Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of shares outstanding during the period, including repurchases carried as treasury stock. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding adjusted for the dilutive effect of all potential shares of stock, including the exercise of employee stock options and assumed vesting of restricted stock units (if dilutive). In periods where we reported a net loss, the diluted net loss per share is the same as basic net loss per share because the impact of including assumed exercises of stock options and vesting of restricted stock units would have an anti-dilutive impact. Diluted net income (loss) per share was computed using the treasury stock method for warrants, stock options, and restricted stock units.

The following table presents the calculation of basic and diluted net income (loss) per share:


	For the years ended December 31,
	2023		2022
Numerator:
Net income (loss)	$	7,098,022	$	(38,093,756)

Denominator*:
Basic shares:
Weighted-average shares outstanding	5,606,087		5,443,605
Diluted shares:
Stock options	66,841		—

Warrants	5,599		—
Weighted-average shares outstanding	5,678,527		5,443,605

Net income (loss) per share:
Basic	$	1.27	$	(7.00)
Diluted	$	1.25	$	(7.00)

*Effective May 11, 2023, we performed a 1-for-38 reverse stock split. Share amounts have been retroactively restated.

Because their effect would have been anti-dilutive, 301,465 shares were excluded from the denominator of diluted net income per share for the year ended December 31, 2023.