Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2023

Net Income (Loss) per Share [Abstract]

Net Income (Loss) per Share

15. Net Income (Loss) per Share

The following table sets forth the computation of basic and diluted income (loss) per share (in thousands, except share and per share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Numerator:
Net income (loss)	$	1,563		$	(1,339	)	$	(25,027	)	$	(4,446	)
Less: Cumulative undeclared preferred dividends and undistributed earnings allocated to participating securities, basic		(230	)		-			-			-
Net income (loss) attributable to common stockholders, basic	$	1,360		$	(1,339	)	$	(25,027	)	$	(4,446	)
Net income (loss)	$	1,563		$	(1,339	)	$	(25,027	)	$	(4,446	)
Less: Undistributed earnings allocated to participating securities, diluted		(159	)		-			-			-
Net income (loss) attributable to common stockholders, diluted	$	1,404		$	(1,339	)	$	(25,027	)	$	(4,446	)
Denominator:
Weighted average common stock outstanding, basic		10,214,183			10,123,187			10,153,564			10,123,187
Net income (loss) per share attributable to common stockholders, basic	$	0.13		$	(0.13	)	$	(2.46	)	$	(0.44	)
Weighted average common stock outstanding, diluted		11,215,068			10,123,187			10,153,564			10,123,187
Net income (loss) per share attributable to common stockholders, diluted	$	0.13		$	(0.13	)	$	(2.46	)	$	(0.44	)

The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of shares of New Envoy Class A Common Stock outstanding used to calculate both basic and diluted net loss per share attributable to stockholders of New Envoy Class A Common Stock is the same. The Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to stockholders for the periods indicated because including them would have had an anti-dilutive effect:

	Nine Months Ended September 30,
	2023		2022
Stock options		-		263,000
Series A Preferred Stock (as converted to common stock)		3,913,043		-
Warrants to purchase common stock		14,166,666		-
Contingent Sponsor Shares		1,000,000		-
		19,079,709		263,000