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Net Income (Loss) Per Share of Common Stock | 3 Months Ended
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Mar. 31, 2026
Net Income (Loss) Per Share of Common Stock |
Net Income (Loss) Per Share of Common Stock | Note 4 - Net Income (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 Non-Voting Convertible Preferred Stock, $0.0001 par value per share (the “Series A Preferred Stock”) (see Note 11 - Stockholders’ Equity (Deficit) – Series A Preferred Stock 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) attributable to common stockholders 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) attributable to common stockholders by the weighted average number of common shares outstanding, plus the number of additional common shares that would have been outstanding if the potential common shares had been issued (computed using the more dilutive of the treasury stock or if converted method, as applicable, and the two-class method). There were no dilutive securities outstanding during the three months ended March 31, 2025. The following table presents the computation of basic and diluted net income (loss) per common share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the Three Months Ended
​ | ​ | March 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Numerator: | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to participating securities | ​ | $ | 8,025,253 | ​ | $ | (3,483,533)
Less: Net income allocated to preferred shareholders | ​ | ​ | (4,789,742) | ​ | ​ | —
Net income (loss) available to common shareholders | ​ | $ | 3,235,511 | ​ | $ | (3,483,533)
​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator (weighted average quantities): | ​ |  | ​ | ​ |  | ​
Common shares issued | ​ |  | 10,284,917 | ​ |  | 2,185,923
Add: vested unissued restricted stock units | ​ |  | 325,762 | ​ |  | 3,015
Denominator for basic net income (loss) per share | ​ | ​ | 10,610,679 | ​ | ​ | 2,188,938
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​
Assumed exercise of warrants, treasury stock method | ​ | ​ | 2,018,687 | ​ | ​ | —
Assumed vesting of restricted stock units | ​ | ​ | 56,776 | ​ | ​ | —
Weighted average common shares outstanding - diluted | ​ | ​ | 12,686,142 | ​ | ​ | 2,188,938
​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income (Loss) Per Common Share | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | 0.30 | ​ | $ | (1.59)
Diluted | ​ | $ | 0.26 | ​ | $ | (1.59)
​ The following securities are excluded from the calculation of weighted average diluted shares of common stock for the three months ended March 31, 2026 and 2025, because their inclusion would have been anti-dilutive: ​
​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended
​ | ​ | March 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Options |  | 80,988 |  | 56,386
Warrants | ​ | 31,802,102 | ​ | 1,357,530
Unvested RSU | ​ | 1,396,274 | ​ | 244,608
Convertible debt | ​ | — | ​ | 29,096
​ | ​ | 33,279,364 | ​ | 1,687,620
​

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