| Summary of significant accounting policies | 2.
Summary of significant accounting policies Basis
of presentation The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). The interim
consolidated financial information as of January 31, 2024 and for the three and nine months periods ended January 31, 2024 and 2023 have
been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures, which are
normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules
and regulations. The interim consolidated financial information should be read in conjunction with the Financial Statements and the notes
thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2023, previously filed with the
SEC on August 1, 2023.. In
the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair
statement of the Company’s interim consolidated financial position as of January 31, 2024, its interim consolidated results of
operations and cash flows for the three and nine months ended January 31, 2024 and 2023, as applicable, have been made. The interim results
of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. Principles
of consolidation The
consolidated financial statements include the financial statements of the Company and its subsidiaries and, when applicable, entities
for which the Company has a controlling financial interest. All transactions and balances among the Company and its subsidiaries have
been eliminated upon consolidation. Noncontrolling
interests The
Company follows the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”)
Topic 810, “Consolidation,” governing the accounting for and reporting of noncontrolling interests (“NCI”)
in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among
other things, that NCI be treated as a separate component of equity, not as a liability, that increases and decreases in the parent’s
ownership interest that leave control intact be treated as equity transactions rather than as step acquisitions or dilution gains or
losses, and that losses of a partially-owned consolidated subsidiary be allocated to noncontrolling interests even when such allocation
might result in a deficit balance. The
net income attributed to NCI was separately designated in the accompanying statements of operations. Losses attributable to NCI in a
subsidiary may exceed a NCI’s interests in the subsidiary’s equity. The excess attributable to NCI is attributed to those
interests. NCIs shall continue to be attributed their share of losses even if that attribution results in a deficit NCIs balance. As
of January 31, 2024 and April 30, 2023, the Company had NCIs of $359,573 and $267,947, respectively, which represent 9%
of the equity interest of Maison San Gabriel, 14.75% of the equity interest of Maison Monrovia and 8.33% of the equity interest
of Maison El Monte. For the three months ended January 31, 2024 and 2023, the Company had net income of $13,398 and $217,997, respectively,
that were attributable to NCIs. For the nine months ended January 31, 2024 and 2023, the Company had net income of $91,626 and $307,655,
respectively, that were attributable to NCIs. Liquidity As
reflected in the accompanying consolidated financial statements, the Company had accumulated deficit of $39,718 at January 31, 2024.
The Company had net loss attributable to the Company of $548,954 and net income of $988,474 for the three months ended January
31, 2024 and 2023, respectively. The Company had net loss attributable to the Company of $562,428 and net income of $920,626 for
the nine months ended January 31, 2024 and 2023, respectively. The management plans to increase its revenue by strengthening its sales
force, providing attractive sales incentive programs, recruiting experienced industry-related managerial personnel, and increasing marketing
and promotion activities. Management also intends to raise additional funds by way of a private or public offering, or by obtaining loans
from banks or others. The
Company had $9.4 million cash on hand and working capital of $8.04 million at January 31, 2024. The Company has historically
funded its working capital needs primarily from operations. The working capital requirements are affected by the efficiency of operations
and depend on the Company’s ability to increase its revenue. The Company believes that its cash on hand and operating cash flows
will be sufficient to fund its operations over at least the next 12 months from the date of issuance of these financial statements.
