Annual report [Section 13 and 15(d), not S-K Item 405]

Warrants (Tables)

v3.26.1
Warrants (Tables)
12 Months Ended
Dec. 31, 2025
Warrants  
Schedule of warrant activity
                       
   

Warrants Outstanding Number of

Shares

   

Weighted Average Remaining

Contractual Life

   

Weighted Average Exercise Price Per

Share

 
Balance at December 31, 2023     6,852,952       4.16     $ 8.19  
Granted     21,067,103       0.39       0.48  
Exercised     (2,157,736 )           0.001  
Expired     (27,567 )            
Forfeitures                  
Balance at December 31, 2024     25,734,752       1.16       2.19  
Granted     17,499,311       3.21       0.45  
Exercised     (1,462,000 )           0.001  
Expired     (149,559 )            
Forfeitures                  
Balance at December 31, 2025     41,622,504       2.86     $ 1.52  
                         
Exercisable December 31, 2025     41,622,504       2.86     $ 1.52  
Schedule of assumptions
       
    May 13, 2025  
Market Price   $ 0.65  
Exercise Price     0.57  
Dividend Yield     %
Volatility     86.3%
Risk-free Interest Rate     4.1%
Expected Life of Warrants     5.00  

 

The fair value of the outstanding Series A derivative warrants was determined by using the BSM option pricing model based on the following assumptions as of December 31, 2024:

 

    December 31, 2024  
Market Price   $ 0.59  
Exercise Price     0.57  
Dividend Yield     %
Volatility     101.6%
Risk-free Interest Rate     4.0%
Expected Life of Warrants     5.00  

 

The fair value of the outstanding Series B derivative warrants, prior to their reclassification to equity, was determined by using the BSM option pricing model based on the following assumptions as of May 13, 2025:

 

    May 13, 2025  
Market Price   $ 0.65  
Exercise Price     0.57  
Dividend Yield     %
Volatility     68.9%
Risk-free Interest Rate     4.1%
Expected Life of Warrants     1.50  

 

The fair value of the outstanding Series B derivative warrants was determined by using the BSM option pricing model based on the following assumptions as of December 31, 2024:

 

    December 31, 2024  
Market Price   $ 0.59  
Exercise Price     0.57  
Dividend Yield     %
Volatility     82.5%
Risk-free Interest Rate     4.0%
Expected Life of Warrants     1.50