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LOSS PER SHARE
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
LOSS PER SHARE

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, 2021 and 2020, 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, 2021 and 2020 and 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:

 

   2021   2020 
   (in thousands except per share data) 
Net loss  $(1,770)  $(6,439)
Dividend on series A preferred stock   -    (421)
Gain on redemption of series A preferred stock   -    441 
Net loss applicable to common shareholders  $(1,770)  $(6,419)
           
Basic weighted-average common shares outstanding   4,492    1,628 
Dilutive effect of potentially dilutive securities   -    - 
Diluted weighted-average common shares outstanding   4,492    1,628 
           
Basic net loss per share  $(0.39)  $(3.94)
Diluted net loss per share  $(0.39)  $(3.94)

 

 

For the years ended December 31, 2021 and 2020, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive are as follows:

 

   2021   2020 
   (in thousands) 
Stock options   31    31 
Unvested shares of restricted stock   174    71 
Warrants   50    50 
           
Total   255    152