However, the Company may need additional cash resources in the future if the Company experiences changed business conditions or other
developments and may also need additional cash resources in the future if the Company wishes to pursue opportunities for investment,
acquisition, strategic cooperation or other similar actions. If it is determined that the cash requirements exceed the Company’s
amounts of cash on hand, the Company may seek to issue debt or equity securities or obtain a credit facility. Use
of estimates The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the
consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting
estimates are used for, but not limited to, useful lives of property and equipment, commitments and contingencies, inventory reserve,
allowance for estimated uncollectable accounts receivable and other receivables, impairment of long-lived assets, contract liabilities
and valuation of deferred tax assets. Cash
and cash equivalents Cash
and equivalents include cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have
original maturities when purchased of three months or less. The Company’s cash is maintained at financial institutions in
the United States of America. Deposits in these financial institutions may, from time to time, exceed the Federal Deposit Insurance
Corporation (“FDIC”)’s federally insured limits. The standard insurance amount is $250,000 per depositor, per
insured bank, for each account ownership category. The bank deposits exceeding the standard insurance amount will not be covered. As
of January 31, 2024 and April 30, 2023, cash balances held in the banks, exceeding the standard insurance amount, are $8,656,626 and
$1,819,766, respectively. The Company has not experienced any losses in accounts held in these financial institutions and believes it
is not exposed to any risks on its cash held in these financial institutions. Cash
from operating, investing and financing activities of the consolidated statement of cash flows are net of assets and liabilities acquired
of Maison Monterey Park. Restricted
cash Restricted
cash is an amount of cash deposited with banks in conjunction with borrowings from banks. Restriction on the use of such cash and the
interest earned thereon is imposed by the banks and remains effective throughout the terms of the bank borrowings and notes payable.
Restricted cash is classified as non-current assets on the Company’s consolidated balance sheets, as all the balances are
not expected to be released to cash within the next 12 months. As of January 31, 2024 and April 30, 2023, the Company had restricted
cash of $1,101 and $1,101, respectively. Accounts
receivable The
Company’s accounts receivable arises from product sales. The Company does not adjust its receivables for the effects of a significant
financing component at contract inception if it expects to collect the receivables in one year or less from the time of sale. The Company
does not expect to collect receivables greater than one year from the time of sale. The
Company’s policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition
of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends
and changes in customer payment patterns to evaluate the adequacy of these reserves. As of January 31, 2024 and April 30, 2023,
there was no allowance for the doubtful accounts. Accounts
receivable — related parties Accounts
receivable consist primarily of receivables from related parties on 30-day credit terms and are presented net of an allowance for
estimated uncollectible amounts. The Company periodically assesses its accounts receivable for collectability on a specific identification
basis. If collectability of an account becomes unlikely, an allowance is recorded for that doubtful account. Once collection efforts
have been exhausted, the accounts receivable is written off against the allowance. As of January 31, 2024 and April 30, 2023, there
was no allowance for the doubtful accounts. Inventories,
net Inventories
consisting of products available for sale are primarily accounted for using the first-in, first-out method and are valued at the
lower of cost and net realizable value. This valuation requires the Company to make judgments, based on currently available information,
about the likely method of disposition, such as through sales to individual customers, returns to product vendors, liquidations, and
expected recoverable values of each disposition category. The Company records inventory shrinkage based on the historical data and management’s
estimates and provides a reserve for inventory shrinkage for the three and nine months ended January 31, 2024 and 2023. Prepayments Prepayments
are mainly comprised of cash deposited and advanced to suppliers for future inventory purchases and services to be performed. This amount
is refundable and bears no interest. For any prepayments that management determines will not be in receipts of inventories, services,
or refundable, the Company recognizes an allowance account to reserve such balances. Management reviews its prepayments on a regular
basis to determine if the allowance is adequate and adjusts the allowance when necessary. Delinquent account balances are written-off against
allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. As of January 31,
2024 and April 30, 2023, the Company had made prepayments to its vendors of $20,000 and $1,547,243, respectively. The Company’s
management continues to evaluate the reasonableness of the allowance policy and update it if necessary. Other
receivables and other current assets Other
receivables and other current assets primarily include non-interest-bearing loans of the other business entities. Management regularly
reviews the aging of receivables and changes in payment trends and records allowances when management believes collection of amounts
due are at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made.
