Earnings per Share
The unaudited computation of net profit (loss) per share included in the Statements of Operations, represents the net profit (loss) per share that would have been reported had the Company been subject to ASC 260, “Earnings Per Share as a corporation for all periods presented.
Diluted earnings (loss) per share are computed on the basis of the weighted average number of common shares (including common stock subject to redemption) plus dilutive potential common shares outstanding for the reporting period. In periods where losses are reported, the weighted-average number of common stock outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive.
The total number of potential additional dilutive securities outstanding for the three and nine months ended September 30, 2020 and 2019, was none since the Company had net losses and any additional potential common shares would have an anti-dilutive effect.
The following potentially dilutive securities were excluded from the calculation of diluted net loss per share because the effects were anti-dilutive based on the application of the treasury stock method and because the Company incurred net losses during the period:
| September 30, 2020 | December 31, 2019 | |||||||
| Options to purchase shares of common stock | – | – | ||||||
| Series A convertible preferred stock | 50,000,000 | 50,000,000 | ||||||
| Series B convertible preferred stock | 5,000,000 | – | ||||||
| Series C convertible preferred stock | 10,000,000 | – | ||||||
| Total potentially dilutive shares | 65,000,000 | 50,000,000 | ||||||
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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