Quarterly report pursuant to Section 13 or 15(d)

Loss Per Share (Tables)

v3.19.2
Loss Per Share (Tables)
6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Schedule of Comparison of Basic and Fully Diluted Net Loss Per Share

The “Net loss per share - attributable to PAVmed Inc. - basic and diluted” and “Net loss per share - attributable to PAVmed Inc. common stockholders - basic and diluted” - for the respective periods indicated - is as follows:

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2019     2018     2019     2018  
Numerator                        
Net loss - as reported, before noncontrolling interest   $ (3,739,133 )   $ (5,146,540 )   $ (7,442,746 )   $ (7,971,909 )
Net loss attributable to noncontrolling interest     145,522       81,200       314,273       81,200  
Net loss - as reported, attributable to PAVmed Inc.   $ (3,593,611 )   $ (5,065,340 )   $ (7,128,473 )   $ (7,890,709 )
                                 
Convertible Preferred Stock dividends(1):                                
Series B   $ (66,792 )   $ (63,623 )   $ (132,273 )   $ (74,029 )
Series A-1                       (25,148 )
Series A                       (26,487 )
                                 
Series A and Series A-1 Exchange Offer - March 15, 2018 - deemed dividend - incremental fair value - Series B Convertible Preferred Stock issued-upon-exchange of Series A Convertible Preferred Stock                       (726,531 )
                                 
Series A and Series A-1 Exchange Offer - March 15, 2018 - Series B Convertible Preferred Stock issued-upon-exchange of Series A-1 Convertible Preferred Stock                       199,241  
                                 
Net loss attributable to PAVmed Inc. common stockholders   $ (3,660,403 )   $ (5,128,963 )   $ (7,260,746 )   $ (8,543,663 )
                                 
Denominator                                
Weighted-average common shares outstanding basic and diluted(2)(3)     27,605,881       19,289,874       27,343,912       17,924,632  
                                 
Loss per share                                
Basic and diluted                                
- Net loss - as reported, attributable to PAVmed Inc.   $ (0.13 )   $ (0.26 )   $ (0.26 )   $ (0.44 )
- Net loss attributable to PAVmed Inc. common stockholders   $ (0.13 )   $ (0.27 )   $ (0.27 )   $ (0.48 )

 

(1) The convertible preferred stock dividends are included in the calculation of basic and diluted net loss attributable to PAVmed Inc. common stockholders for each respective periods presented, including: with respect to the prior year periods, the Series B Convertible Preferred Stock from March 16, 2018 to June 30, 2018, and each of the Series A-1 and Series A Convertible Preferred Stock from January 1, 2018 to March 15, 2018. See Note 12, Preferred Stock, for a further discussion of the dividends for each of the respective series of convertible preferred stock.
   
(2) Basic weighted-average number of shares of common stock outstanding for the period excludes common stock equivalent incremental shares, while diluted weighted average number of shares outstanding includes such incremental shares. Notwithstanding, as the Company was in a loss position for all periods presented, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive.
   
(3) The Series B Convertible Preferred Stock has the right to receive common stock dividends. As such, the Series B Convertible Preferred Stock would potentially been considered participating securities under the two-class method of calculating net loss per share. However, the Company has incurred net losses to-date, and the holders are not contractually obligated to share in the losses.
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share

The following common stock equivalents have been excluded from the computation of diluted weighted average shares outstanding as their inclusion would be anti-dilutive:

 

    June 30,  
    2019     2018  
Stock Options and Restricted Stock Awards - PAVmed Inc. 2014 Equity Plan     5,803,529       3,082,032  
Unit purchase options - “UPO-Z” /”UPO-W” - as to shares of common stock     53,000       53,000  
Unit purchase options - “UPO-Z” - as to shares underlying Series Z Warrants     53,000        
Unit purchase options - “UPO-W” - as to shares underlying Series W Warrants           53,000  
Series Z Warrants     16,815,039       16,815,039  
Series W Warrants     381,818       381,818  
Series S Warrants     1,199,383       1,199,383  
Series B Convertible Preferred Stock     1,113,201       975,568  
Total     25,418,970       22,559,840