As of January 31, 2024 and April 30, 2023, the Company did not have any bad debt allowance for other receivables. Property
and equipment Property
and equipment are stated at cost less accumulated depreciation. Depreciation expense is computed using the straight-line method
over the estimated useful lives of the individual assets. The
following table includes the estimated useful lives of certain of our asset classes:
Furniture &
fixtures 5 – 10 years
Leasehold
improvements Shorter of the lease term or estimated useful life of the assets
Equipment 5 –10 years
Automobiles 5 years The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is
included in the consolidated statements of operations. Expenditures for maintenance and repairs are charged to earnings as incurred,
while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also
re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful
lives. Impairment
of long-lived assets Long-lived
assets, which include property, plant and equipment, intangible assets with finite lives, and operating lease right-of-use assets, are
reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair
value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying
amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, “Impairment
or Disposal of Long-Lived Assets.” ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which
identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against
the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable,
an impairment charge is measured as the amount by which the carrying amount of the asset group asset group exceeds its fair value based
on discounted cash flow analysis or appraisals. There was no impairment of long-lived assets for the three and nine months
ended January 31, 2024 and 2023. Security
deposits Security
deposits primarily include deposits made to the Company’s landlord for its supermarkets and office facilities. These deposits are
refundable upon expiration of the lease. Long-term
investment Cost
method investment The
Company accounts for investments with less than 20% of the voting shares and does not have the ability to exercise significant influence
over operating and financial policies of the investee using the cost method. The Company elects the measurements alternative and records
investment in equity securities at the historical cost in its consolidated financial statements and subsequently records any dividends
received from the net accumulated earrings of the investee as income. Dividends received in excess of earnings are considered a return
of investment and are recorded as reduction in the cost of the investments. In
May 2021, the Company purchased a 10% equity interest in Dai Cheong Trading Inc., a grocery trading company, for $162,665 from
DC Holding CA, Inc. DC Holding CA, Inc. is 100% owned by John Xu, the Chief Executive Officer, Chairman and President of the Company.
See Note 12 — “ Related party balances and transactions In
December 2021, the Company purchased a 10% equity interest in HKGF Market of Alhambra, Inc, the legal entity holding the store
for $40,775 from Ms. Grace Xu, the sole shareholder of HKGF Market of Alhambra, Inc. and a related party as the spouse of Mr. John
Xu, the Chief Executive Officer, Chairman and President of the Company. See Note 12 — “ Related party balances
and transactions Effective
on December 14, 2023, the Company purchased 10% equity interest in TMA Liquor Inc., a liquor wholesale company, for $100,000. The Company
paid $75,000 as of January 31, 2024. Equity
method investment On
June 27, 2023, the Company invested $1,440,000 for 40% equity interest in HKGF Market of Arcadia, LLC (“HKGF Arcadia”).
On December 6, 2023, the Company invested additional $360,000 for another 10% equity interest in HKGF Arcadia, which resulted in a total
of 50% equity interest in HKGF Arcadia by Maison. See Note 7 — “ Equity method investment . Investment
in equity securities is evaluated for impairment when facts or circumstances indicate that the fair value of the long-term investments
is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The
Company reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the:
(i) nature of the investment; (ii) cause and duration of the impairment; (iii) extent to which fair value is less than
cost; (iv) financial condition and near-term prospects of the investments; and (v) ability to hold the security for a
period sufficient to allow for any anticipated recovery in fair value. No event had occurred and indicated that other-than-temporary impairment
existed and therefore the Company did not record any impairment charges for its investments for the three and nine months ended January
31, 2024. Goodwill Goodwill
is the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses
acquired. In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is
tested for impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is
performed at a reporting unit level. Generally,
the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting
unit is less than its carrying value. If factors indicate that this is the case, the Company then estimates the fair value of the related
reporting unit determined using discounted cash flow (“DCF”) analysis. A number of significant assumptions and estimates
are involved in the application of the DCF analysis to forecast operating cash flows, including the discount rate, the internal rate
of return and projections of realizations and costs to produce. Management considers historical experience and all available information
at the time the fair values of its reporting units are estimated. If
the fair value is less than the carrying value, the goodwill of the reporting unit is determined to be impaired and the Company will
record an impairment equal to the excess of the carrying value over its fair value. The Company did not record any impairment loss during
the three and nine months ended January 31, 2024 and 2023. Leases On
May 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Lease (FASB ASC Topic 842).
