• Filing Date: 2019-02-14
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
G. EARNINGS (LOSS) PER COMMON SHARE
3 Months Ended
Dec. 31, 2018
Net income (loss) per common share  
G. LOSS PER COMMON SHARE

The following tables provide the details of the basic and diluted earnings (loss) per-share computations:

 

    Three months ended December 31,  
    2018     2017  
Earnings (loss) per share - basic            
Net income (loss) available to common shareholders - basic   $ 1,245,902     $ (6,187,830 )
Weighted average shares outstanding - basic     27,985,327       11,636,730  
Basic earnings (loss) per common share   $ 0.04     $ (0.53 )
                 
Earnings (loss) per share - diluted                
Net income (loss) available to common shareholders - basic   $ 1,245,902     $ (6,187,830 )
Gain on derivatives (1)     (723,879 )     -  
Net income (loss) available to common shareholders - diluted   $ 522,023     $ (6,187,830 )
                 
Weighted average shares outstanding - basic     27,985,327       11,636,730  
Incremental shares underlying dilutive warrants and options     1,944,026       -  
Weighted average shares outstanding - diluted     29,929,353       11,636,730  
Diluted earnings (loss) per common share   $ 0.02     $ (0.53 )

 

(1) Includes Series GG, HH, II, JJ & KK warrants for the three months ended December 31, 2018

 

The gain on derivatives priced lower than the average market price during the period is excluded from the numerator and the related shares are excluded from the denominator in calculating diluted loss per share.

 

In accordance with the contingently issuable shares guidance of FASB ASC Topic 260, Earnings Per Share, the calculation of diluted net earnings (loss) per share excludes the following securities because their inclusion would have been anti-dilutive as of December 31:

 

    2018     2017    
             
Options and Warrants     3,175,384       10,491,090  
Unvested Restricted Stock     312,000       332,000  
Convertible debt     -       1,133,355  
Total     3,487,384       11,956,945