Digital Ally, Inc. (Nasdaq: DGLY) (the “Company”), today announced
its operating results for 2021. An investor conference call is
scheduled for 11:15 a.m. EDT on Tuesday, April 19, 2022 (see
details below).
Highlights for the year ended December
31, 2021
● |
Total revenues increased in 2021 to $21,413,434 from $10,514,868 in
2020 an improvement of $10,898,566 (103.6%),. The primary reason
for the overall revenue increase is an increase of $9,747,736
(392.26%), in service revenues from 2020 levels. Service and other
revenues experienced a significant increase during the year ended
December 31, 2021, in comparison to the same period in 2020, due to
revenues generated by the Company’s recent acquisitions and
increased service revenues through the Company’s legacy business.
As the impacts of the COVID-19 pandemic slowly diminish, and travel
restrictions begin to ease, the Company is experiencing a return to
normalcy for many of our commercial customers, in particular the
cruise ship industry. Additionally, the restoration of public
events has begun, although slower than anticipated, thus adversely
affecting our installation and situational security revenues.
Lastly, the Company’s subscription plan model continues to gain
traction in the marketplace, resulting in the Company building and
recognizing its recurring revenues. |
|
|
● |
On September 1, 2021, the Company formed a wholly-owned subsidiary,
TicketSmarter, Inc., through which the Company completed the
acquisition of Goody Tickets, LLC (“Goody Tickets”) and
TicketSmarter, LLC (“TicketSmarter”) (collectively the
“TicketSmarter Acquisition”). Goody Tickets and TicketSmarter®, are
ticket resale marketplaces with seats offered at over 125,000 live
events, offering over 48 million tickets for sale through its
TicketSmarter.com platform. This acquisition generated additional
revenues for the period from its acquisition on September 1, 2021
through December 31, 2021 totaling $10,709,760 in service and
product revenues. The Company expects to see further increases in
revenues for 2022 and beyond attributable to TicketSmarter, as it
had a substantial impact on the Company’s 2021 results after just
four months of operations subsequent to its acquisition. The
Company is also seeking additional acquisitions that would
complement our TicketSmarter Acquisition, although there can be no
assurance that we will be successful in that regard. |
|
|
● |
On August 31, 2021, the Company’s wholly-owned subsidiary, Digital
Ally Healthcare, Inc. through its majority owned subsidiary,
Nobility Healthcare, LLC, completed the acquisition of 100% of the
capital stock of a private medical billing company. This
acquisition further enhanced the Company’s Digital Ally Healthcare
venture, which provides leading-edge revenue cycle management
solutions to medium to large healthcare organizations throughout
the country. This acquisition, along with the acquisition that was
previously completed on June 30, 2021, generated additional
revenues of $1,630,048 in service revenues during the year ended
December 31, 2021. The Company expects to see further increases in
revenues for 2022 and beyond attributable to Nobility Healthcare,
as it had a sizeable impact on the Company’s 2021 results with only
a partial year of operations.Our healthcare venture is following a
roll-up strategy in the medical billing industry. The venture’s
acquisition targets include the approximate 6,000 medical billing
companies in the United States, most of which are relatively small
and closely-held private companies. Each year a portion of these
company owners sell because they want to retire or exit the
business for other pursuits. The medical billing market is quite
fragmented with the largest companies having less than an estimated
5% of the total market. The Company saw the opportunity to form the
venture and provide the capital to make acquisitions and pursue the
medical billing company roll-up strategy at a faster pace. We
expect our healthcare venture to continue its track record of
providing superior medical billing services and practice management
services, as well as executing a profitable roll-up strategy. |
|
|
● |
Overall gross profit for the years ended December 31, 2021 and 2020
was $5,663,775 and $4,062,594, respectively, an increase of
$1,601,181 (39%). The overall increase is attributable to the
103.6% overall increase in revenues for the year ended December 31,
2021 offset by an increase in the overall cost of sales as a
percentage of overall revenues to 73.6% for the year ended December
31, 2021 from 61.4% for the year ended December 31, 2020. Our goal
is to improve our margins over the longer term based on the
expected margins generated by our new recent revenue cycle
management and ticketing operating segments together with our video
solutions and health protection products operating segments and its
expected margins from our EVO-HD®, DVM-800, VuLink, FirstVu Pro,
FirstVu II, FirstVu HD, ThermoVu®, ShieldTM Cleansers and our cloud
evidence storage and management offering, provided that they gain
traction in the marketplace and subject to a normalizing economy in
the wake of the COVID-19 pandemic. In addition, if revenues from
the video solutions segment increase, we will seek to further
improve our margins from this segment through expansion and
increased efficiency utilizing fixed manufacturing overhead
components. We plan to continue our initiative to more efficient
management of our supply chain through outsourcing production,
quantity purchases and more effective purchasing practices. |
|
|
● |
Selling, general and administrative expense totaled $20,424,685 and
$11,726,245 for the years ended December 31, 2021 and 2020,
respectively, an increase of $8,698,440 (74.2%). The increase was
primarily attributable to the recent TicketSmarter and medical
billing company acquisitions completed in 2021. |
|
|
● |
During 2021, the Company issued detachable warrants to purchase a
total of 42,550,000 shares of Common Stock in association with the
two underwritten public offerings that were completed which raised
total funds of approximately $66.6 million. The underlying warrant
agreement terms provide for net cash settlement outside the control
of the Company in the event of tender offers under certain
circumstances. As such, the Company was required to treat these
warrants as derivative liabilities which are valued at their
estimated fair value as of their issuance date and at each
reporting date with any subsequent changes reported in the
consolidated statements of operations as the change in fair value
of warrant derivative liabilities. The change in fair value from
the respective issuance dates to December 31, 2021 totaled
$36,664,907 which was recognized as a gain for the year ended
December 31, 2021. |
Recent Developments
● |
On January 1, 2022, the Company’s revenue cycle management segment
completed the acquisition of 100% of the capital stock of a third
medical billing company for a total purchase price of $2,100,000.
The purchase price includes $1.35 million in cash at closing and a
$750,000 contingent consideration promissory note bearing interest
at 3% per annum subject to adjustment based on revenues achieved
over an approximate 18-month period after closing. This
closely-held company provides revenue cycle management (RCM) and
other services for over 180 dental practices located throughout the
United States with an annual revenue run rate of approximately $3.5
million. |
|
|
● |
On January 27, 2022, the Board of Directors appointed Christian J.
Hoffmann, III as a member of the Board, effective immediately, to
hold office until the next meeting of shareholders of the Company
at which directors are being elected or as set forth in the
Company’s bylaws. Mr. Hoffmann, co-founded Nobility, LLC
(“Nobility”), a medical billing and revenue cycle management
company, in 2014 where he has served as the Chief Financial Officer
and General Counsel. On June 4, 2021, the Company and Nobility
launched Nobility Healthcare, LLC, a subsidiary of the Company, to
provide revenue cycle management services for the healthcare
industry. In 2021, Mr. Hoffmann also served as an outside counsel
to the Board on specific matters as requested. |
|
|
● |
On February 1, 2022, the Company’s revenue cycle management segment
completed the acquisition of 100% of the assets of a fourth medical
billing company for a total purchase price of $335,000. The
purchase price includes $230,000 in cash at closing and a $105,000
contingent consideration promissory note bearing interest at 3% per
annum subject to adjustment based on revenues achieved over an
approximate 18-month period after closing. The acquisition provides
revenue cycle management (RCM) and other services throughout the
southwestern portion of United States with an annual revenue run
rate of approximately $440,000. |
|
|
● |
On March 16, 2022, the Company’s revenue cycle management segment
entered a letter of intent to acquire 100% of the capital stock of
a medical billing company located in the Southern portion of the
United States for a total purchase price of $5,000,000 (the
“Target”). The purchase price includes $3.25 million in cash at
closing and a $1,750,000 contingent consideration promissory note
bearing interest at 4% per annum subject to adjustment based on
revenues achieved over an approximate 24-month period after
closing. The letter of intent is subject to satisfactory completion
of due diligence procedures, review of legal, financial, tax and
other matters concerning the Target’s business. The letter of
intent is also not binding until the parties mutually agree to the
terms of the underlying definitive agreements including the receipt
of all approvals and consents considered necessary by both parties.
