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NET LOSS PER SHARE OF COMMON STOCK
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
NET LOSS PER SHARE OF COMMON STOCK

NOTE 14. NET LOSS PER SHARE OF COMMON STOCK

 

On January 3, 2024, the Company effected a 1:16 reverse stock split of the Company’s common stock (the “2024 Stock Split”) which resulted in a reduction in the number of outstanding shares of common stock, warrants, stock options and restricted share units and a proportionate increase in the value of each share or strike price of the warrants and stock options.

 

On January 29, 2025, the Company effected a reverse stock split at a ratio of 1:335 (See Note 17 – Subsequent Events) which resulted in a reduction in the number of outstanding shares of common stock, warrants, stock options and restricted share units and a proportionate increase in the value of each share or strike price of the warrants and stock options.

 

On March 27, 2025, the Company effected a reverse stock split at a ratio of 1:27 (See Note 17 – Subsequent Events) which resulted in a reduction in the number of outstanding shares of common stock, warrants, stock options and restricted share units and a proportionate increase in the value of each share or strike price of the warrants and stock options.

 

The retrospective effect of the reverse stock splits has been incorporated on a retrospective basis in the tabular disclosures of loss per share and weighted average outstanding shares for the fiscal years 2024 and 2023 herein.

 

Basic and diluted net loss per share is computed by dividing net loss attributable to stockholders by the weighted average number shares of common stock outstanding, vested restricted stock units, and pre-funded warrants during the year. Potentially dilutive outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share for loss periods presented because including them would have been antidilutive.

 

A post-2025 Stock Splits reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share attributable to stockholders follows:

    
   December 31, 
   2024   2023 
Numerator:          
Net loss allocable to common shareholders used to compute basic and diluted loss per common share  $(6,992,927)  $(4,911,374)
Denominator:          
Weighted average shares used to compute basic and dilutive loss per share (post-split)   943    62 

 

The following outstanding potentially dilutive securities were excluded from the calculation of dilutive loss per share attributable to common stockholders because their impact would have been antidilutive for the period presented:

           
    December 31,
2024		     December 31,
 2023		  
Shares issuable on Series A and B convertible preferred stock     386       –  
Shares issuable on warrants     1,312       28  
Shares issuable on restricted stock units     1       5  
Shares issuable on options     19       19  
      1,718       53