8. Warrants

 Schedule of common share purchase warrant

 Schedule of pre-funded warrant

The purchase price of each Pre-Funded Warrant is $0.5999, which is equal to the price per share at which the Shares are being sold, minus $0.0001, the exercise price of each Pre-Funded Warrant. During the period, 1,284,000 pre-funded warrants were exercised and converted into the common shares of the Company.

On November 3, 2023, the Company issued 26,250 warrants at an exercise price of $4 with an expiry date of October 31, 2028.

On May 10, 2024 the Company entered into a convertible debt transaction and issued 1,000,000 warrants at an exercise price of $5 with an expiry date of February 10, 2025. These warrants expired on February 9, 2025.

On May 7, 2025 the Company issued 10.00 million warrants at an exercise price of $0.15 with an expiry date of May 06, 2030. As per ASC 815 these instruments did not meet the criteria to be classified as equity instruments as such were classified as financial liabilities. Below is the continuity of the warrant liability valuation.

The warrants issued on November 3, 2023 were valued using the Black-Scholes method with the share price of $0.04, exercise price of $4, term of 3.42 years, risk free rate of 2.55% and volatility of 170.38% at issuance as at May 31, 2025.

The warrants issued on May 07, 2025 were valued using the Black-Scholes method with the share price of $0.04, exercise price of $0.15, term of 4.75 years, risk free rate of 3.95% and volatility of 170.38% at issuance as at May 31, 2025.

 Schedule of warrant liability

As at May 31, 2025 the warrants have no intrinsic value (August 31, 2024 – nil).

Pineapple Financial Inc.

Notes to the Condensed Interim Consolidated Financial Statements for period ended May 31, 2025 - Unaudited

(Expressed in US Dollars)