The parties are currently negotiating the final definitive
agreements and anticipate a closing date on or around May 31, 2022.
However, there can be no assurances that the parties will complete
the acquisition of the Target and on what terms will be included in
the final definitive agreements. |
|
|
● |
On December 6, 2021, the Board of Directors of the Company
authorized the repurchase of up to $10.0 million of the Company’s
outstanding common stock under the specified terms of a share
repurchase program (the “Program”). Subsequent to December 31,
2021, the Company repurchased 2,163,341 shares of its common stock
for $2,312,054, in accordance with the Program. The Program does
not obligate the Company to acquire any specific number of shares
and shares may be repurchased in privately negotiated and/or open
market transactions, including under plans complying with Rule
10b5-1 under the Securities Exchange Act of 1934, as amended. |
Management Comments
Stanton E. Ross, Chief Executive Officer of
Digital Ally, stated, “We are very pleased to report a 103%
increase in total annual revenues for 2021 as compared to 2020.
Importantly, we were able to report improvements in revenue and net
income margin regardless of the challenges to our legacy business
caused by the COVID-19 pandemic during 2021 and 2020. Additionally,
we are happy to report our earnings per share of $0.51 for the year
ended December 31, 2021, a great improvement in comparison to $0.12
loss per share for the year ended December 31, 2020. We are very
excited about the recent product announcements within our legacy
product lines, consisting of our FirstVu Pro, FirstVu II, and
QuickVu docking stations; which are already eliciting immediate
interest and excitement in the marketplace. We continue to build
excitement around the momentum being gained in our Digital Ally
Healthcare venture, as Nobility Healthcare, LLC continues to
complete acquisitions, as we completed two in 2021 and two more
thus far in 2022, with a continued pursuit of other acquisitions to
complete throughout 2022. The numerous acquisitions we have already
completed of medical billing companies demonstrates our roll-up
strategy is effective and attractive to potential targets. We look
forward to seeing the growth potential of this venture come to
fruition and continue throughout 2022 and beyond.”
Ross added: “Additionally, we continue to be
thrilled with the addition of TicketSmarter to our growing holdings
of solid earnings and growth-potential businesses, as the
acquisition of TicketSmarter proved to be accretive to earnings in
the mere four months of results in 2021. TicketSmarter generated
over $10.7 million in revenue over that span, along with healthy
earnings. We can’t wait to see a full year of results of our
operation with these new acquisitions and the exciting
opportunities and synergies we can utilize throughout the Company.
We believe shareholders will benefit from TicketSmarter’s long-term
value based on the attractive price the Company paid, in comparison
to the multiples commanded by similar public companies. We continue
to have substantial liquid resources available to us that will
enable us to pursue organic expansion of our legacy business as
well as potential acquisitions. As discussed, we have already put
these resources to work and plan to continue pursuing and reviewing
several opportunities; however, we are proceeding cautiously given
the current environment and future uncertainties. We will inform
our investors as we attempt to take advantage of new business
opportunities and to expand our existing business lines to benefit
the Company and its shareholders for 2022 and beyond.”
2021 Operating Results
For the year ended December 31, 2021, our total
revenue increased by 103.6% to approximately $21.4 million,
compared with revenue of approximately $10.5 million for the year
ended December 31, 2020.
Gross profit increased 39% to $5,663,775 for the
year ended December 31, 2021 versus $4,062,594 in 2020. The overall
increase is attributable to the large overall increase in revenues
for the year ended December 31, 2021 offset by an increase in the
overall cost of sales as a percentage of overall revenues to 73.6%
for the year ended December 31, 2021 from 61.4% for the year ended
December 31, 2020.
