Note 9 - Earnings (Loss) Per Share Applicable to Common Stockholders

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 9 – EARNINGS (LOSS) PER SHARE APPLICABLE TO COMMON STOCKHOLDERS

Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per common share is computed similar to basic earnings (loss) per common share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. Diluted weighted average common shares include common stock potentially issuable under the Company’s convertible preferred stock, warrants and vested and unvested stock options.

For the three and six months ended June 30, 2022 and 2021, net income (loss) is adjusted for gain from change in fair value of warrant liabilities.

The following table sets forth the computation of earnings (loss) per share (amounts in thousands, except share and per share amounts):

	For the three months ended						For the six months ended
	June 30,						June 30,
	2022			2021			2022			2021
Net income (loss) - basic	$	(636	)	$	19,764		$	70		$	(373	)
Reversal of gain due to change in fair value of warrant liability		-			(19,274	)		(352	)		-
Net income (loss) - diluted	$	(636	)	$	490		$	(282	)	$	(373	)
Weighted average shares outstanding - basic		212,051,322			202,033,912			211,532,305			198,606,970
Diluted stock options		-			5,437,099			-			-
Diluted warrants		-			31,442,211			-			-
Diluted preferred shares		-			39,492,302			31,268,169			-
Weighted average shares outstanding - diluted		212,051,322			278,405,524			242,800,475			198,606,970
Basic earnings (loss) per share	$	(0.00	)	$	0.10		$	0.00		$	(0.00	)
Diluted earnings (loss) per share	$	(0.00	)	$	0.00		$	(0.00	)	$	(0.00	)

The following securities were not included in the diluted net income (loss) per share calculation because their effect was anti-dilutive as of the periods presented (in thousands):

	For the six months ended
	June 30,
	2022		2021
Options		6,210		7,503
Series A convertible preferred shares		-		39,492
Warrants		40,338		40,338
Total		46,548		87,333