| Schedule of Earnings Per Share, Basic and Diluted |
| | | | | | | | | | | | | Three Months Ended March 31, | | 2026 | | 2025 | | Numerator | | | | Net income available | $ | 1,287,761 | | | $ | 95,133 | | | Less: Undistributed earnings allocated to participating securities | (461,204) | | | — | | Net income available to common shareholders | $ | 826,557 | | | $ | 95,133 | | | Denominator | | | | | Weighted average shares outstanding - basic | 339,602,063 | | | 225,474,247 | | | Earnings per share: | | | | | Basic | $ | 2.43 | | | $ | 0.42 | |
For purposes of diluted EPS, the more dilutive of the “treasury-stock method”, “if-converted” and “two-class” method must be applied when calculating dilutive EPS. | | | | | | | | | | | | | Three Months Ended March 31, | | 2026 | | 2025 | | Numerator | | | | Net income available | $ | 1,287,761 | | | $ | 95,133 | | Effect of potentially dilutive shares: | | | | Adjustment for interest on convertible notes | 924 | | | 1,839 | | Adjustment for change in fair value on embedded derivatives for convertible notes | — | | | (15,922) | | Adjustment for change in fair value on SPA Warrant | (267,230) | | | (42,064) | | Adjustment for change in fair value on April, May and December 2023 Warrants | (179,218) | | | (46,896) | | Adjustment for remeasurement of Series B Preferred Stock | (778,878) | | | (79,997) | | Net income (loss) for diluted earnings per share | $ | 63,359 | | | $ | (87,907) | | | | | | | Denominator | | | | Weighted-average basic common shares outstanding | 339,602,063 | | | 225,474,247 | | Dilutive effect of convertible notes | 11,074,195 | | | 13,385,305 | | Dilutive effect of Series B Preferred Stock | 116,311,460 | | | 110,850,111 | | Dilutive effect of warrants | 66,107,625 | | | 68,498,537 | | Dilutive effect of RSUs | 7,981,966 | | | 8,621,012 | | Dilutive effect of PRSUs | 2,175,288 | | | 8,017,961 | | Dilutive effect of stock options | 1,576,336 | | | 1,521,109 | | Weighted-average dilutive common shares outstanding | 544,828,933 | | | 436,368,282 | | | Earnings per share: | | | | | | | | Diluted | $ | 0.12 | | | $ | (0.20) | |
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| Schedule of Anti-Dilutive Shares Excluded From Diluted Net Loss Per Share |
The following potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive. | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | | Public and private placement warrants | | — | | | 7,326,654 | | Contingent warrants | | — | | | 15,320,062 | | Stock options | | 42,628 | | | 1,585,056 | | | RSUs | | 1,799,126 | | | — | | Convertible Notes (if converted) | | — | | | 6,142,293 | |
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