Digital Ally, Inc. (Nasdaq: DGLY) (the “Company” or “our”), today
announced its operating results for the first quarter 2023. An
investor conference call is scheduled for 11:15 a.m. EDT on
Tuesday, May 16, 2023 (see details below).
All share and price per share information in
this press release has been adjusted to reflect the Company’s
1-for-20 reverse stock split, which was effective on February 6,
2023.
Highlights for the three months ended
March 31, 2023
● |
Total revenues for the three months ended March 31, 2023 and 2022
were $7,697,190 and $10,294,781, respectively, a decrease of
$2,597,591 (25%). The primary reason for the overall revenue
decrease is a decrease of $2,551,498 (48%) in service revenues from
2022 levels at the Entertainment Segment. Product revenues
experienced a decrease during the three months ended March 31,
2023, in comparison to the same period in 2022, due to the
reduction in ticket purchases within the Entertainment segment
throughout the period. Service and other revenues also experienced
a decline during the three months ended March 31, 2023, in
comparison to the same period in 2022, due to a reduction in
marketing expenses within the Entertainment segment, that resulted
in a correlating decline in service revenues for the period. |
|
|
● |
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 totaling $4,016,236 in service and product revenues for
the three months ended March 31, 2023, compared to $6,380,775 in
service and product revenues for the three months ended March 31,
2022. |
|
|
● |
We entered the revenue cycle management business late in the second
quarter of 2021 with the formation of our wholly owned subsidiary,
Digital Ally Healthcare, Inc. and its majority-owned subsidiary
Nobility Healthcare, LLC (“Nobility Healthcare”). Nobility
Healthcare completed its first acquisition on June 30, 2021, when
it acquired a private medical billing company, and a second
acquisition on August 31, 2021 upon the completion of its
acquisition of another private medical billing company. On January
1, 2022, Nobility Healthcare completed the acquisition of 100% of
the capital stock of a private dental billing company.
Additionally, on February 1, 2022, Nobility Healthcare also
completed an asset purchase for a portfolio of a medical billing
company. These acquisitions further enhanced the Company’s revenue
cycle management operating segment, which provides revenue cycle
management solutions to medium to large healthcare organizations
throughout the country. These acquisitions, along with the revenue
cycle management operating segment’s acquisitions that were
previously completed in 2021, generated service revenues of
$1,781,590 during the three months ended March 31, 2023, compared
to $1,903,957 generated for the three months ended March 31,
2022. |
|
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
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 three months ended March 31, 2023 and
2022 was $1,544,792 and $1,939,619, respectively, a decrease of
$394,827 (20%). The overall decrease is attributable to the
decrease in revenues for the three months ended March 31, 2023 and
a decrease in the overall cost of sales as a percentage of overall
revenues to 80% for the three months ended March 31, 2023 from 81%
for the three months ended March 31, 2022. 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
entertainment operating segments together with our video solutions
operating segment and its expected margins from our EVO-HD,
DVM-800, VuLink, FirstVu Pro, FirstVu II, ShieldTM disinfectants
and our cloud evidence storage and management offering, provided
that they gain traction in the marketplace. 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 expenses were $7,717,598 and
$8,742,957 for the three months ended March 31, 2023 and 2022,
respectively, a decrease of $1,025,359 (12%). The decrease was
primarily attributable to the reduction in new sponsorships being
entered into by the Company. |
|
|
● |
During 2021, the Company issued detachable warrants to purchase a
total of 2,127,500 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. There was no change in fair
value of the warrant derivative liabilities from December 31, 2022
to March 31, 2023, and the change in fair value of the warrant
derivative liabilities from December 31, 2021, to March 31, 2022,
totaled $148,171 which was recognized as a gain in the first
quarter of 2022. The Company determined the fair value of such
warrants as of December 31, 2022, and as of March 31, 2023, to be
$-0- and $-0-, respectively |
Recent Developments
● |
