Net Income Per Share (EPS)

9 Months Ended

Apr. 30, 2021

Accounting Policies [Abstract]

Net Income Per Share (EPS)

Note 14 - Net Income Per Share (“EPS”)

Basic net income or loss per share is calculated using the weighted average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period and, when dilutive, potential shares from stock options and warrants to purchase common stock. Common stock equivalents are included in the diluted income per share calculation only when option exercise prices are lower than the average market price of the common shares for the period presented. Diluted earnings per share is the same as basic earnings per share in periods showing a net loss.

The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended April 30, 2021 and 2020, respectively;

	Three Months Ended April 30,						Nine Months Ended April 30,
	2021			2020			2021			2020
Numerator:
Net income (loss), basic calculation	$	9,222,550		$	(5,626,462	)	$	(25,588,724	)	$	(21,661,910	)
Less: mark to market derivatives		(15,362,558	)		—			—			—
Net loss, diluted calculation		(6,140,008	)		—			—			—
Denominator:
Weighted-average basic shares outstanding		114,605,060			76,976,925			106,460,699			70,702,570
Effect of dilutive securities		25,802,119			—			—			—
Weighted-average diluted shares		140,407,179			76,976,925			106,460,699			70,702,570
Basic earnings (loss) per share	$	0.08		$	(0.07	)	$	(0.24	)	$	(0.31	)
Diluted loss per share	$	(0.04	)	$	(0.07	)	$	(0.24	)	$	(0.31	)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common shareholders because including them would have been anti-dilutive for the nine months ended April 30, 2021 and 2020, respectively:

	Nine Months Ended April 30,
	2021		2020
Convertible debt		—		34,374,900
Stock options		12,605,860		9,123,195
Warrants		62,780,535		567,553
Total		75,386,395		44,065,648