The adoption of ASC Topic 842 resulted in the presentation of operating lease right-of-use (“ROU”) assets and operating
lease liabilities on the consolidated balance sheet. See Note 13 — “ Leases The
Company determines if an arrangement contains a lease at the inception of a contract under ASC Topic 842. At the commencement of
each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, ROU
assets and liabilities are recognized at the commencement date based on the present value of any remaining lease payments over the lease
term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its
leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement
date in determining the present value of lease payments. The ROU assets include adjustments for accrued lease payments. The ROU asset
also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company’s
lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options. A
short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include
an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies
as a short-term lease, the Company evaluates the lease term and the purchase option. Hence, the Company does not recognize any operating
lease ROU assets and operating lease liabilities for short-term leases. The
Company evaluates the carrying value of ROU assets if there are indicators of impairment and review the recoverability of the related
asset group. If the carrying value of the asset group is determined to not be recoverable and is in excess of the estimated fair value,
the Company will record an impairment loss in other expenses in the consolidated statements of operations. The
Company also subleases certain mini stores that are within the supermarket to other parties. The Company collects security deposits and
rent from these sub-lease tenants. The rent income collected from sub-lease tenants recognized as rental income and deducted
occupancy cost. Occupancy cost mainly consists of rents and common area maintenance fees. Fair
value measurements The
Company records its financial assets and liabilities in accordance with the framework for measuring fair value in accordance with U.S.
GAAP. This framework establishes a fair value hierarchy that prioritizes the inputs used to measure fair value:
Level
1: Quoted
prices for identical instruments in active markets.
Level
2: Quoted
prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active
and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
Level
3: Valuations
derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Fair
value measurements of nonfinancial assets and non-financial liabilities are primarily used in the impairment analysis of intangible
assets and long-lived assets. Financial
instruments included in current assets and current liabilities are reported in the consolidated balance sheets at cost, which approximate
fair value because of the short period of time between the origination of such instruments and their expected realization and their current
market rates of interest. Revenue
recognition The
Company adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), from May 1, 2020,
using the modified retrospective transition approach to all contracts that did not have an impact on the beginning retained earnings
on May 1, 2020. The Group’s revenue recognition policies effective on the adoption date of ASC Topic 606 are presented
as below. In
accordance with ASC Topic 606, the Company’s performance obligation is satisfied upon the transfer of goods to the customer,
which occurs at the point of sale. Revenues are recorded net of discounts, sales taxes, and returns and allowances. The
Company sells Company gift cards to customers. There are no administrative fees on unused gift cards, and the gift cards do not have
an expiration date. Gift card sales are recorded as contract liability when sold and are recognized as revenue when either the gift card
is redeemed or the likelihood of the gift card being redeemed is remote (“gift card breakage”). The Company’s gift
card breakage rate is based upon historical redemption patterns, and it recognizes breakage revenue utilizing the redemption recognition
method. The Company also offers discounts on the gift cards sold to its customers. The discounts are recorded as sales discount when
gift card been redeemed. The Company’s contract liability related to gift cards was $308,326 and $449,334 as of January 31,
2024 and April 30, 2023, respectively. The
following table summarizes disaggregated revenue from contracts with customers by product group: perishable and non-perishable goods.
Perishable product categories include meat, seafood, vegetables, and fruit. Non-perishable product categories include grocery, liquor,
cigarettes, lottery, newspaper, reusable bag, non-food, and health products.
Three Months ended
2024 2023
Perishables $ 7,243,469 $ 8,701,876
Non-perishables 6,355,010 6,935,219
Total revenues $ 13,598,479 $ 15,637,095
Nine Months ended
2024 2023
Perishables $ 22,438,157 $ 23,069,855
Non-perishables 18,678,841 18,145,400
Total revenues $ 41,116,998 $ 41,215,255 Cost
of sales Cost
of sales includes the rental expense, depreciation, the direct costs of purchased merchandise, shrinkage costs, store supplies, and inbound
shipping costs. The cost of sales is a net of vendor’s rebates and discounts. The
Company subleases certain mini stores that are within the supermarket to other parties. The Company collects security deposits and rents
from these sub-lease tenants. The rent income collected from sub-lease tenants are recognized as rental income and deducted
rental expense. Selling
expenses Selling
expenses mainly consist of advertising costs, promotion expenses, and payroll and related expenses for personnel engaged in selling and
marketing activities. Advertising expenses, which consist primarily of online and offline advertisements, are expensed when the services
are performed. The Company’s advertising expenses were $44,052 and $11,232 for the three months ended January 31, 2024 and
2023, respectively. The Company’s advertising expenses were $78,558 and $16,070 for the nine months ended January 31, 2024 and
2023, respectively Starting from August 2023, the Company leased out certain spaces in the supermarket for people doing banner advertisement,
and the Company recorded $19,200 and $48,000 advertising income from banner advertisement for the three and nine months ended January
31, 2024. General
and administrative expenses General
and administrative expenses mainly consist of payroll and related costs for employees involved in general corporate functions, professional
fees and other general corporate expenses, as well as expenses associated with the use by these functions of facilities and equipment,
such as rental and depreciation expenses. Concentrations
of risks (a) Major
customers For
each of the three and nine months ended January 31, 2024 and 2023, the Company did not have any customers that accounted for more than 10%
of consolidated total net sales. (b) Major
vendors The
following table sets forth information as to the Company’s suppliers that accounted for 10% or more of the Company’s
total purchases for the three months ended January 31, 2024 and 2023.
