Earning (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earning (Loss) Per Share

Note 3 – Earning (Loss) Per Share

The earnings (loss) per share accounting guidance is discussed in Note 1. The following table sets forth the computation of the Company’s basic and diluted net earnings (loss) per share available to common stockholders (unaudited) for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator
Net income (loss) from continuing operations	$	1,285,930		$	(499,841	)	$	2,091,490		$	(2,765,973	)
Deemed dividends		-			(194,951,624	)		-			(330,876,369	)
Net income (loss) available to common stockholders, continuing operations		1,285,930			(195,451,465	)		2,091,490			(333,642,342	)
Net loss from discontinued operations		(8,097	)		(3,945	)		(8,097	)		(5,379	)
Net income (loss) available to common stockholders	$	1,277,833		$	(195,455,410	)	$	2,083,393		$	(333,647,721	)
Denominator
Weighted average number of shares of common stock outstanding during the period - basic		29,934,322,257			1,702,149,425			29,845,095,738			858,169,865
Warrants		-			-			6,335,103,465			-
Preferred stock		452,145,411,111			-			452,234,637,630			-
Weighted average number of shares of common stock outstanding during the period - diluted		482,079,733,368			1,702,149,425			488,414,836,833			858,169,865
Net earnings (loss) available to common stockholders per share - basic:
Continuing operations	$	0.00		$	(0.11	)	$	0.00		$	(0.39	)
Discontinued operations		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Total basic	$	0.00		$	(0.11	)	$	0.00		$	(0.39	)
Net earnings (loss) available to common stockholders per share - diluted:
Continuing operations	$	0.00		$	(0.11	)	$	0.00		$	(0.39	)
Discontinued operations		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Total diluted	$	0.00		$	(0.11	)	$	0.00		$	(0.39	)

Diluted earnings (loss) per share excludes all dilutive potential shares if their effect is anti-dilutive.

For the three months ended June 30, 2023 and 2022, the following potential common stock equivalents were excluded from the calculation of diluted earnings (loss) per share as their effect was anti-dilutive:

	Three Months Ended June 30,
	2023		2022
Common stock warrants		511,333,351,089		511,333,351,097
Convertible preferred stock		-		477,576,633,334
Convertible debentures		28,777,833,333		28,777,833,333
Stock options		26		26
		540,111,184,448		1,017,687,817,790

For the six months ended June 30, 2023 and 2022, the following potential common stock equivalents were excluded from the calculation of diluted earnings (loss) per share as their effect was anti-dilutive:

	Six Months Ended June 30,
	2023		2022
Common stock warrants		504,998,247,624		511,333,351,097
Convertible preferred stock		-		477,576,633,334
Convertible debentures		28,777,833,333		28,777,833,333
Stock options		26		26
		533,776,080,983		1,017,687,817,790

The terms of certain of the warrants, convertible preferred stock and convertible debentures issued by the Company provide for reductions in the per share exercise prices of the warrants and the per share conversion prices of the debentures and preferred stock (if applicable and subject to floors in certain cases) in the event that the Company issues common stock or common stock equivalents (as that term is defined in the agreements) at an effective exercise/conversion price that is less than the then exercise/conversion prices of the outstanding warrants, preferred stock or debentures, as the case may be. In addition, many of these securities contain exercise or conversion prices that vary based upon the price of the Company’s common stock on the date of exercise/conversion (see Notes 6, 9 and 10). These provisions have resulted in significant dilution of the Company’s common stock.

As a result of the Voting Agreement and Irrevocable Proxy (the “Voting Agreement”) discussed in Note 10 and the November 5, 2021 Amendment to the Company’s Certificate of Incorporation, as amended, to provide that the number of authorized shares of the Company’s common stock or preferred stock may be increased or decreased (but not below the number of shares then outstanding) by the affirmative vote of the holders of a majority in voting power of the stock of the Company, which is more fully discussed in Note 1, as of the date of filing this report, the Company believes that it has the ability to ensure that it has and or can obtain sufficient authorized shares of its common stock to cover all outstanding rights to acquire potentially dilutive common shares.

As a result of these down round provisions, the potential common stock and common stock equivalents totaled 1.0 trillion at August 8, 2023. See Note 10 for a discussion of the number of shares of the Company’s authorized common and preferred stock.