Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2024

(Loss) earnings per share of common stock:

Earnings (Loss) Per Share

16. Earnings (Loss) Per Share

The following is a reconciliation of the numerator and denominator used to calculate basic earnings (loss) per share and diluted earnings (loss) per share for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Basic earnings (loss):
Net (loss) income	$	(5,591	)	$	(2,711	)	$	14,136		$	(8,666	)
Diluted earnings (loss):
Net income (loss)	$	(5,591	)	$	(2,711	)	$	14,136		$	(8,666	)
Interest accrued		—			—			295			—
Chang in fair value of derivative liability		—			—			(602	)		—
Adjusted net (loss) income	$	5,591		$	(2,711	)	$	13,829		$	(8,666	)
Weighted average number of shares-basic		36,427,507			21,291,924			33,910,890			21,124,151
Potentially dilutive shares		—			—			3,441,036			—
Weighted average number of shares-Diluted		36,427,507			21,291,924			37,351,926			21,124,151
Earnings per share
Basic	$	(0.15	)	$	(0.13	)	$	0.42		$	(0.41	)
Diluted	$	(0.15	)	$	(0.13	)	$	0.37		$	(0.41	)

During the three months ended September 30, 2024 and 2023, stock options to purchase 2,087,250 and 2,835,000 shares of common stock and warrants to purchase 22,625,342 and nil shares of common stock, respectively, were not considered in calculating diluted earnings (loss) per share because the options and warrants are considered out-of-money. In addition, during the three months ended September 30, 2024, convertible notes that are convertible to a total of 3,705,000 shares of common stock were excluded when calculating diluted loss per share as the inclusion would have been anti-dilutive.

During the nine months ended September 30, 2024 and 2023, stock options to purchase 2,087,250 and 2,835,000 shares of common stock and warrants to purchase 22,625,342 and nil shares of common stock, respectively, were not considered in calculating diluted earnings (loss) per share because the options and warrants are considered out-of-money.

There were no other potential shares excluded from the computation of diluted net income (loss) per share during the three and nine months ended September 30, 2024 and 2023, respectively.