Pax Global Technology Ltd Just Filed Its Quarterly Report: Net Income per Ordin...

Net Income per Ordinary Share:
The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income per ordinary share is computed by dividing net income applicable to the Class A ordinary share and the Class B ordinary share (collectively, the “ Ordinary Shares”) shareholders by the weighted average number of ordinary shares outstanding during the period plus, to the extent dilutive, the incremental number of ordinary shares to settle warrants, as calculated using the treasury stock method.
The Company has not considered the effect of the warrants sold in the Public Offering (the “Public Warrants”) and Private Placement to purchase an aggregate of 20,500,000
Class A ordinary shares in the calculation of diluted income per share, since their inclusion would be
under the treasury stock method. As a result, diluted income per ordinary share is the same as basic income per ordinary share for the periods presented.
At March 31, 2023 and 2022, the Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata among the two classes of shares. Net income per ordinary share is calculated by dividing the net income by the weighted average number of ordinary shares outstanding during the respective period.
The following table reflects the net income per share after allocating income between the shares based on outstanding shares.

For the three months ended

March 31, 2023
For the three months ended

March 31, 2022
Class A
Class B
Class A
Class B
Allocation of income – basic and diluted
  $438,000   $110,000   $2,992,000   $748,000 
Basic and diluted weighted average ordinary shares outstanding
   20,000,000    5,000,000    20,000,000    5,000,000 
Basic and diluted net income per ordinary share
  $0.02   $0.02   $0.15   $0.15 

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

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