Note 8 - Net Loss Per Share

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

8:

NET LOSS PER SHARE

The Company accounts for and discloses net loss per common share in accordance with ASC Topic

260,

Earnings Per Share

. Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. In addition, in computing the dilutive effect of convertible securities, the numerator is adjusted to add back any convertible preferred dividends. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares that would have been outstanding during the period assuming the issuance of common shares for all potential dilutive common shares outstanding. Potential common shares consist of potential future exercises of outstanding stock options and common stock warrants. Because the inclusion of potential common shares would be anti-dilutive for all periods presented they have been excluded from the calculation.

The following table summarizes the Company’s calculation of net loss per common share: 

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018 (as restated)			2019			2018 (as restated)
Numerator
Net loss	$	(7,262,529	)	$	(4,142,577	)	$	(11,335,836	)	$	(6,016,959	)
Deemed dividend attributable to preferred stock		-			(11,479,308	)		-			(11,479,308	)
Net loss attributable to common shareholders	$	(7,262,529	)	$	(15,621,885	)	$	(11,335,836	)	$	(17,496,267	)
Denominator
Weighted average common shares outstanding used to compute net loss per share, basic and diluted		9,126,153			3,073,803			7,852,907			2,864,033
Net loss per share of common stock, basic and diluted:	$	(0.80	)	$	(5.08	)	$	(1.44	)	$	(6.11	)

The following table sets forth the number of weighted average potential common shares excluded from the calculation of net loss per diluted share for the

three

and

six

months ended

June 30, 2019

and

2018

because including them would be anti-dilutive: 

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Options to purchase common stock		2,546,295		200,954		1,669,709		187,391
Series B convertible preferred stock		195,448		900,367		326,493		452,671
Warrants to purchase common stock		1,070,028		2,275,808		2,213,396		1,599,074
		3,811,771		3,377,129		4,209,598		2,239,136