| Schedule of change in fair values of convertible debentures |
The
change in fair values of the Company’s convertible debentures subject to recurring remeasurement at fair value were as follows:
Schedule of change in fair values of convertible debentures
| | |
Three Curve CD | | |
Yorkville CD | | |
King Street CD | | |
Gigamoon CD | | |
Total | |
| Balance, December 31, 2023 | |
$ | 1,507,236 | | |
$ | - | | |
$ | 6,669,692 | | |
$ | - | | |
$ | 8,176,928 | |
| Interest expense | |
| 87,739 | | |
| - | | |
| 387,429 | | |
| 32,877 | | |
| 508,045 | |
| Interest payments | |
| - | | |
| - | | |
| (391,481 | ) | |
| - | | |
| (391,481 | ) |
| Principal payments | |
| - | | |
| (1,775,701 | ) | |
| (5,800,000 | ) | |
| - | | |
| (7,575,701 | ) |
| Early redemption premium | |
| - | | |
| - | | |
| (200,000 | ) | |
| - | | |
| (200,000 | ) |
| Issuance of convertible debt | |
| - | | |
| 6,045,000 | | |
| - | | |
| 10,000,000 | | |
| 16,045,000 | |
| Gain on extinguishment of debt | |
| - | | |
| - | | |
| (329,703 | ) | |
| - | | |
| (329,703 | ) |
| Day one loss on issuance of debt | |
| - | | |
| 1,361,773 | | |
| - | | |
| - | | |
| 1,361,773 | |
| Conversion of debt | |
| - | | |
| (645,161 | ) | |
| - | | |
| - | | |
| (645,161 | ) |
| Change in fair value(1) | |
| 34,473 | | |
| (133,655 | ) | |
| (335,937 | ) | |
| (124,093 | ) | |
| (559,212 | ) |
| Balance, December 31, 2024 | |
$ | 1,629,448 | | |
$ | 4,852,256 | | |
$ | - | | |
$ | 9,908,784 | | |
$ | 16,390,488 | |
| Interest expense | |
| 58,253 | | |
| - | | |
| - | | |
| 184,932 | | |
| 243,185 | |
| Interest payments | |
| - | | |
| - | | |
| - | | |
| (217,808 | ) | |
| (217,808 | ) |
| Transfer to promissory note payable | |
| - | | |
| (411,518 | ) | |
| - | | |
| - | | |
| (411,518 | ) |
| Maturity of convertible debt | |
| (1,722,226 | ) | |
| - | | |
| - | | |
| - | | |
| (1,722,226 | ) |
| Conversion of debt | |
| - | | |
| (3,992,238 | ) | |
| - | | |
| (10,000,000 | ) | |
| (13,992,238 | ) |
| Change in fair value(1) | |
| 34,525 | | |
| (448,500 | ) | |
| - | | |
| 124,092 | | |
| (289,883 | ) |
| Balance, December 31, 2025 | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Contractual principal balances outstanding: | |
| | | |
| | | |
| | | |
| | | |
| | |
| As of December 31, 2024 | |
$ | 1,250,000 | | |
$ | 4,124,299 | | |
$ | - | | |
$ | 10,000,000 | | |
$ | 15,374,299 | |
| As of December 31, 2025 | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| Contractual
principal balances outstanding | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
(1) |
None
of the changes in fair value during the period were due to instrument-specific changes in credit risk. |
|