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("SFS" or the "Company") was incorporated on September 6, 2022, under the laws of the State of Delaware.  On December 18, 2025, the Company successfully closed its initial public offering and the Company's common shares are now traded on the NYSE American LLC (the "NYSE American") under the trading symbol "FJET". The Company's registered office is held at 850 New Burton Road, Suite 201, Dover, DE 19904.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's principal operating facility is located in Cape Canaveral, Florida. The Company operates from the NASA Kennedy Space Center in Florida, with an additional base of operations at Midland International Air &amp; Space Port in Texas, and has a fleet of seven F-104 Fighter jets that are capable of flying MACH 2+.  The Company is currently in the process of gaining a launch waiver and license for its first space launch to launch rockets carrying payloads for data testing from their jets into suborbital space.  Upon successful suborbital space flight, the Company intends to develop infrastructure for orbital space launch. The Company has not yet commenced its principal operations as of March 31, 2026.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Risks and Uncertainties </i></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Disruption of global financial markets and a recession or market correction, including the ongoing military conflicts between Russia and Ukraine and the related sanctions imposed against Russia as well as the escalating geopolitical tensions in the Middle East, the significant tariffs imposed by the United States on imports from other countries and other global macroeconomic factors such as inflation and rising interest rates, could reduce the Company's ability to access capital, which could in the future negatively affect the Company's liquidity and could materially affect the Company's business and the value of its common stock.</span></span></p> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2.<span style="display:inline-block;width:10pt"> </span></strong><strong>BASIS OF PRESENTATION</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>a)</strong> <strong>Basis of presentation</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The accompanying unaudited condensed consolidated interim financial statements are presented in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the Company's audited financial statements and notes thereto as of and for the years ended December 31, 2025 and 2024 which report is dated April 15, 2026. The interim results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any future periods.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026, the Company's subsidiaries were:</span></span></p> <div> <div style="margin-left:24pt"> <div> <table cellpadding="0" cellspacing="0" style="width:96.72%;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:37.04%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Name of subsidiary</span></span></p> </td> <td style="width:27.18%;vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Place of incorporation</span></span></p> </td> <td style="width:21.9%;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Incorporated</span></span></p> </td> <td style="width:13.88%;vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Ownership</span></span></p> </td> </tr> <tr> <td style="width:37.04%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Starfighters International, Inc. (Florida)</span></span></p> </td> <td style="width:27.18%;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Florida, the United States</span></span></p> </td> <td style="width:21.9%;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 3, 2018</span></span></p> </td> <td style="width:13.88%;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> <tr> <td style="width:37.04%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Starfighters, Inc.</span></span></p> </td> <td style="width:27.18%;vertical-align:top;text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Florida, the United States</span></span></p> </td> <td style="width:21.9%;vertical-align:top;text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">November 16, 1995</span></span></p> </td> <td style="width:13.88%;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> <tr> <td style="width:37.04%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-bottom:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Starfighters International, Inc. (Texas)</span></span></p> </td> <td style="width:27.18%;vertical-align:top;border-bottom:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Texas, the United States</span></span></p> </td> <td style="width:21.9%;vertical-align:top;border-bottom:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 29, 2024</span></span></p> </td> <td style="width:13.88%;vertical-align:top;border-bottom:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> </table> </div> </div> </div> <p style="margin-top:0pt;margin-bottom:0pt"> </p> <div></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>b)</strong> <strong>Going concern</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These unaudited condensed consolidated interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the three months ended March 31, 2026, the Company recorded a net loss of $4,269,131 (March 31, 2025 - $2,653,107) and has a deficit of $37,699,562 (December 31, 2025 - $33,430,431).</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date of the unaudited condensed consolidated interim financial statements being issued. The ability of the Company to continue as a going concern is dependent upon the Company's ability to raise additional funds and implement its business plan. These unaudited condensed consolidated interim financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Such adjustments could be material.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026, the Company had cash in the amount of $1,402,025 (December 31, 2025 - $4,581,128). The continuation of the Company as a going concern is dependent upon its ability to obtain necessary debt or equity financing to continue operations until it begins generating positive cash flow. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>c)</strong> <strong>Functional and presentation currencies</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These unaudited condensed consolidated interim financial statements of the Company are presented in United States dollars. The functional currency of the Company and its subsidiaries is the United States dollar.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>d)</strong> <strong>Emerging growth company</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company is an "Emerging Growth Company", as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it has taken advantage of certain exemptions that are not applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial reporting standards.  The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public and private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. </span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>e)</strong> <strong>Use of estimates and judgments</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of these unaudited condensed consolidated interim financial statements in conformity with U.S. GAAP requires the Company's management to make judgments, estimates and assumptions about future events that impact the amounts reported in the unaudited condensed consolidated interim financial statements.  Actual results may differ from these estimates.