Earnings per share (Tables)

6 Months Ended

Jun. 30, 2024

The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,						For The Six Months Ended June 30,
	2024			2023			2024			2023
Calculation of basic and diluted loss per share attributable to the Company’s shareholders
Net loss attributable to the Company’s shareholders	$	(7,335,455	)	$	(6,880,886	)	$	(12,361,200	)	$	(14,234,706	)
Weighted-average common shares outstanding – basic and diluted		9,255,025			5,042,126			9,248,503			5,040,741
Net loss per share, basic and diluted	$	(0.79	)	$	(1.36	)	$	(1.34	)	$	(2.82	)

Summary of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	For The Six Months Ended June 30,
	2024		2023
Stock options and awards		1,926,100		61,065
Convertible Debt		41,159		38,262
Common Stock Warrants (1)		2,233,407		1,383,289
Series A Preferred Stock (2)		6,704,122		—
Preferred Stock Warrants (3)		23,803,334		—
Contingently issuable Earnout Shares from unexercised Rollover Options		150,806		150,806
Total		34,858,928		1,633,422

(1)

Contained within common stock warrants are the 575,000 public warrants (the “Public Warrants”), 20,860 warrants held by assignees of Big Cypress Holdings, LLC (the “Private Placement Warrants”), 30,000 warrants held by Ladenburg

Thalmann & Co. Inc. (the “Ladenburg Warrants”), 736,337 warrants issued to the investors in the December 2022 Private Placement (the “PIPE Warrants”), 21,091 warrants issued to the placement agent in the December 2022 Private Placement (the “PIPE Placement Agent Warrants”), and 850,119 Preferred PIPE Placement Agent Warrants issued to the placement agent in the September 2023 Offering. See Note 12, Warrants for further details on the Company’s outstanding warrants.

(2)

Represents shares of common stock underlying 42,236 issued, outstanding, and convertible shares of Series A-2 Preferred Stock. See Note 10, Stockholders’ Equity for further details on the Company’s preferred stock.

(3)

Represents 6,800,953 and 17,002,381 common shares underlying 42,846 outstanding Tranche B Warrants and 107,115 outstanding Tranche C Warrants, respectively.