Note 13 - Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2020

13.	EARNINGS PER SHARE (“EPS”)

The Company’s basic EPS is calculated using net income (loss) available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock, such as stock issuable pursuant to the exercise of stock options and warrants and the assumed conversion of convertible preferred stock.

The basic and diluted EPS calculations was as follows for the

three

month periods ended

March

31,

2020

and

2019:

	Three Months ended March 31,
	2020			2019

Basic and Diluted Numerator:

Net loss	$	(3,370,282	)	$	(1,803,508	)
Deemed dividends related to down-round features		(112,686	)		-
Net loss available to common stockholders (basic and diluted)	$	(3,482,968	)	$	(1,803,508	)

The following table summarizes the weighted average securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the net losses for the

three

months ended

March 31, 2020

and

2019:

	Three Months ended March 31,
	2020		2019

Stock options		476		-
Warrants		11,121		-
Convertible Notes		3,735,770		-
Total		3,747,367		-

The following table sets forth options and warrants which were excluded from the diluted per share calculation because the exercise price was greater than the average market price of the common shares:

	Three Months Ended March 31,
	2020		2019

Stock options		1,640,964		1,794,737
Warrants		2,201,889		3,780,976
Total		3,842,853		5,575,713