Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common share of common stock during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

The Company has no participating securities outstanding during the periods presented. Therefore, the two-class method is not applicable.

The following tables sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2025 and December 31, 2024:


	Years Ended December 31,
	2025		2024
Numerator:
Net income (loss)	$	(2,745,309)	$	22,649,190
Less: preferred stock dividends	(4,740,000)		(4,740,000)
Net income (loss) available to common stockholders	$	(7,485,309)	$	17,909,190

Denominator:
Weighted-average shares of common stock outstanding - basic and diluted	52,344,316		52,274,904

Earnings (loss) per share:
Basic and diluted	$	(0.14)	$	0.34

There were no potentially dilutive securities outstanding during the periods presented that would have been dilutive, or any anti-dilutive effects requiring exclusion. As a result, basic and diluted earnings (loss) per share are the same.