On February 6, 2023, we filed a Certificate of Amendment to the
Articles of Incorporation, as amended, with the Secretary of State
of the State of Nevada to effect a 1-for-20 reverse stock split
(the “Reverse Stock Split”) of the shares of our common stock. The
Reverse Stock Split was effective as of time of filing. No
fractional shares were issued in connection with the Reverse Stock
Split. Any fractional shares of our Common Stock that would have
otherwise resulted from the Reverse Stock Split were rounded up to
the nearest whole number. In connection with the Reverse Stock
Split, our board approved appropriate and proportional adjustments
to all outstanding securities or other rights convertible or
exercisable into shares of our Common Stock, including, without
limitation, all preferred stock, warrants, options, and other
equity compensation rights. The par value per share of our common
stock was not affected by the Reverse Stock Split. |
|
|
● |
As previously disclosed by Digital Ally, Inc. (the “Company”) in
its filings with the U.S. Securities and Exchange Commission, the
Company had received letters from The Nasdaq Stock Market LLC
(“Nasdaq”) notifying the Company of its non-compliance with Nasdaq
Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”) and granting
the Company extensions to demonstrate such compliance to Nasdaq. On
February 23, 2023, the Company received notice from Nasdaq
confirming that the Company has cured its bid price deficiency and
has fully regained compliance with the Minimum Bid Price
Requirement. |
|
|
● |
On April 5, 2023, Digital Ally, Inc. (the “Company”) entered into
and consummated the initial closing (the “First Closing”) of the
transactions contemplated by a Securities Purchase Agreement, dated
as of April 5, 2023 (the “Purchase Agreement”), between the Company
and certain investors (the “Purchasers”). At the First Closing, the
Company issued and sold to the Purchasers Senior Secured
Convertible Notes in the aggregate original principal amount of
$3,000,000 (the “Notes”) and warrants (the “Warrants”). The
Purchase Agreement provided for a ten percent (10%) original
interest discount resulting in gross proceeds to the Company of
$2,700,000. No interest accrues under the Notes. The Warrants are
exercisable for an aggregate 1,125,000 shares comprised of 375,000
warrants at an exercise price of $5.50 per share of the Company’s
common stock (the “Common Stock”), 375,000 warrants at an exercise
price of $6.50 per share of Common Stock, and 375,000 warrants at
an exercise price of $7.50 per share of Common Stock. |
Management Comments
Stanton E. Ross, Chief Executive Officer of
Digital Ally, stated, “We are very pleased to report nearly $7.7
million in quarterly revenues for the first quarter of 2023, along
with an improved net income. We are pleased to see the continued
success and traction in the marketplace with our new video
products, particularly the FirstVu Pro, FirstVu II, and QuickVu
docking stations; which are continuing to build upon our existing
subscription plans and deferred revenue. It is exciting to see our
deferred revenue balance nearly double at the end of the first
quarter of 2023 compared to the first quarter of 2022, as our
contract liabilities went from about $5.0 million at March 31,
2022, to nearly $8.9 million at March 31, 2023. We continue to
build excitement around the momentum being gained in our Digital
Ally Healthcare venture, as Nobility Healthcare, LLC continues to
right-size and maximizing the profitability of the four completed
acquisitions. 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 2023 and beyond.”
Ross added: “Additionally, we continue to be
excited to maximize the profitability of the entertainment segment
and have it grow organically with the kick of off our new Kustom
440 subsidiary. Kustom 440 hosted its first festival on Saturday,
May 13, 2023, in Kansas City at Legends Field, headlining Chris
Young and Gabby Barrett. We were very pleased with the results of
the show and the turn-out for this event; we believe shareholders
will benefit from the partnership between TicketSmarter and Kustom
440, along with their long-term value based on the multiples
commanded by similar public companies in the market. We are
continuing to right-size and adjust to the nuances of each new
subsidiary, as we learn to navigate and effectively grow each of
them. We will continue to inform our investors as we attempt to
take advantage of new business opportunities and to maximize our
existing business lines to benefit the Company and its shareholders
through 2023 and beyond.”
