14. Warrants

The Company values warrants issued in equity placements using the Black Scholes model to allocate the fair value of the proceeds from equity financings using a relative fair value approach. Like other stock-based compensation, management uses judgment to determine the inputs to the Black-Scholes option pricing model including the expected life, and underlying share price volatility. Changes in these assumptions will impact the calculation of fair value and the value attributed to the warrants. The Company calculates volatility of warrants based on the historical price of the Company’s stock. An increase/decrease in the volatility would have resulted in an increase/decrease in the fair value of the warrants.

In connection with the July 1, 2022 asset acquisition of Revo Squared, the Company issued a ten-year warrant to purchase 10,000,000 common shares at a per share exercise price equal to $0.22. The warrants may be exercised on a cash or cashless basis, at the election of the warrant holder. As of December 31, 2025, no warrants have been exercised.

In connection with the July 15, 2022 asset acquisition of Assisi, the Company issued a ten-year warrant to purchase 22,000,000 common shares at a per share exercise price equal to $0.25. The warrants may be exercised on a cash or cashless basis, at the election of the warrant holder. As of December 31, 2025, no warrants have been exercised.

As of December 31, 2025, details of the outstanding warrants were as follows:

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Cumulative warrants exercised and expired as of December 31, 2025 were as follows:

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