Annual report pursuant to Section 13 and 15(d)

NET LOSS PER SHARE

v3.23.1
NET LOSS PER SHARE
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
NET LOSS PER SHARE NET LOSS PER SHARE The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities based on their respective rights if the participating security contractually participates in losses. As holders of participating securities do not have a contractual obligation to fund losses, undistributed net losses were not allocated to participating securities in the current or comparative years presented. Earnings per share calculations for all periods prior to the Business Combination have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio established in the merger agreement.
Presented in the table below is a reconciliation of the numerator and denominator for the basic and diluted earnings per share (“EPS”) calculations for the periods ended:
(In thousands, USD) December 31, 2022 December 31, 2021
Numerator:
Net loss attributable to the Company $ (106,200) $ (24,776)
Less cumulative earnings to preferred shareholder —  (22,822)
Add premium on preferred conversion to common shares —  4,074 
Net income (loss) attributable to common stockholders $ (106,200) $ (43,524)
Denominator:
Weighted average common shares and warrants outstanding
Basic (in number) 75,710,904  41,933,050 
Diluted (in number) 75,710,904  41,933,050 
Net loss per unit attributable to common stockholder
Basic $ (1.40) $ (1.04)
Diluted $ (1.40) $ (1.04)
The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive:

(number of shares) 		December 31,
2022		 December 31,
2021
Restricted stock grants with only service conditions 3,552,416  — 
Common stock issued under the Backstop Agreement 9,600,031  9,600,031 
Private Placement Warrants
272,779  272,779 
Series C Convertible Preferred Stock —  2,566,186 
Stock Options —  432,500