Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

16. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

As a result of the Merger, the Company has retrospectively adjusted the weighted average of shares of common stock outstanding prior to June 20, 2019 by multiplying them by the exchange ratio used to determine the number of shares of common stock into which they converted.

	Years Ended December 31,
	2019			2018
Numerator:
Net Income (loss)	$	(427,795	)	$	1,055,972
Denominator:
Weighted average shares outstanding:
Basic		4,447,681			3,234,501
Diluted		4,447,681			3,234,501
Basic income (loss) per share		(0.10	)		0.33
Diluted income (loss) per share		(0.10	)		0.33
Pro forma C-corporation Earnings per share:
Numerator
Net Income	$	489,368		$	763,437
Denominator:
Weighted average shares outstanding:
Basic		4,447,681			3,234,501
Diluted		4,447,681			3,234,501
Basic income per share		0.11			0.24
Diluted income per share		0.11			0.24

The Company has contingent share arrangements and warrants arising from the Merger and Jensyn’s IPO as discussed in Note 2. The potential issuance of additional stock from these arrangements were excluded from the diluted EPS calculation because the prevailing market and operating conditions at the present time do not indicate that any additional shares of stock will be issued. These instruments could result in dilution in future periods. Below is a schedule of the potential shares arising from these contingencies that were excluded from the calculations above:

	Years Ended December 31,
	2019		2018
Earnout provision, includes new shares of Common Stock that may be issued to former Peck Electric Co. shareholders		898,473		0
Earnout provision, includes new shares of Common Stock that may be issued to Exit Strategy		11,231		0
Earnout provision, including new shares of Common Stock that may be issued to holders of forfeited and canceled shares		257,799		0
Option to purchase Common Stock, from Jensyn’s IPO		429,000		0
Warrants to purchase Common Stock, from Jensyn’s IPO		2,292,250		0