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Note 8 - Earnings Per Share
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE 8 – 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 are the same for the reported periods.

 

As of March 31, 2023, the Company had outstanding balances of 2,832,909 RSUs, 31,440,000 prefunded warrants, and 4,480,000 warrants, all exercisable for shares of Common Stock

 

As of March 31, 2022, the Company had 561,862 RSUs outstanding and 1,015,000 prefunded warrants exercisable for shares of Common Stock outstanding.

 

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 months ended March 31, 2023 and 2022:

 

  

For the Three Months

Ended March 31,

 
  

2023

  

2022

 

Net (Loss)

 $(2,389,503

)

 $(3,746,424

)

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

  45,228,596   21,350,455 

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

  45,228,596   21,350,455 

 

For the three months ended March 31, 2023 and 2022 respectively, the Company had no options outstanding to purchase common stock.