Diluted loss per common share for the three-month periods ended March 31, 2023 and 2022 excludes the effects of 25,267,071 and 1,310,974 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 restricted stock awards are 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 92,500 shares of unvested restricted stock for the three-month periods ended March 31, 2023 and 2022, respectively, were excluded in determining basic and diluted loss per share from continuing operations because such inclusion would be anti-dilutive.