</span></span></p> </div> <div style="margin-left:24pt"> <div> <table cellpadding="0" cellspacing="0" style="width:96.72%;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:37.04%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Name of subsidiary</span></span></p> </td> <td style="width:27.18%;vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Place of incorporation</span></span></p> </td> <td style="width:21.9%;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Incorporated</span></span></p> </td> <td style="width:13.88%;vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Ownership</span></span></p> </td> </tr> <tr> <td style="width:37.04%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Starfighters International, Inc. (Florida)</span></span></p> </td> <td style="width:27.18%;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Florida, the United States</span></span></p> </td> <td style="width:21.9%;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 3, 2018</span></span></p> </td> <td style="width:13.88%;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> <tr> <td style="width:37.04%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Starfighters, Inc.</span></span></p> </td> <td style="width:27.18%;vertical-align:top;text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Florida, the United States</span></span></p> </td> <td style="width:21.9%;vertical-align:top;text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">November 16, 1995</span></span></p> </td> <td style="width:13.88%;vertical-align:top;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> <tr> <td style="width:37.04%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-bottom:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Starfighters International, Inc. (Texas)</span></span></p> </td> <td style="width:27.18%;vertical-align:top;border-bottom:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Texas, the United States</span></span></p> </td> <td style="width:21.9%;vertical-align:top;border-bottom:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 29, 2024</span></span></p> </td> <td style="width:13.88%;vertical-align:top;border-bottom:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255);text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">100%</span></span></td> </tr> </table> </div> </div> 1 1 1 -4269131 -2653107 -37699562 -33430431 1402025 4581128 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><strong>3.<span style="display:inline-block;width:10pt"> </span></strong><strong>SIGNIFICANT ACCOUNTING POLICIES</strong></span></span></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>The significant accounting policies applied in the preparation of these unaudited condensed consolidated interim financial statements are consistent with the accounting policies disclosed in Note 3 of the Company's audited consolidated financial statements for the years ended December 31, 2025 and 2024.</span></span></span></span></p> <div> <p style="margin-left:42pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a)<span style="width:10.23pt;text-indent:0pt;display:inline-block"> </span><strong>Cash and cash equivalents</strong></span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents include cash on hand, deposits held with banks, and when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months. There are no cash equivalents as of March 31, 2026 or December 31, 2025. At times, the Company's cash balance exceeds the federally insured limits. The total uninsured cash and cash equivalents balance as of March 31, 2026 was $1,137,465 (December 31, 2025 - $3,813,329).</span></span></p> </div> <div> <p style="margin-left:42pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>b)</strong><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><strong>Restricted cash</strong></span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Restricted cash include: (i) deposits held with banks that are held as collateral for the corporate credit cards of the Company, with balances of $50,717 and $50,592 as of March 31, 2026 and December 31, 2025, respectively; and (ii) balances of $685,297 held with banks that are frozen or otherwise restricted due to ongoing disputes with the former CEO of the Company, as further discussed in Note 11.</span></span></p> </div> <div> <p style="margin-left:42pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>c)</strong><span style="width:10.23pt;text-indent:0pt;display:inline-block"> </span><strong>Short-term investments</strong></span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's short-term investments are treasury notes and certificates of deposit with original maturities greater than 3 months and less than one year.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The treasury notes held by the Company as of March 31, 2026 have a balance of $13,213,526 and mature in 2026, with interest rates ranging from 3.705% to 3.752%. The treasury notes held by the Company as of December 31, 2025 had a balance of $15,274,175 and mature in 2026 with interest rates ranging from 3.429% to 3.666%.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The certificates of deposit held by the Company as of March 31, 2026 have a balance of $713,279 and matures in 2026, with interest rate of 3.92%. The Company did not hold certficates of deposits as of December 31, 2025. The certificates of deposits are presented as restricted short-term investments on the unaudited condensed consolidated balance sheet as of March 31, 2026 as such accounts are frozen or otherwise restricted due to ongoing disputes with the former CEO of the Company, as further discussed in Note 11.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The short-term investments are level 1 investments in the fair value hierarchy. These securities are presented on the condensed consolidated interim balance sheets at fair value.  Earnings from these securities are included in interest income on the unaudited condensed consolidated interim statements of operations. For the three months ended March 31, 2026, the Company recorded a gain on short-term investments of $122,491 (three months ended March 31, 2025 - $11,422) which is included within interest income on the unaudited condensed consolidated interim statements of operations. The total uninsured short-term investments balance as of March 31, 2026 was $13,677,344 (December 31, 2025 - $15,274,175).</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>d)</strong><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><strong>Due from Shareholder</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company recognizes due from shareholder in relation to amounts that were transferred or withdrawn by the former CEO, who is also a significant shareholder, without approval from the Company's board of directors or audit committee. The amounts are recognized to the extent that the Company believes they are recoverable, as an offset against related party notes payable owed to the former CEO, his immediate family members, or entities controlled by them. Any excess amounts are recognized as a loss to misappropriation of assets in the unaudited condensed consolidated interim statements of operations.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt">As at March 31, 2026, the Company recognized $1,526,126 as due from shareholder in the unaudited condensed consolidated interim balance sheets, representing the maximum amount recoverable through the offset of related party notes payable. For the three months ended March 31, 2026, the Company recognized a loss to misappropriation of assets of $395,033 in the unaudited condensed consolidated interim statements of operations.