INCOME PER COMMON SHARE

9 Months Ended

Dec. 31, 2022

Net Income/(Loss) per share

INCOME PER COMMON SHARE

NOTE 3 – INCOME PER COMMON SHARE

We calculate basic income per share using the weighted-average number of shares of common stock outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities, such as outstanding options and warrants. We use the treasury stock method, in the determination of dilutive shares outstanding during each reporting period. We have issued warrants to purchase 2,781,482 shares of common stock. Due to the net loss attributable to common shareholders for the three and nine months ended December 31, 2022, potentially dilutive securities, which consists of 389,544 and 1,070,694 (536,311 and 150,000 warrants, respectively, for the three and nine months ended December 31, 2022 were excluded as a result of the treasury stock method) common stock purchase warrants and 5,281 and 19,095 equity incentive awards, respectively for the three and nine months ended December 31, 2022, have been excluded from the dilutive EPS calculation as the effect would be antidilutive.

	For the Three Months Ended December 31,						For the Nine Months Ended December 31,
	2022			2021			2022			2021
Numerator:
Net income/(loss)	$	(4,102,992	)	$	9,067,867		$	(1,653,472	)	$	32,720,039
Less: Preferred stock dividends		(782,639	)		(782,582	)		(2,339,409	)		(1,902,966	)
Net income/(loss) attributable to common stockholders	$	(4,885,631	)	$	8,285,285		$	(3,992,881	)	$	30,817,073
Denominator:
Weighted average shares of common stock – Basic		117,348,511			114,757,014			116,950,013			111,289,024
Effect of dilutive common stock purchase warrants		-			1,835,395			-			1,934,172
Effect of dilutive equity incentive awards		-			125,091			-			127,802
		117,348,511			116,717,500			116,950,013			113,350,998
Basic earnings per share:
Income/(loss) per share attributable to common stockholders – basic	$	(0.04	)	$	0.07		$	(0.03	)	$	0.28
Diluted earnings per share:
Income/(loss) per share attributable to common stockholders – diluted	$	(0.04	)	$	0.07		$	(0.03	)	$	0.27

(1) Weighted average of contingently issuable shares measured from the effective date of merger, April 30, 2021