Annual report pursuant to Section 13 and 15(d)

NET LOSS PER SHARE

v3.24.1
NET LOSS PER SHARE
12 Months Ended
Dec. 31, 2023
NET LOSS PER SHARE  
NET LOSS PER SHARE

13.

NET LOSS PER SHARE

Basic net earnings per share applicable to common shareholders is calculated by dividing net earnings applicable to common shareholders by the weighted average shares outstanding during the period, without consideration for common share equivalents. Diluted net earnings per share applicable to common shareholders is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common share equivalents outstanding for the period, determined using the treasury-stock method and the if-converted method. For purposes of the calculation of dilutive net loss per share applicable to common shareholders, share options, and warrants are considered to be common share equivalents but are excluded from the calculation of diluted net loss per share applicable to common shareholders, as their effect would be anti-dilutive; therefore, basic and diluted net loss per share applicable to common shareholders were the same for all periods presented.

As of December 31, 2023, 594,725 Pre-Funded Warrants to purchase common shares for little to no consideration, issued in connection with the August 2023 private placement (see Note 7), were included in the basic and diluted net loss per share calculation. The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders:

Years Ended December 31, 

2023

    

2022

Numerator:

Net loss attributable to common shareholders

$

13,212,482

$

18,062,263

Denominator:

 

  

 

  

Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic and diluted

 

12,292,707

 

7,502,609

Net loss per share attributable to common shareholders, basic and diluted

$

(1.07)

$

(2.41)

The following outstanding potentially dilutive common shares equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:

December 31, 

    

2023

    

2022

Options issued and outstanding under stock option plan

 

967,262

 

1,043,025

Warrants

 

13,001,262

 

1,873,622

Series 1 Convertible Preferred Shares

1,166,667

Series 2 Convertible Preferred Shares

 

1,166,667

 

Deferred Share Units

 

1,061

 

1,061

Total

 

15,136,252

 

4,084,375