Note 3 - Net Loss Per Share

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

3.

         

Net Loss per Share

Net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding plus the pre-funded warrants. For the purpose of calculating basic net loss per share, the additional shares of common stock that are issuable upon exercise of the pre-funded warrants have been included since the shares are issuable for a negligible consideration and have

no

vesting or other contingencies associated with them. As of

December 31, 2020,

all pre-funded warrants previously issued have been exercised and

none

are currently outstanding. The calculation of the basic and diluted earnings per share is the same for all periods presented, as the effect of the potential common stock equivalents noted below is anti-dilutive due to the Company's net loss position for all periods presented. Anti-dilutive securities consisted of the following at

December 31:

	2020		2019
Common stock equivalents of convertible promissory note and accrued interest		7,300,897		6,683,646
Vested Series A warrants		40,441		40,441
Unvested Series A warrants (1)		69,853		69,853
Warrants – other		1,006,190		1,281,327
Stock options		889,636		291,807
Total		9,307,017		8,367,074

____________

( 1 ) The unvested Series A warrants were subject to vesting based upon the amount of funds actually received by the Company in the second close of the August 2015 financing which never occurred. The warrants will remain outstanding but unvested until they expire in February 2021.