Net Loss per Share

3 Months Ended

Jun. 30, 2023

Net Loss per Share [Abstract]

Net Income (Loss) per Share

11. Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, Warrants, and Convertible Notes (as defined in Note 7), which would result in the issuance of incremental shares of common stock to the extent such impact is not anti-dilutive.

The following presents a reconciliation of basic and diluted net loss per share:

	Three Months Ended
	June 30,
	2023			2022
Net loss	$	(1,410,000	)	$	(175,000	)
Basic shares		19,508,626			19,123,354
Effect of potentially dilutive securities		-			-
Diluted shares		19,508,626			19,123,354
Net loss per share:
Basic net loss per share	$	(0.07	)	$	(0.01	)
Diluted net loss per share	$	(0.07	)	$	(0.01	)

Potential common shares that would have the effect of increasing diluted net income per share or decreasing diluted net loss per share are considered to be anti-dilutive and as such, these shares are not included in calculating diluted net loss per share. For the three months ended June 30, 2023 and 2022, there were 2,067,168 and 2,301,901, respectively, of potential common shares not included in the calculation of diluted net loss per share because their effect was anti-dilutive. In addition, for the three months ended June 30, 2023, there were 2,186,667 of potential common shares not included in the calculation of diluted loss per share under the “if-converted” method for the Convertible Notes because their effect was anti-dilutive. The potential common shares related to the Warrants issued in connection with the Convertible Notes (see Note 7) are anti-dilutive until they become exercisable and as of June 30, 2023, the Warrants were not exercisable.