Common Stock Warrants

3 Months Ended

Mar. 31, 2026

Note 15 – Common Stock Warrants

Outstanding warrants as of March 31, 2026 primarily relate to financing transactions completed during 2024 and 2025.

On February 24, 2026, holders exercised warrants to purchase 37,500 shares of the Company’s common stock at an exercise price of $1.00 per share, resulting in cash proceeds of $37,500.

The aggregate intrinsic value of warrants exercised during the three months ended March 31, 2026 was $141,000.

Information for total warrants outstanding as of March 31, 2026 is presented below:

Schedule of Warrant Activity

	Number of Warrants		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)
Outstanding at December 31, 2025		1,999,205	$	2.56
Issued		-		-
Exercised		37,500		1.00
Expired		-		-
Outstanding at March 31, 2026		1,961,705	$	2.59		5.35

Exercisable at March 31, 2026		1,920,321	$	2.58		5.37

The remaining contractual term of outstanding warrants ranged from 0.8 to 8.4 years as of March 31, 2026.