NOTE 18 – WARRANTS

The following table summarizes the Company's warrant activity for the six months ended June 30, 2025:

In connection with the Unsecured Promissory Notes on January 8, 2025, the Company issued warrants to purchase up to 7,812 shares of Common Stock with an exercise price of $0.64 per share. The warrants may be exercised at the election of the holder on a cashless basis in the event that the underlying common shares are unregistered. The warrants are exercisable until January 8, 2028 upon which the warrants shall be automatically exercised on a cashless basis.

In connection with the amendment of the unsecured promissory note dated February 25, 2025, on May 7, 2025, the Company issued warrants to purchase up to 75,472 shares of Common Stock with an exercise price of $0.53 per share. The warrants may be exercised at the election of the holder on a cashless basis in the event that the underlying common shares are unregistered. The warrants are exercisable until May 7, 2028 upon which the warrants shall be automatically exercised on a cashless basis.

In connection with the amendment of the unsecured promissory note dated April 18, 2025, on May 8, 2025, the Company issued warrants to purchase up to 122,642 shares of Common Stock with an exercise price of $0.53 per share. The warrants may be exercised at the election of the holder on a cashless basis in the event that the underlying common shares are unregistered. The warrants are exercisable until May 8, 2028 upon which the warrants shall be automatically exercised on a cashless basis.

In connection with the Unsecured Promissory Note on May 2, 2025, the Company issued warrants to purchase up to 377,358 shares of Common Stock with an exercise price of $0.53 per share. The warrants may be exercised at the election of the holder on a cashless basis in the event that the underlying common shares are unregistered. The warrants are exercisable until May 2, 2028 upon which the warrants shall be automatically exercised on a cashless basis.
 
The warrants issued during the six months ended June 30, 2025, as described above, all met the scope exception under ASC 815, “Derivatives and Hedging” and are classified as equity instruments. Refer to "Note 13 - Notes Payable". The fair value of the warrants issued during the six months ended June 30, 2025 was determined using the Black-Scholes simulation model based on Level 3 inputs on the fair value hierarchy. The following weighted average assumptions were used for the period presented: