Quarterly report pursuant to Section 13 or 15(d)

Loss Per Share

Loss Per Share
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Loss Per Share

Note 3 – Loss Per Share


Basic loss per share is computed by dividing the loss available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Basic loss per share excludes potential dilution of securities or other contracts to issue shares of common stock. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income of the Company. For each of the three months ended March 31, 2022 and 2021, basic loss per share is the same as diluted loss per share.


The following table sets forth the computation of the Company’s basic and diluted net loss per share (unaudited) during the three months ended March 31, 2022 and 2021:


    2022     2021  
    Three Months Ended March 31,  
    2022     2021  
Net loss from continuing operations   $ (2,266,132 )   $ (3,667,328 )
Deemed dividends     (135,924,745 )     (50,358,149 )
Net loss attributable to common stockholders, continuing operations   $ (138,190,877 )   $ (54,025,477 )
Net loss from discontinued operations     (1,434 )     (226,666 )
Net loss available to common stockholders   $ (138,192,311 )   $ (54,252,143 )
Weighted average number of shares of common stock outstanding during the period - basic and diluted     4,812,754       25  
Net loss per share of common stock available to  common stockholders - basic and diluted:                
Basic and diluted, continuing operations   $ (28.71 )   $ (2,161,019.08 )
Basic and diluted, discontinued operations   $ (0.00 )   $ (9,066.64 )
Total basic and diluted   $ (28.71 )   $ (2,170,085.72 )


Diluted loss per share excludes all dilutive potential shares if their effect is anti-dilutive. As of March 31, 2022 and 2021, the following potential common stock equivalents were excluded from the calculation of diluted loss per share as their effect was anti-dilutive:


    Three Months Ended March 31,  
    2022     2021  
Warrants     5,002,174,096       1,383  
Convertible preferred stock     3,093,872,894       1,087  
Convertible debentures     388,960,870       77  
Stock options     26       26  
      8,485,007,886       2,573  



The terms of certain of the warrants, convertible preferred stock and convertible debentures issued by the Company provide for reductions in the per share exercise prices of the warrants and the per share conversion prices of the debentures and preferred stock (if applicable and subject to floors in certain cases) in the event that the Company issues common stock or common stock equivalents (as that term is defined in the agreements) at an effective exercise/conversion price that is less than the then exercise/conversion prices of the outstanding warrants, preferred stock or debentures, as the case may be. In addition, many of these securities contain exercise or conversion prices that vary based upon the price of the Company’s common stock on the date of exercise/conversion (see Notes 6, 9, 10 and 15). These provisions have resulted in significant dilution of the Company’s common stock.


As a result of these down round provisions, the potential common stock and common stock equivalents totaled 467.3 billion at May 20, 2022, as more fully discussed in Note 15. See Note 10 regarding a discussion of the number of shares of the Company’s authorized common and preferred stock.