Note 2 - Summary of significant accounting policies: Basic and diluted income (loss) per common share (Policies)
|6 Months Ended|
Jun. 30, 2020
|Basic and diluted income (loss) per common share||
Basic and diluted income (loss) per common share
We compute net income (loss) per share in accordance with ASC 260, Earnings Per Share. Under the provisions of ASC 260, basic net loss per share includes no dilution and is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of Common Stock outstanding during the period. Diluted net income (loss) per share takes into consideration shares of Common Stock outstanding (computed under basic net loss per share) and potentially dilutive securities that are not anti-dilutive.
Outstanding warrants that had no effect on the computation of dilutive weighted average number of shares outstanding as their effect would be anti-dilutive were approximately 7,000,000 and 7,000,000 as of June 30, 2020 and December 31, 2019, respectively. There were 87,456 and 87,456 potentially dilutive shares outstanding at June 30, 2020 and December 31, 2019, respectively.
Conversion of Series Q Preferred Stock into Common Stock would be anti-dilutive for the three and six months ended June 30, 2020 and 2019 and is not included in calculating the diluted weighted average number of shares outstanding.
Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef