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Basic and Diluted Net Income Per Share
 3 Months Ended
Mar. 31, 2026
Basic and Diluted Net Income Per Share [Abstract]  
BASIC AND DILUTED NET INCOME PER SHARE

Note 13 – BASIC AND DILUTED NET INCOME PER SHARE

 

Basic earnings per share and diluted earnings per share have been calculated in accordance with ASC 260 on computation of earnings per share for the three months ended March 31, 2026 and 2025 as follows: 

  

   For the Three Months ended
March 31,		 
   2026   2025 
Statement of Operations Summary Information:        
Net (loss) income  $(105,851,731)   193,440,425 
Weighted-average common stocks outstanding - basic and diluted   8,927,931    488,020 
Net (loss) income per share, basic and diluted  $(11.86)   396.38 

 

In periods with net loss, all potential common shares (pre-funded warrants, RSUs) are anti-dilutive because including them would reduce loss per share (make it less negative), which is prohibited under ASC 260. Therefore, diluted net loss per share equals basic net loss per share.

 

On March 26, 2026, the Company issued fully paid, immediately exercisable pre-funded warrants in a registered direct offering; such warrants remain exercisable until fully exercised. The pre-funded warrants are classified as equity and recorded in additional paid-in capital. As of March 31, 2026, pre-funded warrants to purchase 71,381,818 shares of common stock were outstanding and unexercised, and the underlying shares were not yet registered.

 

Diluted earnings per share is calculated using the treasury stock method, when applicable; for the three months ended March 31, 2026, these warrants and unvested RSUS were excluded because inclusion would have been anti-dilutive due to the net loss. See Note 11 for details of share-based compensation and other potential common shares.