WARRANT

12 Months Ended

Dec. 31, 2025

NOTE 19 — WARRANT

A summary of Series I Warrant activity during the years ended December 31, 2025 and 2024 is as follows:

Schedule of warrant activity
Warrant:		Shares			Weighted Avg. Exercise Price
	Balance at December 31, 2023		10,000		$	7.82
	Issued		—			—
	Exercised		—			—
	Expired		—			—
	Balance at December 31, 2024		10,000		$	7.82
	Issued		—			—
	Exercised		—			—
	Expired		(10,000	)		(7.82	)
	Balance at December 31, 2025		—		$	—

Series I Warrant

On March 4, 2020, in connection with the issuance of the March 4^th Note, the Company issued the Series I Warrant to purchase up to 10,000 shares of common stock at a purchase price of $7.82 per share. The Series I Warrant became exercisable on the six-month anniversary and for a period of five years thereafter. If a resale registration statement covering the shares of common stock underlying the Series I Warrant is not effective and available at the time of exercise, the Series I Warrant may be exercised by means of a “cashless” exercise formula. The Company determined that the Series I Warrant should be classified as a freestanding financial instrument that meets the criteria to be accounted for as a derivative liability and recorded a fair value at issuance of $40,000.

The Series I Warrant expired on September 4, 2025 and no change in fair value of the Series I Warrant was recorded for the year ended December 31, 2025. The Company recorded $5,000 of other income due to change in fair value of the Series I Warrant during the year ended December 31, 2024. The fair value of the Series I Warrant was nominal as of December 31, 2024.