v3.26.1
Convertible notes (Tables)
12 Months Ended
Dec. 31, 2025
Convertible notes  
Schedule of convertible notes

Borrower No.

 

 

Amount

 

 

Interest Rate

 

 

Conversion Cap

 

 

Closing Date

 

Maturity Date

 

December 31, 2024

 

 

1

 

 

$250,000

 

 

 

0.44%

 

$3,000,000

 

 

2/7/2022

 

2/7/2027

 

$250,000

 

 

2

 

 

 

62,500

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

62,500

 

 

3

 

 

 

62,500

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

62,500

 

 

4

 

 

 

35,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

35,000

 

 

5

 

 

 

90,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

90,000

 

 

6

 

 

 

50,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

50,000

 

 

7

 

 

 

50,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

50,000

 

 

8

 

 

 

10,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

10,000

 

 

9

 

 

 

50,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

50,000

 

 

10

 

 

 

30,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

30,000

 

 

11

 

 

 

100,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

100,000

 

 

12

 

 

 

50,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

50,000

 

 

13

 

 

 

20,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

20,000

 

 

14

 

 

 

20,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

20,000

 

 

15

 

 

 

20,000

 

 

 

0.44%

 

 

3,000,000

 

 

3/3/2022

 

3/3/2027

 

 

20,000

 

 

16

 

 

 

18,176

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

18,176

 

 

17

 

 

 

53,015

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

53,015

 

 

18

 

 

 

53,015

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

53,015

 

 

19

 

 

 

27,265

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

27,265

 

 

20

 

 

 

98,529

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

98,529

 

 

21

 

 

 

50,000

 

 

 

0.44%

 

 

3,000,000

 

 

4/7/2022

 

4/7/2027

 

 

50,000

 

 

22

 

 

 

200,000

 

 

 

0.44%

 

 

5,000,000

 

 

12/6/2023

 

12/6/2028

 

 

200,000

 

 

23

 

 

 

50,000

 

 

 

0.44%

 

 

5,000,000

 

 

3/15/2024

 

3/15/2029

 

 

50,000

 

 

24

 

 

 

50,000

 

 

 

0.44%

 

 

5,000,000

 

 

3/15/2024

 

3/15/2029

 

 

50,000

 

 

25

 

 

 

87,500

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

87,500

 

 

26

 

 

 

62,500

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

62,500

 

 

27

 

 

 

100,000

 

 

 

0.44%

 

 

3,000,000

 

 

2/7/2022

 

2/7/2027

 

 

100,000

 

Totals

 

 

$1,750,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$1,750,000

 

Schedule of description of convertible notes

Issue Date

June 6, 2025

Face Value

$11,000,000

Maturity

June 6, 2027

Coupon

7.0% per annum, quarterly, PIK-eligible

Conversion Price

Initially $7.36 subject to adjustments

Floor Price

$0.74 per share

Redemption

120% upon Issuer’s Call, 0% on Maturity

Use of Proceeds

80% for SOL investment; 20% for operations

Schedule of assumptions

Input

 

Amount

 

Face value

 

$7,775,000

 

Fair value

 

$8,201,746

 

Volatility

 

 

100.0%

Risk-free rate

 

 

3.48%

Remaining contractual term

 

1.43 years

 

PIK interest rate

 

 

7.00%

Stock price

 

$0.178

 

Conversion price (floor)

 

$0.74

 

Redemption premium

 

 

120%
Schedule of changes in the fair value of the company's convertible notes

Fair value at December 31, 2024

 

 

-

 

Initial recognition at principal amount

 

 

11,000,000

 

Changes in fair value recognized in earnings

 

 

807,703

 

Conversion into common and preferred stock

 

 

(3,605,957)

Fair value at December 31, 2025

 

 

8,201,746