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Net Loss Per Common Share
 9 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Net Loss Per Common Share

Basic income (loss) per common share is calculated by dividing the net income (loss) available to the common shareholders by the weighted average number of common shares outstanding during that period. Diluted net loss per share reflects the potential of securities that could share in the net loss of Aytu. For each three- and nine-month period presented, the basic and diluted loss per share were the same for 2019 and 2018, as they were not included in the calculation of the diluted net loss per share because they would have been anti-dilutive.

 

The following table sets-forth securities that could be potentially dilutive, but as of the quarters ended March 31, 2020 and 2019 are anti-dilutive, and therefore excluded from the calculation of diluted earnings per share.

 

      Nine Months Ended  
      March 31  
      2020     2019  
Warrants to purchase common stock - liability classified  (Note 15)     240,755       240,755  
Warrant to purchase common stock - equity classified  (Note 15)     30,986,038       11,893,175  
Employee stock options  (Note 14)     338,437       1,666  
Employee unvested restricted stock  (Note 14)     3,344,226       2,719,312  
Performance-based options (*)  (Note 14)     –       75,000  
Convertible preferred stock  (Note 13)     9,805,845       2,335,665  
      44,715,301       17,265,573  

 

(*) During the year ended June 30, 2019, the Company issued 75,000 performance-based stock options out of the 2015 Plan to a consultant. These options vest based on meeting certain market criteria with an exercise price of $1.00. At June 30, 2019, the first of three market targets were not achieved, and all 75,000 performance stock options were forfeited.

During the quarter ended March 31, 2020, 5.0 million equity classified warrants were cashless exercised pursuant to the terms of the October 2019 warrants. In April 2020, the final 5.0 million of the October 2019 warrants were exercised using the cashless exercise provision. There are no more October 2019 warrants remaining.