7.BASIC AND FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

BASIC AND FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE

7.        BASIC AND FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE

The following table sets forth the computation of basic and fully diluted net income (loss) per common share for the three months ended March 31, 2021 and 2020:

	2021			2020
Numerator:
Net income (loss)	$	(1,623,527	)	$	1,540,965
Denominator:
Weighted average common shares:
Denominator for basic calculation		50,351,971			48,713,163
Weighted average effects of potentially diluted common stock:
Stock options (calculated using the treasury method)		–			1,824,903
Unvested restricted stock grants		–			4,150,000
Denominator for fully diluted calculation		50,351,971			54,688,066
Net income (loss) per common share:
Basic	$	(0.03	)	$	0.03
Fully diluted	$	(0.03	)	$	0.03

Due to the net loss for the three months ended March 31, 2021, the effect of all potential common share equivalents was anti-dilutive, and therefore, all such shares were excluded from the computation of diluted weighted average shares outstanding for the period. The amount of potential common share equivalents excluded were 2,241,014 for stock options and 1,975,000 for unvested restricted stock awards for the three months ended March 31, 2021.