| 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, 2018 and 2017, which includes both classes of participating securities:
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Year ended December 31, |
Net (loss) income per share, basic and diluted calculation: |
|
2018 |
|
2017 |
Basic (loss) income per share |
|
|
|
|
Net (loss) income |
|
$ |
(40,052,810 |
) |
|
$ |
11,869,823 |
|
Deemed distribution to shareholder |
|
1,657,383 |
|
|
— |
|
Undistributable (loss) earnings allocable to common shares |
|
$ |
(41,710,193 |
) |
|
$ |
7,772,084 |
|
Undistributable (loss) earnings allocable to participating warrants |
|
$ |
— |
|
|
$ |
4,097,739 |
|
|
|
|
|
|
Weighted average shares, basic |
|
|
|
|
Common stock |
|
34,773,613 |
|
|
18,410,005 |
|
Participating warrants |
|
— |
|
|
9,706,458 |
|
|
|
34,773,613 |
|
|
28,116,463 |
|
Basic (loss) income per share: |
|
|
|
|
Common stock |
|
$ |
(1.20 |
) |
|
$ |
0.42 |
|
Participating warrants |
|
$ |
— |
|
|
$ |
0.42 |
|
|
|
|
|
|
Diluted (loss) income per share: |
|
|
|
|
Net (loss) income attributable to common shares |
|
$ |
(41,710,193 |
) |
|
$ |
7,772,084 |
|
Net (loss) income reallocated |
|
— |
|
|
49,642 |
|
Undistributed (loss) earnings allocable to common shares |
|
$ |
(41,710,193 |
) |
|
$ |
7,821,726 |
|
|
|
|
|
|
Weighted average number of shares attributable to common shareholders - basic |
|
34,773,613 |
|
|
18,410,005 |
|
Effect of dilutive securities: |
|
|
|
|
Stock options |
|
— |
|
|
61,510 |
|
Contingently issuable shares |
|
— |
|
|
283,284 |
|
Potentially dilutive shares |
|
— |
|
|
344,794 |
|
Weighted average number of shares - diluted |
|
34,773,613 |
|
|
18,754,799 |
|
|
|
|
|
|
Diluted (loss) income per share |
|
$ |
(1.20 |
) |
|
$ |
0.42 |
|
|
| Schedule of anti-dilutive securities excluded from computation of diluted weighted shares outstanding |
The following outstanding securities at December 31, 2018 and 2017 have been excluded from the computation of diluted weighted shares outstanding, as they could have been anti-dilutive:
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December 31, |
|
|
2018 |
|
2017 |
Stock options |
|
4,246,597 |
|
|
2,812,006 |
|
Warrants on common stock |
|
4,024,708 |
|
|
4,661,145 |
|
Restricted Stock Awards |
|
445,000 |
|
|
— |
|
Underwriters' unit purchase option |
|
40,000 |
|
|
40,000 |
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