The following shares were excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

[1] Includes shares underlying warrants issued during the year ended December 31, 2019 that are exercisable into units consisting of an aggregate of (i) 1,235,977 shares of common stock and (ii) five-year warrants to purchase 1,235,977 shares of common stock at an exercise price of $5.50 per share. See Note 6 – Notes Payable – Convertible Notes Payable – Subordinated Offering for additional details.

[2] Excludes shares issuable upon conversion of the Senior and Junior Notes. See Note 6 — Notes Payable for additional details.