INCOME/(LOSS) PER COMMON SHARE

12 Months Ended

Mar. 31, 2024

Net Income/(Loss) per share

INCOME/(LOSS) PER COMMON SHARE

NOTE 3 – INCOME/(LOSS) PER COMMON SHARE

We calculate basic income/(loss) 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 1,708,830 shares of common stock. Due to the net loss attributable to common shareholders for the year ended March 31, 2024, potentially dilutive securities, which consists of 175,000 of respective common stock purchase options were excluded, as a result of the treasury stock method, from the dilutive EPS calculation as the effect would be antidilutive. Due to the loss from operations in the year ended March 31, 2023, there are no common shares added to calculate the dilutive loss per share for that period as the effect would be antidilutive. The Company excluded warrants of 2,406,946 for the year ended March 31, 2023 and warrants of 150,000 and equity incentive awards of 20,000 for the year ended March 31, 2022, from the weighted average diluted common shares outstanding because their inclusion would have been antidilutive.

	For the Year Ended March 31,
	2024			2023			2022
Numerator:
Net income/(loss)	$	(15,565,200	)	$	(4,596,038	)	$	33,247,436
Less: Preferred stock dividends		(3,122,049	)		(3,105,034	)		(2,668,648	)
Net income/(loss) attributable to common stockholders	$	(18,687,249	)	$	(7,701,072	)	$	30,578,788
Denominator:
Weighted average shares of common stock - basic		118,249,486			117,177,885			112,328,680
Effect of dilutive common stock purchase warrants		-			-			1,861,040
Effect of dilutive equity incentive awards		-			-			-
		118,249,486			117,177,885			114,189,720
Basic earnings per share:
Income/(loss) per share attributable to common stockholders - basic	$	(0.16	)	$	(0.07	)	$	0.27
Diluted earnings per share:
Income/(loss) per share attributable to common stockholders - diluted	$	(0.16)		$	(0.07)		$	0.27

AMMO, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS