Note 4 - Net Loss Per Share

3 Months Ended

Mar. 31, 2021

4.	NET LOSS PER SHARE

Net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding plus the pre-funded warrants. For the purpose of calculating basic net loss per share, the additional shares of common stock that are issuable upon exercise of the pre-funded warrants have been included since the shares are issuable for a negligible consideration and have

vesting or other contingencies associated with them. There were

224,445

pre-funded warrants included in the quarter ended

March 31, 2020

calculation.

The calculation of the basic and diluted earnings per share is the same for all periods presented, as the effect of the potential common stock equivalents noted below is anti-dilutive due to the Company's net loss position for all periods presented. Anti-dilutive securities consisted of the following at

March 31:

	2021		2020
Common stock equivalents of convertible promissory note and accrued interest		6,449,950		5,159,496
Vested Series A warrants		--		40,441
Unvested Series A warrants (1)		--		69,853
Warrants – other		653,248		1,273,461
Stock options		889,636		287,849
Total		7,992,834		6,831,100

___________

(

)

The unvested Series A warrants were subject to vesting based upon the amount of funds actually received by the Company in the

second

close of the

August 2015

financing which never occurred. The warrants remained outstanding but unvested until they expired in

February 2021.