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Loss per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Loss per Share

(3) Loss per Share

 

Basic earnings (loss) per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding plus, where applicable, the additional potential common shares that would have been outstanding related to dilutive options, warrants and unvested restricted stock units to the extent such shares are dilutive.

 

The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock for the three and nine months ended September 30, 2024 and 2023:

 

   2024   2023   2024   2023 
   Three Months Ended September 30,   Nine Months Ended September 30, 
   2024   2023   2024   2023 
Basic loss per share attributable to common stock:                    
Numerator                    
Net loss  $(2,218,818)  $(6,650,970)  $(1,773,831)  $(14,069,829)
                     
Denominator                    
Weighted avg. common shares outstanding   5,347,940    5,292,058    5,335,941    5,254,116 
                     
Basic earnings loss per share attributable to common stock  $(0.41)  $(1.26)  $(0.33)  $(2.68)
                     
Diluted loss per share attributable to common stock:                    
Numerator                    
Net loss  $(2,218,818)  $(6,650,970)  $(1,773,831)  $(14,069,829)
Effect of dilutive securities on net loss:                    
Common stock warrants   138,081    74,827    13,580    200,416 
Total net loss for purpose of calculating diluted loss per common share  $(2,356,899)  $(6,725,797)  $(1,787,411)  $(14,270,245)
Denominator                    
Weighted avg. common shares outstanding   5,347,940    5,292,058    5,335,941    5,254,116 
Weighted average effect of dilutive securities:                    
Stock options   -    -    -    - 
Restricted stock units   -    -    -    - 
                     
Total shares for purpose of calculating diluted net loss per common share   5,347,940    5,292,058    5,335,941    5,254,116 
                     
Diluted loss per share attributable to common stock  $(0.44)  $(1.27)  $(0.33)  $(2.72)

 

 

The computation of diluted loss per share for the three and nine months ended September 30, 2024 and 2023 does not include the following stock options and warrants to purchase shares of common stock or unvested restricted stock units in the computation of diluted loss per share because these instruments were antidilutive:

 

   For the Three and Nine Months Ended September 30, 
   2024   2023 
Stock options   286,484    264,069 
Unvested restricted stock units   21,762    - 
Warrants   49,333    49,433