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Note 9 - Earnings Per Share
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 9 - EARNINGS PER SHARE

 

Basic and diluted net income (loss) per common share is determined by dividing net income (loss) by the weighted average number of shares of Common Stock outstanding during the period. For the periods where there is a net loss, stock options, warrants and Restricted Stock Units (“RSUs”) have been excluded from the calculation of diluted net loss per common share because their effect would be anti-dilutive. Consequently, the weighted average number of shares of Common Stock used to calculate both basic and diluted net loss per common share is the same for the reported periods.

 

For the period ended September 30, 2022, the Company had outstanding balances of 2,504,340 RSUs, 31,440,000 prefunded warrants and 4,480,000 warrants, all exercisable for shares of Common Stock.

 

The following table shows the amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive Common Stock for the three and nine months ended September 30, 2022, and 2021:

 

  

For the Three Months

  

For the Nine Months

 
  

Ended September 30,

  

Ended September 30,

 
  

2022

  

2021

  

2022

  

2021

 

Net (Loss)

  (1,752,664

)

  (2,903,956

)

  (12,006,147

)

  (8,461,493

)

Weighted average number of common shares used in basic earnings per share

  43,891,799   21,769,461   32,529,152   21,661,945 

Effect of dilutive securities, stock options, RSUs, and warrants

  -   -   -   - 

Weighted average number of common shares and potential dilutive common shares outstanding used in dilutive earnings per share

  43,891,799   21,769,461   32,529,152   21,661,945 

 

For the three and nine months ended September 30, 2022 and 2021, respectively, the Company had no options outstanding.