Note 9 - (Loss) Earnings Per Share Applicable to Common Stockholders

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 9 – (LOSS) EARNINGS PER SHARE APPLICABLE TO COMMON STOCKHOLDERS

Basic (loss) earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted (loss) earnings per common share is computed similar to basic earnings (loss) per common share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. Diluted weighted average common shares include common stock potentially issuable under the Company’s convertible preferred stock, warrants and vested and unvested stock options.

For the three months ended March 31, 2022, net income is adjusted for gain from change in fair value of warrant liabilities.

The following table sets forth the computation of (loss) earnings per share (amounts in thousands, except share and per share amounts):

	For the three months ended
	March 31,
	2023			2022
Net (loss) income - basic	$	(1,390	)	$	706
Reversal of gain due to change in fair value of warrant liability		-			(340	)
Net (loss) income - diluted	$	(1,390	)	$	366
Weighted average shares outstanding - basic		211,934,041			211,007,522
Diluted preferred shares		-			31,847,239
Weighted average shares outstanding - diluted		211,934,041			242,854,761
Basic (loss) earnings per share	$	(0.01	)	$	0.00
Diluted (loss) earnings per share	$	(0.01	)	$	0.00

The following securities were not included in the diluted net income (loss) per share calculation because their effect was anti-dilutive as of the periods presented (in thousands):

	For the three months ended
	March 31,
	2023		2022
Options		5,972		6,863
Warrants		40,338		40,338
Total		46,310		47,201