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Net Loss Per Share of Common Stock

12 Months Ended

Dec. 31, 2025

Net Loss Per Share of Common Stock

Net Loss Per Share of Common Stock

Note 4 – Net Loss Per Share of Common Stock

The Company’s net income (loss) per share is calculated using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates earnings between common stockholders and holders of participating securities. The Company’s Series A Preferred Stock (see Note 13 - Stockholders’ Equity (Deficit) – Securities Purchase Agreement) are deemed to be participating securities due to their rights to participate in dividends with common stock. However, the two-class method has no impact on the calculation of loss per share during periods when the Company has a net loss, because the holders of participating securities are not required to absorb losses.

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding, plus the number of additional common shares that would have been outstanding if the common share equivalents had been issued (computed using the treasury stock or if converted method), if dilutive. There were no dilutive securities outstanding during the years ended December 31, 2025 and 2024. The following table presents the computation of basic and diluted net loss per common share:

​

​	​	​	​	​	​	​
​	​ ​ ​	For the Years Ended
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Numerator:		​	​		​	​
Net loss attributable to common stockholders	​	$	(46,999,218)	​	$	(49,818,433)
​	​	​	​	​	​	​
Denominator (weighted average quantities):	​	​	​	​	​	​
Common shares issued	​		4,907,637	​		830,569
Add: Undelivered vested restricted shares	​		92,694	​		2,428
Denominator for basic and diluted net loss per share	​	​	5,000,331	​	​	832,997
​	​	​	​	​	​	​
Basic and diluted net loss per common share	​	$	(9.40)	​	$	(59.81)

​

The following securities are excluded from the calculation of weighted average dilutive shares of common stock because their inclusion would have been anti-dilutive:

​

​	​	​	​	​
​	​	December 31,
​	​ ​ ​	2025	​ ​ ​	2024
Options		92,075		68,183
Warrants		33,820,785		1,166,017
Unvested RSU	​	1,545,000	​	4,611
Series A Convertible Preferred	​	16,307,691	​	—
Convertible debt		—		29,096
Total potentially dilutive shares		51,765,551		1,267,907

​

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- References

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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