Net (Loss) Income Per Share of Common Stock

9 Months Ended

Sep. 30, 2021

Net (Loss) Income Per Share of Common Stock

NOTE 4 — NET (LOSS) INCOME PER SHARE OF COMMON STOCK

Basic (loss) income per share is calculated by dividing the net (loss) income by the weighted average number of shares of common stock outstanding. Diluted (loss) income per share is computed by dividing the net (loss) income by the weighted average number of shares of common stock outstanding, plus potential outstanding common stock for the period. Potential outstanding common stock includes stock options and shares underlying RSUs, but only to the extent that their inclusion is dilutive. The following table sets forth the computation of basic and diluted (loss) income per share for common stockholders:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Net (loss) income	$	(9,205,407	)	$	(8,112,613	)	$	(28,599,303	)	$	9,265,598

Weighted average shares of common stock outstanding - basic		42,721,566			41,917,923			42,721,566			40,199,196
Dilutive effect		—			—			—			278,605
Weighted average shares of common stock outstanding - diluted		42,721,566			41,917,923			42,721,566			40,477,801

Net (loss) income per ordinary share:
Basic	$	(0.22	)	$	(0.19	)	$	(0.67	)	$	0.23
Diluted	$	(0.22	)	$	(0.19	)	$	(0.67	)	$	0.23

The following securities outstanding at September 30, 2021 and 2020 have been excluded from the calculation of weighted average shares outstanding as their effect on the calculation of (loss) income per share is antidilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Common stock options		1,794,467		9,347,054		1,794,467		6,357,500
Restricted stock units		—		48,650		—		48,650
Performance-based restricted stock units		3,651,403		—		3,651,403		—
Common stock warrants		40,790		40,790		40,790		40,790