| Earning (Loss) Per Share |
Note
3 – Earning (Loss) Per Share
The
earnings (loss) per share accounting guidance is discussed in Note 1. Diluted loss per share excludes all dilutive potential shares if
their effect is anti-dilutive. The following table sets forth the computation of the Company’s basic and diluted net earnings (loss)
per share available to common stockholders (unaudited) for the three and nine months ended September 30, 2023 and 2022:
Schedule of Earnings Per Share
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
Three
Months Ended September 30, |
|
|
Nine
Months Ended September 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income (loss) from continuing operations |
|
$ |
(547,113 |
) |
|
$ |
(1,339,865 |
) |
|
$ |
1,544,377 |
|
|
$ |
(4,105,838 |
) |
| Deemed
dividends |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(330,876,369 |
) |
| Net
income (loss) available to common stockholders, continuing operations |
|
|
(547,113 |
) |
|
|
(1,339,865 |
) |
|
|
1,544,377 |
|
|
|
(334,982,207 |
) |
| Net
loss from discontinued operations |
|
|
(1,116 |
) |
|
|
(1,696 |
) |
|
|
(9,213 |
) |
|
|
(7,075 |
) |
| Net
income (loss) available to common stockholders |
|
$ |
(548,229 |
) |
|
$ |
(1,341,561 |
) |
|
$ |
1,535,164 |
|
|
$ |
(334,989,282 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of shares of common stock outstanding during the period - basic |
|
|
31,401,420,083 |
|
|
|
10,569,572,256 |
|
|
|
30,369,571,341 |
|
|
|
4,130,876,898 |
|
| Warrants |
|
|
- |
|
|
|
- |
|
|
|
20,977,778,506 |
|
|
|
- |
|
| Convertible
preferred stock |
|
|
- |
|
|
|
- |
|
|
|
451,710,162,027 |
|
|
|
- |
|
| Weighted
average number of shares of common stock outstanding during the period - diluted |
|
|
31,401,420,083 |
|
|
|
10,569,572,256 |
|
|
|
503,057,511,874 |
|
|
|
4,130,876,898 |
|
| Net
income (loss) per share of common stock available to common stockholders - basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
0.00 |
|
|
$ |
(0.08 |
) |
| Discontinued
operations |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
| Total
basic |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
0.00 |
|
|
$ |
(0.08 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income (loss) per share of common stock available to common stockholders - diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
0.00 |
|
|
$ |
(0.08 |
) |
| Discontinued
operations |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
|
(0.00 |
) |
| Total
diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
0.00 |
|
|
$ |
(0.08 |
) |
For
the three months ended September 30, 2023 and 2022, the following potential common stock equivalents were excluded from the calculation
of diluted loss per share as their effect was anti-dilutive:
Schedule of Anti-dilutive Securities Excluded from Computation of
Earnings Per Share
| |
|
2023 |
|
|
2022 |
|
| |
|
Three
Months September 30, |
|
| |
|
2023 |
|
|
2022 |
|
| Warrants |
|
|
511,333,351,089 |
|
|
|
511,333,351,092 |
|
| Convertible
preferred stock |
|
|
444,750,633,333 |
|
|
|
466,707,633,333 |
|
| Convertible
debentures |
|
|
28,777,833,333 |
|
|
|
28,777,833,333 |
|
| Stock
options |
|
|
26 |
|
|
|
26 |
|
| Anti-dilutive
shares |
|
|
984,861,817,781 |
|
|
|
1,006,818,817,784 |
|
For
the nine months ended September 30, 2023 and 2022, the following potential common stock equivalents were excluded from the calculation
of diluted loss per share as their effect was anti-dilutive:
| |
|
2023 |
|
|
2022 |
|
| |
|
Nine
Months September 30, |
|
| |
|
2023 |
|
|
2022 |
|
| Warrants |
|
|
490,355,572,583 |
|
|
|
511,333,351,092 |
|
| Convertible
preferred stock |
|
|
- |
|
|
|
466,707,633,333 |
|
| Convertible
debentures |
|
|
28,777,833,333 |
|
|
|
28,777,833,333 |
|
| Stock
options |
|
|
26 |
|
|
|
26 |
|
| Anti-dilutive
shares |
|
|
519,133,405,942 |
|
|
|
1,006,818,817,784 |
|
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 and 10). These
provisions have resulted in significant dilution of the Company’s common stock.
As
a result of the Voting Agreement and Irrevocable Proxy (the “Voting Agreement”) discussed in Note 10 and the November 5,
2021 Amendment to the Company’s Certificate of Incorporation, as amended, to provide that the number of authorized shares of the
Company’s common stock or preferred stock may be increased or decreased (but not below the number of shares then outstanding) by
the affirmative vote of the holders of a majority in voting power of the stock of the Company, which is more fully discussed in Note
1, as of the date of filing this report, the Company believes that it has the ability to ensure that it has and/or can obtain sufficient
authorized shares of its common stock to cover all outstanding rights to acquire potentially dilutive common shares.
As
a result of these down round provisions, the potential common stock and common stock equivalents totaled 1.0 trillion at November 6,
2023. See Note 10 for a discussion of the number of shares of the Company’s authorized common and preferred stock.
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