EARNINGS PER SHARE	9 Months Ended
Sep. 30, 2025
EARNINGS PER SHARE
EARNINGS PER SHARE	12. EARNINGS PER SHARE Basic and diluted loss per common share have been calculated based on the weighted-average shares outstanding during the period. Shares of the Company’s Common Stock to be issued to settle the Convertible Notes are dependent on the share price at a future date, therefore, the Company followed FASB’s Accounting Standards Codification 260, Earnings Per Share (“ASC 260”) and determined the total number of potential future convertible shares using the if-converted method. In accordance with the terms of the Convertible Notes, the highest conversion price for the Series A-1 Convertible Notes is $0.63 and the Series B-1 Convertible Notes is $0.83, subject to adjustment. Assuming conversion at these prices and using the if-converted method, the Series A-1 Convertible Notes and the Series B-1 Convertible Notes were convertible into approximately 6,023,809 and 4,572,289 shares of the Company’s Common Stock at September 30, 2025, respectively. This total number of shares could be higher if a conversion is made when the Company’s share price is lower. The Company had a net loss for the three and nine months ended September 30, 2025. As a result, 33,485,742 potentially dilutive shares, comprised of unvested RSUs, outstanding stock options and potential shares to be converted related to the Convertible Notes at the end of the period, were excluded from the calculation of earnings per share because the effect on the basic income per share would be anti-dilutive.

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

12. EARNINGS PER SHARE

Basic and diluted loss per common share have been calculated based on the weighted-average shares outstanding during the period. Shares of the Company’s Common Stock to be issued to settle the Convertible Notes are dependent on the share price at a future date, therefore, the Company followed FASB’s Accounting Standards Codification 260, Earnings Per Share (“ASC 260”) and determined the total number of potential future convertible shares using the if-converted method. In accordance with the terms of the Convertible Notes, the highest conversion price for the Series A-1 Convertible Notes is $0.63 and the Series B-1 Convertible Notes is $0.83, subject to adjustment. Assuming conversion at these prices and using the if-converted method, the Series A-1 Convertible Notes and the Series B-1 Convertible Notes were convertible into approximately 6,023,809 and 4,572,289 shares of the Company’s Common Stock at September 30, 2025, respectively. This total number of shares could be higher if a conversion is made when the Company’s share price is lower.

The Company had a net loss for the three and nine months ended September 30, 2025. As a result, 33,485,742 potentially dilutive shares, comprised of unvested RSUs, outstanding stock options and potential shares to be converted related to the Convertible Notes at the end of the period, were excluded from the calculation of earnings per share because the effect on the basic income per share would be anti-dilutive.