Note 16 - Earnings Per Share ("EPS") - Common Stock ("EPS")

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

16. EARNINGS (LOSS) PER SHARE - COMMON STOCK (“EPS”)

The Company’s basic EPS is calculated using net loss available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock, such as stock issuable pursuant to the exercise of stock options and warrants and the assumed conversion of convertible notes.

The reconciliation of the numerator of the basic and diluted EPS calculations was as follows for both of the following three and six month periods ended June 30, 2021 and 2020:

	Three Months ended June 30,						Six Months ended June 30,
	2021			2020			2021			2020
Basic and Diluted Numerator:
Net loss	$	(1,161,683	)	$	(1,572,709	)	$	(2,013,114	)	$	(4,942,991	)
Deemed dividends related to down-round features		-			-			-			(112,686	)
Net loss available to common stockholders (basic and diluted)	$	(1,161,683	)	$	(1,572,709	)	$	(2,013,114	)	$	(5,055,677	)

Items excluded from the diluted per share calculation because the exercise price was greater than the average market price of the common shares:

	Three Months ended June 30,				Six Months ended June 30,
	2021		2020		2021		2020
Stock options		212,545		1,603,054		212,545		1,603,054
Warrants		4,689,387		5,651,889		4,689,387		5,651,889
Total		4,901,932		7,254,943		4,901,932		7,254,943

The following table summarizes the weighted average securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the net losses for the three and six months ended June 30, 2021, and 2020:

	Three Months ended June 30,				Six Months ended June 30,
	2021		2020		2021		2020
Stock options		-		1,326		-		748
Warrants		-		80,797		-		49,818
Convertible notes		-		3,837,165		-		3,837,165
Total		-		3,919,288		-		3,887,731