v3.24.1

NET LOSS PER COMMON SHARE | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
NET LOSS PER COMMON SHARE | NET LOSS PER COMMON SHARE Net income per common share is calculated as basic net income per share and diluted net income per share. Basic net income per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed in the same manner as basic net income after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes the potential dilution that could occur: (i) if the RSUs with service conditions were fully vested (using the treasury stock method); (ii) if all of the Company’s outstanding stock options that are in-the-money were exercised (using the treasury stock method); (iii) if the RSUs with service and market conditions were considered contingently issuable; and (iv) if the RSUs with service and performance conditions were considered contingently issuable. The Company considered whether the options to purchase Class A common stock in connection with the ESPP were potentially dilutive and concluded there were no dilutive shares as all options are automatically exercised at the balance sheet date. The Company considered the allocation of undistributed net income for multiple classes of common stock and determined that it was appropriate to allocate undistributed net income between the Company’s Class A and Class B common stock on an equal basis. For purposes of making this determination, the Company’s charter provides that the holders of Class A and Class B common stock have equal rights and privileges except with respect to voting on most other matters where Class B shares voted by Joseph Field or David Field have a 10 to 1 super vote. The following tables present the computations of basic and diluted net income (loss) per share from continuing operations and discontinued operations:
|  | Year Ended December 31,
Earnings Per Share |  | 2023 |  | 2022 |  |
|  | (amounts in thousands, except share and per share data)
Basic Income (Loss) Per Share |  |  |  |  |  |
Numerator |  |  |  |  |  |
Net loss |  | $ | (1,136,871) |  |  | $ | (140,671) |  |  |
Denominator |  |  |  |  |  |
Basic weighted average shares outstanding |  | 4,706,015 |  |  | 4,621,798 |  |  |
Net loss per share - Basic |  | $ | (241.58) |  |  | $ | (30.44) |  |  |
Diluted Income (Loss) Per Share |  |  |  |  |  |
Numerator |  |  |  |  |  |
Net loss |  | $ | (1,136,871) |  |  | $ | (140,671) |  |  |
Denominator |  |  |  |  |  |
Basic weighted average shares outstanding |  | 4,706,015 |  |  | 4,621,798 |  |  |
Effect of RSUs and options under the treasury stock method(1) |  | — |  |  | — |  |  |
Diluted weighted average shares outstanding |  | 4,706,015 |  |  | 4,621,798 |  |  |
Net loss per share - Diluted |  | $ | (241.58) |  |  | $ | (30.44) |  |  |
(1) The Company had net losses used to calculate earnings per share for the years ended December 31, 2023 and 2022. Therefore, the effects of common share equivalents are excluded from the calculation of diluted loss per share for these periods because they would be antidilutive. Reverse Stock Split On June 30, 2023, the Company effected a one-for-thirty reverse stock split (the “Reverse Stock Split”) of its issued and outstanding shares of Common Stock. As a result of the Reverse Stock Split, every thirty (30) shares of Common Stock issued and outstanding were automatically combined into one (1) share of issued and outstanding Common Stock, without any change in the par value per share. In addition, proportional adjustments were made to the number of shares of the Company’s Class A common stock subject to outstanding equity awards, as well as the applicable exercise price, to reflect the Reverse Stock Split. All information related to Common Stock, stock options, restricted stock units, and earnings per share have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented. The Company effected the Reverse Stock Split to seek to regain compliance with the minimum average closing price requirement of Rule 802.01C of the New York Stock Exchange’s Listing Company Manual. Following the Reverse Stock Split, the Class A common stock continued to be traded on the OTC under the symbol “AUDA” on a split-adjusted basis beginning on June 30, 2023. No fractional shares were issued in connection with the Reverse Stock Split. Instead, any shareholders of Class A or Class B common stock who would have been entitled to receive fractional shares as a result of the Reverse Stock Split received cash payment equal to the product obtained by multiplying (a) the fraction of the share of Class A or Class B common stock which shareholder would have otherwise been entitled to receive by (b) the closing price per share of the Company's Class A common stock on the OTC at the close of business on the date prior to the Effective Time. Disclosure of Anti-Dilutive Shares The following table presents those shares excluded as they were anti-dilutive:
|  | Year Ended December 31,
Anti-dilutive shares |  | 2023 |  | 2022 |  |
|  | (amounts in thousands, except per share data)
Dilutive or anti-dilutive for all potentially dilutive equivalent shares |  | anti-dilutive |  | anti-dilutive |  |
Excluded shares as anti-dilutive under the treasury stock method: |  |  |  |  |  |
Options excluded |  | 17 |  |  | 20 |  |  |
Price range of options excluded: from |  | $ | 106.20 |  |  | $ | 106.20 |  |  |
Price range of options excluded: to |  | $ | 419.40 |  |  | $ | 419.40 |  |  |
RSUs with service conditions |  | 261 |  |  | 123 |  |  |
Excluded RSUs with service and market conditions as market conditions not met |  | 25 |  |  | 25 |  |  |
Excluded shares as anti-dilutive when reporting a net loss |  | — |  |  | 29 |  |  |

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