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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 16 — EARNINGS PER SHARE

 

For the three and nine months ended September 30, 2024, the effect of potential shares of common stock from the unexercised options, unexercised warrants, and unvested Restricted Stock Units (“RSU”) are included in the computation of diluted net earnings per share. As a result, a total of 142,186 unvested RSU were included in the computation of weighted average number of common shares for the nine months ended September 30, 2024, and the computation of diluted loss per share does not assume the exercise of the Company’s outstanding unvested RSU impact due to loss position for the three months ended September 30, 2024.

 

For the three and nine months ended September 30, 2023, the Company has no stock options, warrants or RSU issued and no impact on diluted earnings per share.

 

The following table presents a reconciliation of basic and diluted net income per share:

  

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2024   2023   2024   2023 
                 
Net (loss) income attributable to the Company  $(2,502,233)  $3,957,387   $3,495,079   $6,579,836 
Weighted average number of common shares outstanding – basic   41,325,388    40,000,000    40,863,370    40,000,000 
                     
Dilutive securities – unvested RSU   -    -    142,186    - 
Weighted average number of common shares outstanding – diluted   41,325,388    40,000,000    41,005,556    40,000,000 
(Loss) earnings per share – basic  $(0.06)  $0.10   $0.09   $0.16 
(Loss) earnings per share – diluted  $(0.06)  $0.10   $0.09   $0.16 

 

 

MASSIMO GROUP AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)