Three
Months Ended Three
Months Ended
Supplier Percentage of Supplier Percentage
of
A 16 % A 27 %
B 6 % B 25 %
C 25 % C 46 % The
following table sets forth information as to the Company’s suppliers that accounted for 10% or more of the Company’s
total purchases for the nine months ended January 31, 2024 and 2023.
Nine
Months Ended Nine
Months Ended
Supplier Percentage of Supplier Percentage
of
A 18 % A 20 %
B 9 % B 18 %
C 30 % C 18 % (c) Credit
risks Financial
instruments that are potentially subject to credit risk consist principally of accounts receivable. Accounts receivable are typically
unsecured and derived from products sold to customers and are thereby exposed to credit risk. However, the Company believes the concentration
of credit risk in its accounts receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection
terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful
accounts based upon factors surrounding the credit risk of specific customers, historical trends, and other information. Historically,
the Company did not have any bad debt on its accounts receivable. The
Company also has loan receivables to its centralized vendors occasionally. The loan receivables are typically unsecured and exposed to
credit risk. However, the Company believes that the loan receivables amount to its centralized vendor is managed by its finance department
and these centralized vendors are still providing products monthly to the Company. The Company does not generally require collateral
from the vendors. The Company also evaluates the need for an allowance for doubtful accounts based on upon factors surrounding the credit
risks. Historically, the Company did not have any bad debt on its loan receivables and all loan receivables been collected in subsequent
period. Income
taxes Income
taxes are accounted for in accordance with the provisions of ASC Topic 740. Deferred tax assets and liabilities are recognized for
the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes
the enactment date. The Company’s deferred tax assets are subject to periodic recoverability assessments. Valuation allowances
are established, when necessary, to reduce deferred tax assets to the amount that more likely than not will be realized. In determining
the need for a valuation allowance, management reviews both positive and negative evidence, including current and historical results
of operations, future income projections, and the overall prospects of our business. Realization of the deferred tax assets is principally
dependent upon achievement of projected future taxable income offset by deferred tax liabilities. Changes in recognition or measurement
are reflected in the period in which the judgment occurs. The
Company utilizes a two-step approach to recognizing and measuring uncertain income tax positions (tax contingencies). The first
step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than
not the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure
the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers
many factors when evaluating our tax positions and estimating its tax benefits, which may require periodic adjustments, and which may
not accurately forecast actual outcomes. The Company includes interest and penalties related to its tax contingencies in income tax expense. On
March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law, intended
to provide economic relief to those impacted by the COVID-19 pandemic. The CARES Act, among other things, includes provisions addressing
the carryback of net operating losses for specific periods, temporary modifications to the limitations placed on the tax deductibility
of net interest expenses, and technical amendments for qualified improvement property (“QIP”). The impacts of the CARES Act
are recorded as components within the Company’s deferred income tax liabilities and income tax receivable on the Company’s
balance sheets. Earnings
(loss) per share Basic
earnings (loss) per ordinary share is computed by dividing net earnings (loss) attributable to common stockholders by the weighted-average number
of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common stockholders
by the sum of the weighted average number of common stock outstanding and of potential common stock (e.g., convertible securities, options
and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common stock
that has an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) is excluded from the ca |
