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Loss per Share
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Loss per Share

15. Loss per Share

 

For the three and six months ended June 30, 2023, basic and diluted loss per share is $0.22 and $0.43 compared to the three and six months ended June 30, 2022 having basic and diluted loss per share of $0.20 and $0.36. These losses per share are  calculated using the weighted average number of shares of 17,165,533 and 17,162,471 for the three and six months ended June 30, 2023 and 17,022,587 and 17,005,405 for the three and six months ended June 30, 2022. For the periods presented, our potentially dilutive shares relating to stock options and restricted stock units were not included in the computation of diluted net loss per share as the effect of including these shares in the calculation would have been anti-dilutive. The potentially dilutive shares totaling 19,291,820 and 18,469,177 for the three and six months ended June 30, 2023 were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented.

 

There are 299,000,000 shares authorized and 17,413,810 and 17,041,055 shares issued and outstanding, as at June 30, 2023 and 2022, respectively. The computation of loss per share is based on the weighted average number of shares outstanding during the period in accordance with ASC Topic No. 260, “Earnings Per Share.” Shares underlying the Company’s outstanding warrants and stock options were excluded due to the anti-dilutive effect they would have on the computation. As at June 30, 2023, the Company has 3,939,924 warrants convertible to 4,239,924 shares of common stock, 1,215,212 restricted stock to be issued, 300,000 performance stock units and stock options exercisable for 3,270,106 shares of common stock for a total underlying shares of common stock of 9,025,242. As at June 30, 2022, the Company had 5,586,502 warrants convertible to 6,577,513 shares of common stock, 1,070,000 restricted stock to be issued, and stock options exercisable for 2,122,500 shares of common stock and 700,000 performance stock units for a total underlying shares of common stock of 10,470,013.