2023 Operating Results
Total revenues for the three months ended March
31, 2023 and 2022 were $7,697,190 and $10,294,781, respectively, a
decrease of $2,597,591 (25%).
Gross profit decreased 20% to $1,544,792 for the
three months ended March 31, 2023 versus $1,939,619 for the three
months ended March 31, 2022. The overall decrease is attributable
to the decrease in revenues for the three months ended March 31,
2023 and a decrease in the overall cost of sales as a percentage of
overall revenues to 80% for the three months ended March 31, 2023
from 81% for the three months ended March 31, 2022.
Selling, general and administrative expenses
were $7,717,598 and $8,742,957 for the three months ended March 31,
2023 and 2022, respectively, a decrease of $1,025,359 (12%). The
decrease was primarily attributable to the reduction in new
sponsorships being entered into by the Company.
We reported an operating loss of $6,172,806 and
$6,803,338 for the three months ended March 31, 2023 and 2022,
respectively, a decrease of $630,532 (9%).
Total other income increased to $193,227 for the
three months ended March 31, 2023, compared to total other income
of $105,096 for the three months ended March 31, 2022. The increase
in other income was largely attributable to the gain on the change
in fair value of contingent consideration promissory notes of
$158,021 compared to a loss of $56,050 during the three months
ended March 31, 2023 and 2022, respectively. This is in connection
with the four acquisitions made by our revenue cycle management
segment. This gain was slightly offset by a decrease in interest
income to $15,477 for the three months ended March 31, 2023, from
$71,362 in the same period of 2022, which reflects our change in
cash and cash equivalent levels in the first quarter of 2023
compared to the first quarter of 2022.
We reported a net loss attributable to common
stockholders of $6,105,818, or $2.22 per share, and $6,600,148, or
$2.59 per share, for the years three months March 31, 2023 and
2022, respectively. No income tax provision or benefit was recorded
in either 2023 or 2022 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, May 16, 2023, to
discuss its first quarter 2023 financial results, corporate and
individual subsidiary outlook, and previously announced corporate
separation. Shareholders and
other interested parties may participate in the conference call by
dialing 888-886-7786 and entering conference ID #53623024 a few
minutes before 11:15 a.m. Eastern on Tuesday, May 16,
2023.
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: (1) our losses in recent years,
including fiscal years 2022 and 2021; (2) economic and other risks
for our business from the effects of the COVID-19 pandemic,
including the impacts on our law-enforcement and commercial
customers, suppliers and employees and on our ability to raise
capital as required; (3) our ability to increase revenues, increase
our margins and return to consistent profitability in the current
economic and competitive environment; (4) our operation in
developing markets and uncertainty as to market acceptance of our
technology and new products; (5) the availability of funding from
federal, state and local governments to facilitate the budgets of
law enforcement agencies, including the timing, amount and
restrictions on such funding; (6) our ability to deliver our new
product offerings as scheduled in 2023, and whether new products
perform as planned or advertised and whether they will help
increase our revenues; (7) whether we will be able to increase the
sales, domestically and internationally, for our products in the
future; (8) our ability to maintain or expand our share of the
market for our products in the domestic and international markets
in which we compete, including increasing our international
revenues; (9) our ability to produce our products in a
cost-effective manner; (10) competition from larger, more
established companies with far greater economic and human
resources; (11) our ability to attract and retain quality
employees; (12) risks related to dealing with governmental entities
as customers; (13) our expenditure of significant resources in
