Net loss per Common Share

9 Months Ended

Sep. 30, 2020

The computation of basic net loss per share is based on the weighted average number of common stock outstanding for the three and nine months ended September 30, 2020 and 2019. Diluted net loss per share gives effect to restricted stock awards and stock options using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of September 30, 2020 does not include 222,775 restricted stock awards, 326,024 stock options and 21,752 warrants, as their effect was anti-dilutive. Additionally, the Convertible Bond Debt is not considered a participating security and therefore not included in the computation of the Basic loss per share for the three and nine months ended September 30, 2020. The Company determined that it does not overcome the presumption of share settlement of outstanding debt and therefore the Company applied the if-converted method and did not include the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted loss per share for the three and nine months ended September 30, 2020 as their effect was anti-dilutive. Diluted net loss per share as of September 30, 2019 does not include 219,576 stock awards, 326,399 stock options and 21,752 warrants, as their effect was anti-dilutive.

The following table summarizes the calculation of basic and diluted loss per share:


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Net loss	$	(11,159,286)	$	(4,562,989)	$	(35,178,372)	$	(10,525,662)
Weighted Average Shares - Basic *	10,279,698		10,192,842		10,274,906		10,189,636
Dilutive effect of stock options and restricted stock units	—		—		—		—
Weighted Average Shares - Diluted *	10,279,698		10,192,842		10,274,906		10,189,636
Basic loss per share *	$	(1.09)	$	(0.45)	$	(3.42)	$	(1.03)
Diluted loss per share *	$	(1.09)	$	(0.45)	$	(3.42)	$	(1.03)

*Adjusted to give effect for the 1-for-7 Reverse Stock Split that became effective as of September 15, 2020. See Note 1.