Priority Technology Holdings Inc
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
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17. Loss per Common Share
- Loss per Common Share
The following tables set forth the computation of the Company's basic and diluted loss per common share:
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands except per share amounts) | 2024 | 2023 |
| Numerator: | ||
| Net income (loss) | $5,193 | $(506) |
| Less: Dividends and accretion attributable to redeemable senior preferred stockholders | (12,662) | (11,295) |
| Less: Return on redeemable NCI in consolidated subsidiary | (581) | — |
| Net loss attributable to common stockholders | $(8,050) | $(11,801) |
| Denominator: | ||
| Basic and diluted: | ||
| Weighted-average common shares outstanding(1) | 78,021 | 78,133 |
| Loss per common share | $(0.10) | $(0.15) |
(1)The weighted-average common shares outstanding includes 1,803,841 warrants (refer to Note 9. Redeemable Senior Preferred Stock and Warrants).
For the three months ended March 31, 2024 and 2023, all potentially dilutive securities were anti-dilutive, so diluted net loss per share was equivalent to basic net loss per share. Potentially anti-dilutive securities that were excluded from the Company's loss per common share are as follows:
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Outstanding warrants on Common Stock(1) | — | 3,557 |
| Outstanding options and warrants issued to adviser(2) | — | 600 |
| Restricted stock awards(3) | 1,078 | 2,245 |
| Outstanding stock option awards(3) | 864 | 952 |
| Total | 1,942 | 7,354 |
(1)The warrants were issued in 2018 and were exercisable at $11.50 per share. These warrants expired on August 24, 2023.
(2)The warrants were issued in 2018 and were exercisable at $12.00 per share. These warrants expired on August 24, 2023.
(3)Granted under the 2018 Plan.
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