| Schedule of Computation of Earnings (Loss) Per Basic and Diluted Share |
The following table is the basic and diluted loss per share computation. For all periods presented, weighted average shares and loss per share reflect the effects of the Reverse Stock Split.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, |
|
Six months ended June 30, |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
| Numerator: |
|
|
|
|
|
|
|
| Net income (loss) for basic earnings per share |
$ |
(7,454,176) |
|
|
$ |
4,540,975 |
|
|
$ |
(15,021,363) |
|
|
$ |
(68,297,961) |
|
| Adjustments to net income (loss) available to shareholders |
|
|
|
|
|
|
|
| Change in fair value of SPA warrant liabilities |
- |
|
|
(4,441,987) |
|
|
- |
|
|
- |
|
| New convertible debentures interest and change in fair value |
- |
|
|
(7,454,365) |
|
|
- |
|
|
- |
|
| Convertible secured debentures interest and amortization |
- |
|
|
1,326,657 |
|
|
- |
|
|
- |
|
| Adjusted net loss for diluted earnings per share |
$ |
(7,454,176) |
|
|
$ |
(6,028,720) |
|
|
$ |
(15,021,363) |
|
|
$ |
(68,297,961) |
|
| |
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
| Weighted average shares used to compute basic EPS |
29,007,029 |
|
1,950,563 |
|
28,231,536 |
|
1,667,187 |
| Dilutive effect of: |
|
|
|
|
|
|
|
| Stock options |
- |
|
|
- |
|
|
- |
|
|
- |
|
| Restricted and performance stock units |
- |
|
|
17,786 |
|
|
- |
|
|
- |
|
| SPA Warrants |
- |
|
|
144,759 |
|
|
- |
|
|
- |
|
| Convertible debt |
- |
|
|
3,251,287 |
|
|
- |
|
|
- |
|
| Weighted average shares used to compute diluted EPS |
29,007,029 |
|
|
5,364,395 |
|
|
28,231,536 |
|
|
1,667,187 |
|
| |
|
|
|
|
|
|
|
| Basic loss per share |
$ |
(0.26) |
|
|
$ |
2.33 |
|
|
$ |
(0.53) |
|
|
$ |
(40.97) |
|
| Diluted loss per share |
$ |
(0.26) |
|
|
$ |
(1.12) |
|
|
$ |
(0.53) |
|
|
$ |
(40.97) |
|
| |
|
|
|
|
|
|
|
| Anti-dilutive securities excluded from shares outstanding: |
| Stock options |
12,104 |
|
50,736 |
|
14,715 |
|
50,736 |
| Restricted and performance stock units |
126,308 |
|
165,796 |
|
134,138 |
|
165,796 |
| Warrants |
545,419 |
|
438,889 |
|
545,419 |
|
583,648 |
| Earnout shares |
208,333 |
|
208,333 |
|
208,333 |
|
208,333 |
|
|
|
|
|
|
|
|
| Seatrepid earnout shares |
6,043,896 |
|
- |
|
6,043,896 |
|
|
- |
| Convertible debt |
7,982,654 |
|
- |
|
7,982,654 |
|
3,251,287 |
Series A Convertible Preferred Stock |
17,849,756 |
|
- |
|
17,849,756 |
|
- |
| Total |
32,768,470 |
|
863,754 |
|
32,778,911 |
|
4,259,800 |
|