Diluted loss per common share for the years ended December 31, 2022 and 2021 excludes the effects of 24,066,771 and 1,892,114 common share equivalents, respectively, since such inclusion would be anti-dilutive. The excluded shares consist of common shares issuable upon exercise of outstanding stock options and warrants.

The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as “participating securities”). Therefore, the unvested stock awards are generally required to be included in the number of shares outstanding for both basic and diluted earnings per share calculations. However, due to our loss from continuing operations, 90,000 and 95,000 shares of unvested restricted stock for the years ended December 31, 2022 and 2021, respectively, were excluded in determining basic and diluted loss per share because such inclusion would be anti-dilutive.