Pursuant to ASC 260-10-45, basic earnings (loss)
per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the
periods presented.
Diluted earnings per share is computed by dividing
net income by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding
during the period. Potentially dilutive common shares may consist of common stock issuable for stock options and warrants (using the treasury
stock method), convertible notes and common stock issuable. These common stock equivalents may be dilutive in the future. In the event
of a net loss, diluted loss per share is the same as basic loss per share since the effect of the potential common stock equivalents upon
conversion would be anti-dilutive.
The following potentially dilutive equity securities
outstanding as of September 30, 2022, and 2021 were as follows:
| September 30, 2022 | September 30, 2021 | |||||||
| Convertible notes payable and accrued interest | – | 801,250 | ||||||
| Stock Options | 1,162,721 | 301,845 | ||||||
| Warrants | 4,680,050 | 472,886 | ||||||
| Total common stock equivalents | 5,842,771 | 1,575,981 | ||||||
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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