General form of registration statement for all companies including face-amount certificate companies

Earnings (Loss) Per Share

v3.22.4
Earnings (Loss) Per Share
9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]    
Earnings (Loss) Per Share

13. Earnings (Loss) Per Share

Following is the computation of earnings (loss) per basic and diluted share:

 

Three months ended September 30,

 

Nine months ended
September 30,

   

2022

 

2021

 

2022

 

2021

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(13,176,497

)

 

$

(1,298,122

)

 

$

(20,037,455

)

 

$

(3,892,715

)

Less: deemed dividend for Earnout Shares

 

 

(4,957,366

)

 

 

 

 

 

(4,957,366

)

 

 

 

Net loss attributable to common stockholders

 

$

(18,133,863

)

 

$

(1,298,122

)

 

$

(24,994,821

)

 

$

(3,892,715

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used to
compute basic and diluted EPS

 

 

16,535,661

 

 

 

9,637,962

 

 

 

11,983,183

 

 

 

9,637,962

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss)
per share

 

$

(1.10

)

 

$

(0.13

)

 

$

(2.09

)

 

$

(0.40

)

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-dilutive securities excluded from shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

3,934,165

 

 

 

3,359,932

 

 

 

3,934,165

 

 

 

3,359,932

 

Warrants

 

 

18,722,425

 

 

 

 

 

 

18,722,425

 

 

 

 

Earnout shares

 

 

7,499,993

 

 

 

 

 

 

7,499,993

 

 

 

 

Debentures

 

 

2,922,425

 

 

 

 

 

 

2,922,425

 

 

 

 

Total

 

 

33,079,008

 

 

 

3,359,932

 

 

 

33,079,008

 

 

 

3,359,932

 

12. Earnings (Loss) Per Share

The following table is a calculation of the earnings (loss) per basic and diluted share:

 

December 31,

   

2021

 

2020

Numerator

 

 

 

 

 

 

 

 

Net loss

 

$

(15,127,629

)

 

$

(7,194,038

)

Denominator

 

 

 

 

 

 

 

 

Weighted average shares used to compute basic EPS

 

 

678,406

 

 

 

678,400

 

Dilutive effect of stock-based awards

 

 

 

 

 

 

Weighted average shares used to compute diluted EPS

 

 

678,406

 

 

 

678,400

 

   

 

 

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

 

Basic

 

$

(22.30

)

 

$

(10.60

)

Diluted

 

$

(22.30

)

 

$

(10.60

)

Diluted earnings (loss) per share for 2021 and 2020 excludes 277,848 and 165,100 options to purchase common shares, respectively, along with the shares related to the contingently convertible debt, because their effect would be anti-dilutive.