Note 17 - Earnings Per Share

6 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 17 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing adjusted net income or loss by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of warrants to purchase common stock that are either liability classified or equity classified (see Note 16 – Warrants); employee stock options (see Note 15 – Equity Incentive Plans); employee unvested restricted stock (see Note 15 – Equity Incentive Plans); and employee unvested restricted stock units (see Note 15 – Equity Incentive Plans). For the three and six months ended December 31, 2024, and 2023, if the Company incurred a net loss from continuing operations; a net loss from discontinued operations, net of tax; or a net loss then the Company did not include common equivalent shares in the computation of diluted net loss from continuing operations per share; diluted net loss from discontinued operations, net of tax; or diluted net loss per share because the effect would have been anti-dilutive.

The following is a reconciliation of the numerator and the denominator used in the basic per share calculations:

	Three Months Ended					Six Months Ended
	December 31,					December 31,
	2024		2023			2024		2023
	(in thousands, except share and per share data)
BASIC
Numerators:
Net income (loss) from continuing operations	$	665	$	619		$	1,758	$	(6,854	)
Net income (loss) from discontinued operations, net of tax		123		(839	)		504		(1,486	)
Net income (loss)	$	788	$	(220	)	$	2,262	$	(8,340	)
Denominator:
Basic weighted-average common shares outstanding		6,132,060		5,517,670			6,100,204		5,499,951
Per share calculations:
Net income (loss) per share from continuing operations	$	0.11	$	0.11		$	0.29	$	(1.25	)
Net income (loss) per share from discontinued operations, net of tax	$	0.02	$	(0.15	)	$	0.08	$	(0.27	)
Net income (loss) per share	$	0.13	$	(0.04	)	$	0.37	$	(1.52	)

The following is a reconciliation of the numerator and the denominator used in the diluted per share calculations:

	Three Months Ended						Six Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
	(in thousands, except share and per share data)
DILUTED: CONTINUING OPERATIONS
Numerator:
Net income (loss) from continuing operations	$	665		$	619		$	1,758		$	(6,854	)
Adjustment for change in fair value of warrant liabilities		(3,016	)		—			(5,896	)		—
Adjusted numerator - net (loss) income from continuing operations	$	(2,351	)	$	619		$	(4,138	)	$	(6,854	)
Denominator:
Basic weighted-average common shares outstanding		6,132,060			5,517,670			6,100,204			5,499,951
Dilutive effect of warrants to purchase common stock		2,342,087			—			2,669,216			—
Dilutive effect of unvested restricted stock and restricted stock units		10,965			—			13,374			—
Diluted weighted-average common shares outstanding		8,485,112			5,517,670			8,782,794			5,499,951
Per share calculation:
Net (loss) income per share from continuing operations	$	(0.28	)	$	0.11		$	(0.47	)	$	(1.25	)
DILUTED: DISCONTINUED OPERATIONS
Numerator:
Net income (loss) from discontinued operations, net of tax	$	123		$	(839	)	$	504		$	(1,486	)
Denominator:
Basic weighted-average common shares outstanding		6,132,060			5,517,670			6,100,204			5,499,951
Dilutive effect of warrants to purchase common stock		2,342,087			—			2,669,216			—
Dilutive effect of unvested restricted stock and restricted stock units		10,965			—			13,374			—
Diluted weighted-average common shares outstanding		8,485,112			5,517,670			8,782,794			5,499,951
Per share calculation:
Net income (loss) per share from discontinued operations, net of tax	$	0.01		$	(0.15	)	$	0.06		$	(0.27	)
DILUTED: NET INCOME (LOSS)
Numerator:
Net income (loss)	$	788		$	(220	)	$	2,262		$	(8,340	)
Adjustment for change in fair value of warrant liabilities		(3,016	)		—			(5,896	)		—
Adjusted numerator - net loss	$	(2,228	)	$	(220	)	$	(3,634	)	$	(8,340	)
Denominator:
Basic weighted-average common shares outstanding		6,132,060			5,517,670			6,100,204			5,499,951
Dilutive effect of warrants to purchase common stock		2,342,087			—			2,669,216			—
Dilutive effect of unvested restricted stock and restricted stock units		10,965			—			13,374			—
Diluted weighted-average common shares outstanding		8,485,112			5,517,670			8,782,794			5,499,951
Per share calculation:
Net loss per share	$	(0.26	)	$	(0.04	)	$	(0.41	)	$	(1.52	)

The following table sets forth securities that could be considered anti-dilutive, and therefore are excluded from the calculation of diluted weighted-average common shares outstanding and related per share calculations:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2024		2023		2024		2023
Warrants to purchase common stock - liability classified (note 16)		3,539,679		6,498,980		3,212,550		6,498,980
Warrants to purchase common stock - equity classified (note 16)		18,114		39,072		18,114		39,072
Employee unvested restricted stock (note 15)		25,291		40,017		22,882		40,017
Employee unvested restricted stock units (note 15)		512		2,898		565		2,898
Employee stock options (note 15)		221,392		149,087		221,392		149,087
Total anti-dilutive securities		3,804,988		6,730,054		3,475,503		6,730,054