Selling, General and Administrative (“SG&A”)
expenses increased approximately 74% to $20,424,685 in the year
ended December 31, 2021 versus $11,726,245 in 2020. The increase
was primarily attributable to the recent acquisitions completed in
2021. Our selling, general and administrative expenses as a
percentage of sales decreased to 95% for 2021 compared to 112% in
the same period in 2020.
We reported an operating loss of $14,760,910 for
the year ended December 31, 2021, compared to an operating loss of
7,663,651 in 2020.
Total other income increased to $40,291,871 for
the year ended December 31, 2021, compared to total other income of
$5,037,769 in 2020. The increase in other income was attributable
to the $36,664,907 change in fair value of warrant derivative
liabilities and the $3,732,789 change in fair value of contingent
consideration promissory notes and earn—out agreements reported in
2021. The change in fair value of warrant derivative liabilities
was related to reductions in the value of the detachable common
stock purchase warrants issued in conjunction with the two
registered direct offerings we completed in 2021. The change in
fair value of contingent consideration promissory notes and
earn—out agreements was related to reductions in the value of the
earn-out agreements issued in conjunction with the acquisitions we
completed in 2021.
We reported net income attributable to common
stockholders of $25,474,508, or $0.51 per share, in the year ended
December 31, 2021 compared to a prior-year net loss of
($2,625,881), or ($0.12) per share. No income tax provision or
benefit was recorded in the either 2021 or 2020 as the Company has
maintained a full valuation reserve on its deferred tax assets.
Investor Conference Call
The Company will host an investor
conference call at 11:15 a.m. EDT on Tuesday, April 19, 2022, to
discuss its operating results for 2021, developments related to its
three operating segments, which includes the Company’s recent
acquisitions, and other topics of interest. Shareholders and other
interested parties may participate in the conference call by
dialing 844-761-0863 and entering conference ID #1791992 a few
minutes before 11:15 a.m. EDT on Tuesday, April 19,
2022.
A replay of the conference call will be
available two hours after its completion, from April 19, 2022 until
11:59 p.m. on June 19, 2022 by dialing 855-859-2056 and entering
the conference ID
#1791992.
For additional news and information please visit
DigitalAllyCompanies.com or follow additional Digital Ally
Inc. social media channels here:
Facebook | Instagram |
LinkedIn | Twitter
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Act of 1934. These
forward-looking statements are based largely on the expectations or
forecasts of future events, can be affected by inaccurate
assumptions, and are subject to various business risks and known
and unknown uncertainties, a number of which are beyond the control
of management. Therefore, actual results could differ materially
from the forward-looking statements contained in this press
release. A wide variety of factors that may cause actual results to
differ from the forward-looking statements include, but are not
limited to, the following: whether the Company will be able to
successfully identify and execute on opportunities to expand its
current business lines and/or new acquisition targets and that it
will be successful in integrating such new businesses in order to
generate profits for the Company; whether the Company will be able
to improve its revenue and operating results, especially in light
of the adverse effects of the Covid-19 pandemic on our customers,
suppliers and employees; our inability to predict or measure supply
chain disruptions resulting from the COVID-19 pandemic and other
drivers: whether it will be able to resolve its liquidity and
operational issues given the impact of the Covid-19 pandemic;
whether it will be able to achieve improved production and other
efficiencies to restore its gross and operating margins in the
future; whether the Company will be able to continue to expand into
non-law enforcement markets, including disinfectant/sanitizer and
temperature screening products, and increase its service based
revenue; whether the Company has resolved its product quality and
supply chain issues; whether the EVO-HD will help the Company
increase its product revenues; whether the Company will continue to
experience declines in legal expenses as a result of concluding its
patent litigation; whether and the extent to which the US Patent
and Trademark Office (USPTO) rulings will curtail, eliminate or
otherwise have an effect on the actions of competitors and others
in the marketplace respecting the Company, its products and
customers; its ability to deliver its newer product offerings as
scheduled, and in particular the EVO-HD product platform, obtain
the required components and products on a timely basis, and have
them perform as planned; its ability to maintain or expand its
share of the markets in which it competes, including those outside
the law enforcement industry; whether it will be able to adapt its
technology to new and different uses, including being able to
introduce new products; competition from larger, more established
companies with far greater economic and human resources; its
ability to attract and retain customers and quality employees; the
effect of changing economic conditions; and changes in government
regulations, tax rates and similar matters. These cautionary
statements should not be construed as exhaustive or as any
admission as to the adequacy of the Company’s disclosures. The
Company cannot predict or determine after the fact what factors
would cause actual results to differ materially from those
indicated by the forward-looking statements or other statements.
