Annual report pursuant to Section 13 and 15(d)

Net Loss Per Share Of Common Stock, Basic And Diluted (Tables)

v3.8.0.1
Net Loss Per Share Of Common Stock, Basic And Diluted (Tables)
12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Schedule of the computation of basic and diluted net loss per share of Common Stock
The following table sets forth the computation of basic and diluted net loss per share of common stock for the years ended December 31, 2017, 2016 and 2015 which includes both classes of participating securities: 
 
 
Year ended December 31,
Net income (loss) per share, basic and diluted calculation:
 
2017
 
2016
 
2015
Basic income (loss) per share
 
 
 
 
 
 
Net income (loss)
 
$
11,869,823

 
$
(16,471,603
)
 
$
(10,490,103
)
Undistributable earnings (loss) allocable to common shares
 
$
7,772,084

 
$
(16,471,603
)
 
$
(10,490,103
)
Undistributable earnings (loss) allocable to participating warrants
 
$
4,097,739

 
$

 
$

 
 
 
 
 
 
 
Weighted average shares, basic
 
 
 
 
 
 
Common stock
 
18,410,005

 
8,830,396

 
2,226,023

Participating warrants
 
9,706,458

 

 

 
 
28,116,463

 
8,830,396

 
2,226,023

Basic income (loss) per share:
 
 
 
 
 
 
Common stock
 
$
0.42

 
$
(1.87
)
 
$
(4.71
)
Participating warrants
 
$
0.42

 
$

 
$

 
 
 
 
 
 
 
Diluted income (loss) per share:
 
 
 
 
 
 
Net income (loss) attributable to common shares
 
$
7,772,084

 
$
(16,471,603
)
 
$
(10,490,103
)
Net income (loss) reallocated
 
49,642

 

 

Undistributed earnings (loss) allocable to common shares
 
$
7,821,726

 
$
(16,471,603
)
 
$
(10,490,103
)
 
 
 
 
 
 
 
Weighted average number of shares attributable to common shareholders - basic
 
18,410,005

 
8,830,396

 
2,226,023

Effect of dilutive securities:
 
 
 
 
 
 
Stock options
 
61,510

 

 

Contingently issuable shares
 
283,284

 

 

Potentially dilutive shares
 
344,794

 

 

Weighted average number of shares - diluted
 
18,754,799

 
8,830,396

 
2,226,023

 
 
 
 
 
 
 
Diluted income (loss) per share
 
$
0.42

 
$
(1.87
)
 
$
(4.71
)
Schedule of anti-dilutive securities excluded from computation of diluted weighted shares outstanding
The following outstanding securities at December, 31, 2017, 2016 and 2015 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive: 
 
 
December 31,
 
 
2017
 
2016
 
2015
Stock options
 
2,812,006

 
1,849,359

 
959,188

Non-participating warrants on common stock
 
4,661,145

 
7,400,934

 
7,400,934

Underwriters' unit purchase option
 
40,000

 
40,000

 
40,000