Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.20.1
Earnings Per Share
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

12. EARNINGS PER SHARE

  

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares. Potentially dilutive securities are excluded from the calculation when their effect would be antidilutive. For the year ended December 31, 2018 all potentially dilutive securities have been excluded from the diluted share calculations as they were anti-dilutive as a result of the net loss incurred. Accordingly, basic shares equal diluted shares for the year ended December 31, 2018.

 

Potentially dilutive securities were comprised of the following:

 

    December 31,
2019
    December 31,
2018
 
Warrants     3,697,519       3,279,500  
Convertible debt warrants     131,250       536,250  
Options     2,516,333       1,815,500  
Total     6,345,102       5,631,250  

 

The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computation for the years ended December 31, 2019 and 2018.

 

    December 31,
2019
    December 31,
2018
 
             
Net income (loss)   $ 1,878,804     $ (5,073,755 )
Weighted average shares outstanding, basic     32,883,594       23,492,650  
Effect of dilutive common stock equivalents     6,345,102       -  
Adjusted weighted average shares outstanding, dilutive     39,228,696       23,492,650  
Basic net income (loss) per share   $ .06     $ (.22 )
Dilutive net income (loss) per share   $ .05     $ (.22 )