anticipation of sales due to our lengthy sales cycle and the
potential to receive no revenue in return; (14) characterization of
our market by new products and rapid technological change; (15)
that stockholders may lose all or part of their investment if we
are unable to compete in our markets and return to profitability;
(16) defects in our products that could impair our ability to sell
our products or could result in litigation and other significant
costs; (17) our dependence on key personnel; (18) our reliance on
third-party distributors and sales representatives for part of our
marketing capability; (19) our dependence on a few manufacturers
and suppliers for components of our products and our dependence on
domestic and foreign manufacturers for certain of our products;
(20) our ability to protect technology through patents and to
protect our proprietary technology and information, such as trade
secrets, through other similar means; (21) our ability to generate
more recurring cloud and service revenues; (22) risks related to
our license arrangements; (23) our revenues and operating results
may fluctuate unexpectedly from quarter to quarter; (24) sufficient
voting power by coalitions of a few of our larger stockholders,
including directors and officers, to make corporate governance
decisions that could have a significant effect on us and the other
stockholders; (25) the sale of substantial amounts of our Common
Stock that may have a depressive effect on the market price of the
outstanding shares of our Common Stock; (26) the possible issuance
of Common Stock subject to options and warrants that may dilute the
interest of stockholders; (27) our nonpayment of dividends and lack
of plans to pay dividends in the future; (28) future sale of a
substantial number of shares of our Common Stock that could depress
the trading price of our common stock, lower our value and make it
more difficult for us to raise capital; (29) our additional
securities available for issuance, which, if issued, could
adversely affect the rights of the holders of our Common Stock;
(30) our stock price is likely to be highly volatile due to a
number of factors, including a relatively limited public float;
(31) whether such technology will have a significant impact on our
revenues in the long-term; (32) whether we will be able to meet the
standards for continued listing on the Nasdaq Capital Market; (33)
indemnification of our officers and directors; and (34) risks
related to our proposed spin-off, including our ability to
consummate the transactions and our ability to realize some or all
of the anticipated benefits therefrom. 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 filings with the SEC.
For Additional Information, Please
Contact:Brody J. Green, President, at (913)
814-774,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
SHEETSMARCH 31, 2023
AND DECEMBER 31, 2022
|
|
March 31, 2023 (Unaudited) |
|
|
December 31, 2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,859,723 |
|
|
$ |
3,532,199 |
|
Accounts receivable – trade, net of $181,761 allowance – March 31,
2023 and $146,964 – December 31, 2022 |
|
|
2,199,255 |
|
|
|
2,044,056 |
|
Other receivables, net of $5,000 allowance – March 31, 2023 and $0
– December 31, 2022 (including $138,384 due from related parties –
March 31, 2023 and $138,384 – December 31, 2022, refer to Note
20) |
|
|
2,592,046 |
|
|
|
4,076,522 |
|
Inventories, net |
|
|
5,921,079 |
|
|
|
6,839,406 |
|
Prepaid expenses |
|
|
7,782,010 |
|
|
|
8,466,413 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
21,354,113 |
|
|
|
24,958,596 |
|
|
|
|
|
|
|
|
|
|
Property, plant, and
equipment, net |
|
|
7,750,712 |
|
|
|
7,898,686 |
|
Goodwill and other intangible
assets, net |
|
|
17,548,479 |
|
|
|
17,872,970 |
|
Operating lease right of use
assets, net |
|
|
1,189,053 |
|
|
|
782,129 |
|
Other assets |
|
|
7,600,887 |
|
|
|
5,155,681 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
55,443,244 |
|
|
$ |
56,668,062 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
12,487,267 |
|
|
$ |
9,477,355 |
|
Accrued expenses |
|
|
905,991 |
|
|
|
1,090,967 |
|
Current portion of operating lease obligations |
|
|
287,520 |
|
|
|
294,617 |
