock purchase warrants |  |  | 590,095 |  |  |  | - |  |  |  | - |  |  |  | - |
Effect of dilutive equity incentive awards |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Weighted average shares of common stock - diluted |  |  | 117,700,922 |  |  | $ | 118,728,976 |  |  |  | 116,976,725 |  |  |  | 118,916,210 |
Basic income (loss) per share attributable to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.01 |  |  | $ | (0.06 | ) |  | $ | (0.05 | ) |  | $ | (0.16 | )
Discontinued operations |  | $ | - |  |  | $ | (0.05 | ) |  | $ | (0.01 | ) |  | $ | (0.08 | )
Total basic income (loss) per share attributable to common stockholders |  | $ | 0.01 |  |  | $ | (0.11 | ) |  | $ | (0.06 | ) |  | $ | (0.24 | )
Diluted income (loss) per share attributable to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.01 |  |  | $ | (0.06 | ) |  | $ | (0.05 | ) |  | $ | (0.16 | )
Discontinued operations |  | $ | - |  |  | $ | (0.05 | ) |  | $ | (0.01 | ) |  | $ | (0.08 | )
Total diluted income (loss) per share attributable to common stockholders |  | $ | 0.01 |  |  | $ | (0.11 | ) |  | $ | (0.06 | ) |  | $ | (0.24 | )
The following table presents the number of shares excluded from the calculation of diluted net loss per share attributable to common stockholders:
|  | For the Three Months Ended September 30, |  |  | For the Six Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Common stock options |  |  | 400,000 |  |  |  | 225,000 |  |  |  | 400,000 |  |  |  | 225,000 |
Non-vested stock awards |  |  | - |  |  |  | 783,668 |  |  |  | - |  |  |  | 783,668 |
Warrants |  |  | 8,720,345 |  |  |  | 1,721,296 |  |  |  | 21,720,345 |  |  |  | 1,721,296 |
Total shares excluded from net income (loss) per share attributable to common stockholders |  |  | 9,120,345 |  |  |  | 2,729,964 |  |  |  | 22,120,345 |  |  |  | 2,729,964 |

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