A
reconciliation of the beginning and ending balances of convertible debentures for the three months ended March 31, 2026 and year ended
December 31, 2025 is as follows:
Schedule of Reconciliation of the Beginning and Ending Balances of Convertible Debentures
| | |
March 31, 2026 | | |
December 31, 2025 | |
| Balance as of beginning of period | |
$ | - | | |
$ | 9,976,000 | |
| Conversions of debt and accrued interest (1) | |
| - | | |
| (10,755,398 | ) |
| Accrual of interest | |
| - | | |
| 779,398 | |
| Balance as of end of period | |
$ | - | | |
$ | - | |
| (1) |
Upon
conversion, both common stock and warrants were issued. The value of the conversion feature and warrants recorded to equity during
the year ended December 31, 2025 was $3,047,140 with $7,708,258 recorded as a derivative liability for warrants issued and netted
against the transaction recorded to equity. |
|