Innocap, Inc. Just Filed Its Annual Report: Earnings per Share  ...

Earnings
per Share



 



The
Company adopted ASC 260, Earnings per share, guidance from the inception. Earnings per share (“EPS”) is the amount
of earnings at tributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share.
Basic EPS is computed by dividing income available to common stockholders (the numerator) by the weighted-average number of common shares
outstanding, including warrants exercisable for less than a penny, (the denominator) during the period. Income available to common stockholders
shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid) and the dividends accumulated
for the period on cumulative preferred stock (whether or not earned) from income from continuing operations (if that amount appears in
the consolidated statements of operations) and also from net income. The computation of diluted EPS is similar to the computation of
basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding
if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common
shares issuable through contingent shares issuance arrangement, stock options or warrants.



 



The
following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income attributable
to common stockholders per common share.



 






 



The
following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income attributable
to common stockholders per common share.



 


























































































































































             
    For the Year Ended 
    May 31, 2022    May 31, 2021 
Numerator:          
Net income (loss) available for common shareholders   $(1,031,171)    1,725,497 
Effect of dilutive securities:    -     1,350,389 
             
Diluted net (loss) income available for common shareholders   $(1,031,171)   $3,075,886 
             
Denominator:            
Weighted average common shares outstanding – basic    605,817,180     1,408,941,722 
             
Dilutive securities:            
Series A Preferred    -     1,316,157,000 
Series B Preferred    -     5,499,034,800 
Convertible notes    -     1,806,230,539 
Warrants    -     - 
Series C Preferred    -     - 
Series D Preferred    -     - 
             
Weighted average common shares outstanding and assumed conversion – diluted    605,817,180     10,030,364,061 
             
Basic net (loss) income available for common shareholders per common share   $(0.00)   $0.00 
     -       
Diluted net (loss)income available for common shareholders per common share   $(0.00)   $0.00 


 



The Company has excluded the following shares as of May 31, 2022, because
they are antidilutive:



 



























   May 31, 2022 
Weighted average common shares outstanding – basic   605,817,180 
Series A Preferred   1,233,209,295 
Series B Preferred   5,373,342,576 
Series C Preferred   1,206,351,359 
Series D Preferred   1,174,935,959 
Weighted average common shares outstanding and assumed conversion – diluted   9,593,656,369 





 



 



The above information was disclosed in a filing to the SEC. To see the filing, click here.

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