Warrants

3 Months Ended

Mar. 31, 2026

Note 10. Warrants

The warrants that are accounted for as liabilities in accordance with ASC 815-40, are presented as a Warrant liability in the accompanying condensed consolidated balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within the condensed consolidated statement of operations.

The Warrant liability at March 31, 2026 and December 31, 2025 consists of the following:

Schedule of Warrant Liability

	March 31, 2026		December 31, 2025
Trading and Overallotment Warrants	$	47	$	37
Note Warrants		1		1
Offering Warrants – May 2024		453		453
Offering Warrants – January 2025 – Series B		80,241		96,952
Total Warrant Liability	$	80,742	$	97,443

The Warrants outstanding at March 31, 2026 and December 31, 2025, reflective of the reverse split that occurred in on April 28, 2025, were as follows:

Schedule of Warrant Outstanding

	March 31, 2026		December 31, 2025
Trading and Overallotment Warrants		1,335		1,335
Note Warrants		36		36
Offering Warrants – May 2024		453		453
Offering Warrants -January 2025 -Series A		12,391		12,391
Offering Warrants – January 2025 – Series B		5,307		5,307
Prefunded – cash and in kind		28,315,610		37,717,312
Cash and stapled warrants		63,213,672		63,213,672
Warrants issued to strategic advisor		4,428,467		6,321,367
Warrants issued for services arrangement		72,094		72,094
Total Warrants Outstanding		96,049,365		107,343,967

For the three months ended March 31, 2026 and 2025, the FMV gain adjustment, which is reflected in the FMV adjustment on Warrants in the Consolidated Statements of Operations was $16,708 and $4,618,889, respectively.