The reader should consider statements that include the words
“believes,” “expects,” “anticipates,” “intends,” “estimates,”
“plans,” “projects,” “should,” or other expressions that are
predictions of or indicate future events or trends, to be uncertain
and forward-looking. It does not undertake to publicly update or
revise forward-looking statements, whether because of new
information, future events or otherwise. Additional information
respecting factors that could materially affect the Company and its
operations are contained in its Annual Report on Form in its annual
report on Form 10-K for the year ended December 31, 2021, filed
with the Securities and Exchange Commission (the “SEC”).
For Additional Information, Please
Contact:Stanton E. Ross, CEO, at (913) 814-7774
orThomas J. Heckman, CFO, at (913)
814-7774
(Financial Highlights Follow)
DIGITAL ALLY,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETSDECEMBER 31, 2021 AND 2020
|
|
2021 |
|
|
2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
32,007,792 |
|
|
$ |
4,361,758 |
|
Accounts receivable-trade, less allowance for doubtful accounts of
$113,234 – 2021 and $123,224 – 2020 |
|
|
2,727,052 |
|
|
|
1,705,461 |
|
Other Receivables (including $158,384 due from related parties –
2021 and $500,000 – 2020, refer to Note 17) |
|
|
2,021,813 |
|
|
|
1,529,920 |
|
Inventories, net |
|
|
9,659,536 |
|
|
|
8,202,274 |
|
Prepaid expenses |
|
|
9,728,782 |
|
|
|
2,030,693 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
56,144,975 |
|
|
|
17,830,106 |
|
|
|
|
|
|
|
|
|
|
Property, plant, and
equipment, net |
|
|
6,841,026 |
|
|
|
666,800 |
|
Goodwill and other intangible
assets, net |
|
|
16,902,513 |
|
|
|
392,564 |
|
Operating lease right of use
assets, net |
|
|
993,384 |
|
|
|
753,175 |
|
Other assets |
|
|
2,107,299 |
|
|
|
1,154,882 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
82,989,197 |
|
|
$ |
20,797,527 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,569,106 |
|
|
$ |
1,144,675 |
|
Accrued expenses |
|
|
1,175,998 |
|
|
|
796,094 |
|
Current portion of operating lease obligations |
|
|
373,371 |
|
|
|
113,484 |
|
Contract liabilities – current |
|
|
1,665,519 |
|
|
|
1,647,469 |
|
Debt obligations – current |
|
|
389,934 |
|
|
|
11,727 |
|
Warrant derivative liabilities |
|
|
14,846,932 |
|
|
|
— |
|
Income taxes payable |
|
|
1,827 |
|
|
|
7,158 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
23,022,687 |
|
|
|
3,720,607 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Debt obligations – long term |
|
|
727,278 |
|
|
|
148,273 |
|
Operating lease obligation – long term |
|
|
688,207 |
|
|
|
723,272 |
|
Contract liabilities – long term |
|
|
2,687,786 |
|
|
|
1,848,869 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
27,125,958 |
|
|
|
6,441,021 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized;
shares issued: 50,904,391 – 2021 and 26,834,709 – 2020 |
|
|
50,904 |
|
|
|
26,835 |
|
Additional paid in capital |
|
|
124,426,379 |
|
|
|
106,501,396 |
|
Treasury stock, at cost |
|
|
— |
|
|
|
(2,157,225 |
) |
Noncontrolling interest in consolidated subsidiary |
|
|
56,453 |
|
|
|
— |
|
Accumulated deficit |
|
|
(68,670,497 |
) |
|
|
(90,014,500 |
) |
|
|
|
|
|
|
|
|
|
Total equity |
|
|
55,863,239 |
|
|
|