|
Contract liabilities – current portion |
|
|
2,624,870 |
|
|
|
2,154,874 |
|
Debt obligations – current portion |
|
|
1,102,943 |
|
|
|
485,373 |
|
Income taxes payable |
|
|
8,097 |
|
|
|
8,097 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
17,416,688 |
|
|
|
13,511,283 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Debt obligations – long term |
|
|
254,944 |
|
|
|
442,467 |
|
Operating lease obligation – long term |
|
|
969,728 |
|
|
|
555,707 |
|
Contract liabilities – long term |
|
|
6,315,647 |
|
|
|
5,818,082 |
|
Lease Deposit |
|
|
10,445 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
24,967,452 |
|
|
|
20,327,539 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value per share; 200,000,000 shares
authorized; shares issued: 2,755,224 shares issued – March 31, 2023
and 2,720,170 shares issued – December 31, 2022 |
|
|
2,756 |
|
|
|
2,721 |
|
Additional paid in capital |
|
|
127,984,155 |
|
|
|
127,869,342 |
|
Noncontrolling interest in consolidated subsidiary |
|
|
574,933 |
|
|
|
448,694 |
|
Accumulated deficit |
|
|
(98,086,052 |
) |
|
|
(91,980,234 |
) |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
30,475,792 |
|
|
|
36,340,523 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
55,443,244 |
|
|
$ |
56,668,062 |
|
(FOR ADDITIONAL INFORMATION, PLEASE REFER TO THE
COMPANY’S QUARTERLY REPORTON FORM 10-Q FOR THE THREE MONTHS ENDED
MARCH 31, 2023 FILED WITH THE SEC ON MAY 15, 2023)
DIGITAL ALLY,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONSFOR THE THREE MONTHS
ENDEDMARCH 31, 2023
AND 2022(Unaudited)
|
|
Three months endedMarch
31, 2023 |
|
|
Three months endedMarch
31, 2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
Product |
|
$ |
2,453,810 |
|
|
$ |
2,410,060 |
|
Service and other |
|
|
5,243,380 |
|
|
|
7,884,721 |
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
7,697,190 |
|
|
|
10,294,781 |
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Product |
|
|
2,301,100 |
|
|
|
2,822,051 |
|
Service and other |
|
|
3,851,298 |
|
|
|
5,533,111 |
|
|
|
|
|
|
|
|
|
|
Total cost of revenue |
|
|
6,152,398 |
|
|
|
8,355,162 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
1,544,792 |
|
|
|
1,939,619 |
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses: |
|
|
|
|
|
|
|
|
Research and development expense |
|
|
934,939 |
|
|
|
498,000 |
|
Selling, advertising and promotional expense |
|
|
1,847,489 |
|
|
|
2,779,404 |
|
General and administrative expense |
|
|
4,935,170 |
|
|
|
5,465,553 |
|
|
|
|
|
|
|
|
|
|
Total selling, general and
administrative expenses |
|
|
7,717,598 |
|
|
|
8,742,957 |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(6,172,806 |
) |
|
|
(6,803,338 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
15,477 |
|
|
|
71,362 |
|
Interest expense |
|
|
(5,664 |
) |
|
|
(17,009 |
) |
Other income |
|
|
25,393 |
|
|
|
43,440 |
|
Change in fair value of
contingent consideration promissory notes |
|
|
158,021 |
|
|
|
(56,050 |
) |
Change in fair value of
short-term investments |
|
|
— |
|
|
|
(84,818 |
) |
Change in fair value of
warrant derivative liabilities |
|
|
— |
|
|
|
148,171 |
|
|
|
|
|
|
|
|
|
|
Total other income |
|
|
193,227 |
|
|
|
105,096 |
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
tax benefit |
|
|
(5,979,579 |
) |
|
|
(6,698,242 |
) |
Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(5,979,579 |
) |
|
|
(6,698,242 |
) |
|
|
|
|
|
|
|
|
|
Net (income) loss attributable
to noncontrolling interests of consolidated subsidiary |
|
|
(126,239 |
) |
|
|
98,094 |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
common stockholders |
|
$ |
(6,105,818 |
) |
|
$ |
(6,600,148 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share
information: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(2.22 |
) |
|
$ |
(2.59 |
) |
Diluted |
|
$ |
(2.22 |
) |
|
$ |
(2.59 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
2,751,662 |
|
|
|
2,546,552 |
|
Diluted |
|
|
2,751,662 |
|
|
|
2,546,552 |
|
(FOR ADDITIONAL INFORMATION, PLEASE REFER TO THE
COMPANY’S QUARTERLY REPORTON FORM 10-Q FOR THE THREE MONTHS ENDED
MARCH 31, 2023 FILED WITH THE SEC ON MAY 15, 2023)
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