Note 3 - Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 3. NET LOSS PER COMMON SHARE

Basic loss per common share is calculated by dividing net loss available to common shareholders for the period by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is calculated by dividing net loss available to common shareholders for the period by the weighted-average number of common shares outstanding during the period, adjusted to include, if dilutive, potential dilutive shares consisting of convertible preferred stock, stock options and warrants, calculated using the treasury stock and if-converted methods. For diluted loss per share calculation purposes, the net loss available to common shareholders is adjusted to add back any preferred stock dividends and any interest on convertible debt reflected in the condensed consolidated statement of loss for the respective periods.

The table below presents the computation of basic and diluted loss per share:

(Amounts in thousands except share and per share amounts)	Three Months Ended March 31,
	2022			2021
Numerator for basic and diluted loss per share:
Net loss	$	(2,698	)	$	(1,885	)
Preferred dividends and preferred stock discount accretion		(1,797	)		(2,255	)
Net loss available to common shareholders	$	(4,495	)	$	(4,140	)
Denominator for basic loss per share – weighted-average shares outstanding		347,275,242			245,829,914
Basic and diluted loss per share available to common shareholders	$	(0.01	)	$	(0.02	)

The following potential dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding, as their effect would have been antidilutive:

Potential Dilutive Securities:	Common Share Equivalents at March 31, 2022		Common Share Equivalents at December 31, 2021
Convertible redeemable preferred stock – Series A		—		30,743,500
Convertible redeemable preferred stock – Series A-1		—		29,610,000
Convertible redeemable preferred stock – Series B		46,980		46,980
Convertible redeemable preferred stock – Series D		402,562,607		390,348,199
Stock options		4,818,876		2,574,669
Restricted stock units (“RSUs”)		81,019,401		618,004
Warrants		3,150,000		393,589
Total Potential Dilutive Securities		491,597,864		454,334,941