| Earnings (Loss) Per Share |
Note 3 – Earnings (Loss) Per Share
The following table sets forth basic and diluted
earnings (loss) per share for the periods presented:
| |
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
| |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) from continuing operations |
|
$ |
97,356,081 |
|
|
$ |
(9,817,278 |
) |
|
$ |
(3,965,798 |
) |
|
$ |
(28,419,936 |
) |
| Net income (loss) from discontinued operations |
|
|
(159,430 |
) |
|
|
(1,007,959 |
) |
|
|
115,787 |
|
|
|
(2,752,168 |
) |
| Deduct dividends |
|
|
(17,942,578 |
) |
|
|
(2,280,280 |
) |
|
|
(17,942,578 |
) |
|
|
(53,341,619 |
) |
| Net income (loss) to common shareholders - Basic |
|
|
79,254,074 |
|
|
|
(13,105,517 |
) |
|
|
(21,792,589 |
) |
|
|
(84,513,723 |
) |
| Deduct change in fair value of derivative liabilities to the extent effect is dilutive |
|
|
(109,305,331 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Amortized discounts associated with dilutive convertible debentures |
|
$ |
(7,303,912 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Change in warrant value |
|
|
(11,376 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Adjusted net loss from continuing operations |
|
$ |
(37,366,546 |
) |
|
$ |
(13,105,517 |
) |
|
$ |
(21,792,589 |
) |
|
$ |
(84,513,723 |
) |
| Add back dividends |
|
|
17,942,578 |
|
|
|
2,280,280 |
|
|
|
17,942,578 |
|
|
|
53,341,619 |
|
| Add Net loss from discontinued operations |
|
|
159,430 |
|
|
|
1,007,959 |
|
|
|
(115,787 |
) |
|
|
2,752,168 |
|
| Net loss to common shareholders - dilutive |
|
$ |
(19,264,537 |
) |
|
$ |
(9,817,278 |
) |
|
$ |
(3,965,798 |
) |
|
$ |
(28,419,936 |
) |
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number of common shares outstanding during the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
5,531,767 |
|
|
|
2,405 |
|
|
|
2,550,632 |
|
|
|
1,367 |
|
| Common stock equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants |
|
|
64,315,740 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Convertible preferred stock |
|
|
9,505,156 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Convertible debentures |
|
|
175,301,554 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Diluted |
|
|
254,654,217 |
|
|
|
2,405 |
|
|
|
2,550,632 |
|
|
|
1,367 |
|
| Net income (loss) per common share- continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
17.60 |
|
|
$ |
(4,083 |
) |
|
$ |
(1.55 |
) |
|
$ |
(20,793 |
) |
| Diluted |
|
$ |
(0.08 |
) |
|
$ |
(4,083 |
) |
|
$ |
(1.55 |
) |
|
$ |
(20,793 |
) |
| Net income (loss) per common share- discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.03 |
) |
|
$ |
(419 |
) |
|
$ |
0.05 |
|
|
$ |
(2,014 |
) |
| Diluted |
|
$ |
(0.00 |
) |
|
$ |
(419 |
) |
|
$ |
0.05 |
|
|
$ |
(2,014 |
) |
| Total per share net income (loss) to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
14.33 |
|
|
$ |
(5,450 |
) |
|
$ |
(1.55 |
) |
|
$ |
(61,832 |
) |
| Diluted |
|
$ |
(0.08 |
) |
|
$ |
(5,450 |
) |
|
$ |
(1.55 |
) |
|
$ |
(61,832 |
) |
Diluted loss per share as reflected in the
table above excludes all dilutive potential shares if their effect is anti-dilutive. For the nine months ended September 30, 2018
and 2017, the following table sets forth the computation of the following potential common stock equivalents excluded from the
calculation of diluted loss per share as their effect was anti-dilutive:
| |
|
Nine Months Ended September 30, |
|
| |
|
2018 |
|
|
2017 |
|
| Warrants |
|
|
463,449,767 |
|
|
|
35,977 |
|
| Convertible preferred stock |
|
|
68,344,495 |
|
|
|
142 |
|
| Convertible debentures |
|
|
214,222,495 |
|
|
|
8,708 |
|
| Stock options |
|
|
77 |
|
|
|
77 |
|
| |
|
|
746,016,834 |
|
|
|
44,904 |
|
|