14,356,506 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity |
|
$ |
82,989,197 |
|
|
$ |
20,797,527 |
|
(FOR ADDITIONAL INFORMATION, PLEASE REFER TO THE
COMPANY’S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER
31, 2021 FILED WITH THE SEC ON APRIL 15, 2022)
DIGITAL ALLY,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONSFOR THE YEARS
ENDEDDECEMBER 31, 2021 AND 2020
|
|
2021 |
|
|
2020 |
|
Revenue: |
|
|
|
|
|
|
|
|
Product |
|
$ |
9,180,287 |
|
|
$ |
8,029,457 |
|
Service and other |
|
|
12,233,147 |
|
|
|
2,485,411 |
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
21,413,434 |
|
|
|
10,514,868 |
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Product |
|
|
8,635,047 |
|
|
|
5,739,572 |
|
Service and other |
|
|
7,114,612 |
|
|
|
712,702 |
|
|
|
|
|
|
|
|
|
|
Total cost of revenue |
|
|
15,749,659 |
|
|
|
6,452,274 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
5,663,775 |
|
|
|
4,062,594 |
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses: |
|
|
|
|
|
|
|
|
Research and development expense |
|
|
1,930,784 |
|
|
|
1,842,800 |
|
Selling, advertising and promotional expense |
|
|
5,717,824 |
|
|
|
2,607,242 |
|
General and administrative expense |
|
|
12,776,077 |
|
|
|
7,276,203 |
|
|
|
|
|
|
|
|
|
|
Total selling, general and
administrative expenses |
|
|
20,424,685 |
|
|
|
11,726,245 |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(14,760,910 |
) |
|
|
(7,663,651 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
310,200 |
|
|
|
47,893 |
|
Interest expense |
|
|
(28,600 |
) |
|
|
(342,379 |
) |
Change in fair value of
secured convertible notes |
|
|
— |
|
|
|
(1,300,252 |
) |
Change in fair value of
proceeds investment agreement |
|
|
— |
|
|
|
5,250,000 |
|
Change in fair value of
short-term investments |
|
|
(101,645 |
) |
|
|
— |
|
Change in fair value of
warrant derivative liabilities |
|
|
36,664,907 |
|
|
|
— |
|
Change in fair value of
contingent consideration promissory notes and earn-out
agreements |
|
|
3,732,789 |
|
|
|
— |
|
Warrant modification
expense |
|
|
(295,780 |
) |
|
|
— |
|
Gain on the extinguishment of
debt |
|
|
10,000 |
|
|
|
1,417,413 |
|
Secured convertible notes
issuance expense |
|
|
— |
|
|
|
(34,906 |
) |
|
|
|
|
|
|
|
|
|
Total other income
(expense) |
|
|
40,291,871 |
|
|
|
5,037,769 |
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
tax expense (benefit) |
|
|
25,530,961 |
|
|
|
(2,625,881 |
) |
Income tax expense
(benefit) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
25,530,961 |
|
|
|
(2,625,881 |
) |
|
|
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interests of consolidated subsidiary |
|
|
(56,453 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common stockholders |
|
$ |
25,474,508 |
|
|
$ |
(2,625,881 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) per share
information: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.51 |
|
|
$ |
(0.12 |
) |
Diluted |
|
$ |
0.51 |
|
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
50,222,289 |
|
|
|
21,603,635 |
|
Diluted |
|
|
50,222,289 |
|
|
|
21,603,635 |
|
(FOR ADDITIONAL INFORMATION, PLEASE REFER TO THE
COMPANY’S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER
31, 2021 FILED WITH THE SEC ON APRIL 15, 2022)
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