Earnings per share (Tables)

9 Months Ended

Sep. 30, 2023

The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Calculation of basic and diluted loss per share attributable to the Company’s shareholders
Net loss attributable to the Company’s shareholders	$	(5,102,317	)	$	(7,076,068	)	$	(19,337,023	)	$	(10,866,209	)
Weighted-average common shares outstanding – basic and diluted		52,406,002			43,030,885			51,084,636			43,042,379
Net loss per share, basic and diluted	$	(0.10	)	$	(0.16	)	$	(0.38	)	$	(0.25	)

Summary of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock options and awards		704,231		1,004,845		652,111		2,181,361
Convertible Debt		389,904		—		389,904		—
Common Stock Warrants (1)		13,832,890		5,958,600		13,832,890		5,958,600
Earnout Shares (2)		10,491,937		10,491,937		10,491,937		10,491,937
Contingently issuable Earnout Shares from unexercised Rollover Options		1,508,063		1,508,063		1,508,063		1,508,063
Total		26,927,025		18,963,445		26,874,905		20,139,961

(1)

Included in Common Stock Warrants are the 5,750,000 publicly-traded warrants (the “Public Warrants”), 208,600 warrants held by assignees of Big Cypress Holdings, LLC (the “Private Placement Warrants”), 300,000 warrants held by Ladenburg Thalmann & Co. Inc. (the “Ladenburg Warrants”), 7,363,377 warrants issued to the investors in the December Private Placement (the “the PIPE Warrants”), and 210,913 warrants issued to the placement agent in the December Private Placement (the “PIPE Placement Agent Warrants”). See Note 12, Fair Value Measurements for further details on the Company’s outstanding warrants.

(2)

As the Earnout Shares are subject to certain vesting requirements not satisfied as of the three and nine months ended September 30, 2023 and 2022, the Earnout Shares held in escrow are excluded from calculating both basic and diluted earnings per share. See Note 10, Stockholders Equity for further details on the Company’s outstanding equity instruments.