Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

5. EARNINGS (LOSS) PER SHARE

The Company accounts for earnings or loss per share pursuant to Accounting Standards Codification (“ASC”) 260, Earnings Per Share, which requires disclosure on the financial statements of “basic” and “diluted” earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding plus common stock equivalents (if dilutive) related to stock options, restricted stock awards and warrants for each period.

There were no adjustments to net loss, the numerator, for purposes of computing basic earnings per share. The following table sets out the computation of basic and diluted income (loss) per share: 

	Three Months Ended March 31,
(Amounts in US$’s, except share data)	2021			2020
Numerator:
Net Loss	$	(16,206,429	)	$	(7,025,538	)
Numerator for basic earnings per share – loss available to common shareholders	$	(16,206,429	)	$	(7,025,538	)
Denominator:
Denominator for basic earnings per share – weighted average common shares outstanding		65,941,513			42,788,370
Dilutive effect of warrants and options		—			—
Denominator for diluted earnings per share – weighted average common shares outstanding and assumed conversions		65,941,513			42,788,370
Basic loss per common share	$	(0.25	)	$	(0.16	)
Diluted loss per common share	$	(0.25	)	$	(0.16	)

Potential common shares issuable to employees, non-employees and directors upon exercise or conversion of shares are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss available to common shareholders. Stock options and warrants are anti-dilutive when the exercise price of these instruments is greater than the average market price of the Company’s common stock for the period (out-of-the-money), regardless of whether the Company is in a period of net loss available to common shareholders. The following weighted-average potential common shares were excluded from the diluted loss per common share as their effect was anti-dilutive as of March 31, 2021 and 2020, respectively: stock options of 3,380,181 and 7,695,000, unvested restricted stock units of 323,701 and 1,900,000, and warrants of 6,298,692 and 503,523.

As described in Note 22 – Subsequent Events, subsequent to March 31, 2021, the Company completed one acquisition resulting in the issuance of 2,000,000 shares of common stock as partial consideration. The Company also issued 7,571 shares as compensation to a vendor that were classified as unissued shares at March 31, 2021 and 50,000 shares of common stock for the exercise of options. Additionally, the Board of Directors has approved the issuance of options to purchase 4,237,000 shares of common stock.