Note 9 - Net Loss Per Share

6 Months Ended

Jun. 30, 2020

NOTE

NET LOSS PER SHARE

Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. In addition, in computing the dilutive effect of convertible securities, the numerator is adjusted to add back any convertible preferred dividends. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares that would have been outstanding during the period assuming the issuance of common shares for all potential dilutive common shares outstanding. Potential common shares consist of potential future exercises of outstanding stock options and common stock warrants. Because the inclusion of potential common shares would be anti-dilutive for all periods presented, they have been excluded from the calculation.

The following table summarizes the Company's calculation of net loss per common share:

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Numerator
Net loss attributable to common shareholders	$	(3,906,142	)	$	(7,262,529	)	$	(6,853,562	)	$	(11,335,836	)
Denominator
Weighted average common shares outstanding used to compute net loss per share, basic and diluted		9,187,588			9,126,153			9,159,286			7,852,907
Net loss per share of common stock, basic and diluted:	$	(0.43	)	$	(0.80	)	$	(0.75	)	$	(1.44	)

The following table sets forth the number of potential common shares excluded from the calculation of net loss per diluted share, because including them would be anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Options to purchase common stock		5,993,823		2,546,295		5,151,103		1,669,709
Series B convertible preferred stock		182,520		195,448		186,568		326,493
Warrants to purchase common stock		1,070,028		1,070,028		1,070,028		2,213,396
		7,246,371		3,811,771		6,407,699		4,209,598