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Loss Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

13. LOSS PER SHARE

Basic net loss per common share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted net loss per common share is calculated by dividing adjusted net loss by the diluted weighted average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of stock options and warrants, which are measured using the treasury stock method, the conversion feature of the Series A Preferred Stock prior to redemption, and unvested shares of restricted common stock. When the Company recognizes a net loss, as was the case for the years ended December 31, 2020 and 2019, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of dilutive net loss per common share.

The following table sets forth the calculation of basic and diluted net loss per share for the years ended December 31, 2020 and 2019 all shares and per share amounts have been adjusted for a one share-for-ten shares reverse stock split which took effect on January 6, 2020:

		2020				2019
		(in thousands except per share data)
Net loss		$	(6,439	)		$	(550	)
Dividend on series A preferred stock			(421	)			(372	)
Gain on redemption of series A preferred stock			441				-
Net loss applicable to common shareholders		$	(6,419	)		$	(922	)

Basic weighted-average common shares outstanding			1,628				1,340
Dilutive effect of potentially dilutive securities			-				-
Diluted weighted-average common shares outstanding			1,628				1,340

Basic net loss per share		$	(3.94	)		$	(0.69	)
Diluted net loss per share		$	(3.94	)		$	(0.69	)

For the years ended December 31, 2020 and 2019, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive are as follows:

		2020				2019
		(in thousands)
Stock options			31				31
Unvested shares of restricted stock			71				-
Warrants			50				100
Series A Preferred Stock			-				79

Total			152				210