| I. LOSS PER COMMON SHARE |
The following table provides the details of
the basic and diluted loss per-share computations:
| |
|
Nine months ended June 30, |
|
|
Three months ended June 30, |
|
| |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
| Loss per share - basic |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss available to common shareholders - basic |
|
$ |
(16,910,533 |
) |
|
$ |
(9,369,401 |
) |
|
$ |
(6,014,568 |
) |
|
$ |
(4,464,063 |
) |
| Weighted average shares outstanding - basic |
|
|
14,486,351 |
|
|
|
7,235,140 |
|
|
|
16,651,297 |
|
|
|
8,405,790 |
|
| Basic loss per common share |
|
$ |
(1.17 |
) |
|
$ |
(1.29 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.53 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss per share - diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss available to common shareholders - basic |
|
$ |
(16,910,533 |
) |
|
$ |
(9,369,401 |
) |
|
$ |
(6,014,568 |
) |
|
$ |
(4,464,063 |
) |
| Gain on derivatives (1) |
|
|
- |
|
|
|
(413,651 |
) |
|
|
- |
|
|
|
- |
|
| Net loss available to common shareholders - diluted |
|
$ |
(16,910,533 |
) |
|
$ |
(9,783,052 |
) |
|
$ |
(6,014,568 |
) |
|
$ |
(4,464,063 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding - basic |
|
|
14,486,351 |
|
|
|
7,235,140 |
|
|
|
16,651,297 |
|
|
|
8,405,790 |
|
| Incremental shares underlying dilutive "in the money" warrants |
|
|
- |
|
|
|
57,575 |
|
|
|
- |
|
|
|
- |
|
| Weighted average shares outstanding - diluted |
|
|
14,486,351 |
|
|
|
7,292,715 |
|
|
|
16,651,297 |
|
|
|
8,405,790 |
|
| Diluted loss per common share |
|
$ |
(1.17 |
) |
|
$ |
(1.34 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.53 |
) |
(1) Includes the net derivative gains from series GG, HH, II,
JJ and KK warrants for the nine months ended June 30, 2017
The gain on derivatives priced lower than the
average market price during the period is excluded from the numerator and the related shares are excluded from the denominator
in calculating diluted loss per share.
In accordance with the contingently issuable
shares guidance of FASB ASC Topic 260, Earnings Per Share, the calculation of diluted net earnings (loss) per share excludes
the following securities because their inclusion would have been anti-dilutive as of June 30:
| |
|
2018 |
|
|
2017 |
|
| |
|
|
|
|
|
|
| Options and Warrants |
|
|
12,567,982 |
|
|
|
7,951,929 |
|
| Unvested Restricted Stock |
|
|
312,000 |
|
|
|
604,000 |
|
| Convertible debt |
|
|
- |
|
|
|
893,491 |
|
| Total |
|
|
12,879,982 |
|
|
|
9,449,420 |
|
|