</p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>e)</strong><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><strong>Receivables and Allowance for Credit Losses</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Receivables are carried at original invoice amount, less any estimate made for credit losses. The allowance for credit losses is the Company's best estimate of the amount of expected credit losses in the Company's existing receivables over the contractual term. We evaluate our exposure to credit loss on both a collective and individual basis. We evaluate such receivables on an individual customer basis and take into account any relevant available information, which begins with historical credit loss experience and consideration of current and expected conditions and market trends (such as general economic conditions, other microeconomic and macroeconomic considerations, etc.) and reasonable and supportable forecasts that could impact the collectability of such receivables over the contractual term individually or in the aggregate. Changes in circumstances relating to these factors may result in the need to increase or decrease our allowance for credit losses in the future. The allowance for credit losses was $0 and $0 as of March 31, 2026 and December 31, 2025, respectively.</span></span></p> </div> <div style="margin-top:14.4px;margin-bottom:13.3333px"></div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>f)</strong><span style="width:10.23pt;text-indent:0pt;display:inline-block"> </span><strong>Financial instruments measurements and fair value of financial instruments</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial instruments are accounted for in accordance with ASC 320, ASC 825 and ASC 815, as applicable. The Company's short-term investments are classified as trading securities and are measured at fair value, with unrealized gains and losses recognized in earnings.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial instruments, including cash, restricted cash, due from related party, accounts payable and accrued liabilities, and related party notes payable, are carried at their carrying values, which approximate fair value due to the short-term nature of these instruments.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred, and the Company has transferred all risks and rewards of ownership.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial liabilities are derecognized when the obligations specified in the contract are discharged, cancelled, or expire.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">ASC 820, <i>Fair Value Measurements and Disclosures</i>, establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company's own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following, based on the nature of the valuation inputs:</span></span></p> <ul style="padding-left:0pt"> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 1: quoted prices (unadjusted) for identical assets or liabilities in active markets;</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and,</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 3: one or more significant inputs used in a valuation technique are unobservable in determining fair values of the asset or liability.</span></span></li> </ul> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Determination of fair value and the resulting hierarchy requires the use of observable market data where available. The classification of an asset or liability in the hierarchy is based on the lowest level of input that is significant to the fair value measurement.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. The Company determined that the derivative liability relating to the embedded conversion feature in the convertible notes is a Level 3 liability. See Note 6 for the significant inputs used and for a roll-forward of the Level 3 liability.</span></span></p> </div> <div style="margin-top:14.4px;margin-bottom:13.3333px"></div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>g)</strong><span style="width:11.34pt;text-indent:0pt;display:inline-block"> </span><strong>Derivative Liabilities</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company evaluates its financial instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815, <i>Derivatives and Hedging</i>. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market at each balance sheet date and recorded as a liability and the change in fair value is recorded in the unaudited condensed consolidated interim statements of operations. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period.  Derivative instruments that become subject to reclassification are reclassified at the fair value of the instrument on the reclassification date.  Derivative instrument liabilities will be classified in the condensed consolidated balance sheet as current or non-current based on whether or not settlement of the derivative instrument is expected within 12 months of the condensed consolidated balance sheet date.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company uses the Monte Carlo simulation model to value derivative liabilities.  This model uses Level 3 inputs in the fair value hierarchy established by ASC 820, <i>Fair Value Measurement</i>. The significant inputs and assumptions to the Monte Carlo simulation model are disclosed in Note 6.</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>h)</strong><span style="width:9.67pt;text-indent:0pt;display:inline-block"> </span><strong>Advertising and Promotion Costs </strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Advertising and promotion costs are expensed as incurred. Advertising expense for the three months ended March 31, 2026, was $508,462 (three months ended March 31, 2025 - $81,173).</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>i)</strong><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><strong>Loss per share</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Basic earnings (loss) per share ("EPS") is calculated by dividing profit or loss attributable to ordinary equity holders (numerator) by the weighted average number of ordinary shares outstanding (denominator) during the period. The denominator is calculated by adjusting the shares issued at the beginning of the period by the number of shares bought back during the period, multiplied by a time-weighting factor.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Diluted EPS is calculated by adjusting the earnings and number of shares for the effects of dilutive options and other dilutive potential units. The effects of anti-dilutive options and potential units are ignored in calculating diluted EPS. All options and potential units are considered anti-dilutive when the Company is in a loss position.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has the following anti-dilutive securities as of March 31, 2026 and 2025:</span></span></p> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2026</span></span></td> <td style="vertical-align:bottom;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2025</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warrants</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,291,420</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,191,223</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Options</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,025,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Restricted Share Units</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,942,250</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">9,258,670</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,191,223</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2025, due to the terms of the conversion option for the Note Payable (Note 5) and Convertible Debentures (Note 6), the Company could not predict the anti-dilutive shares for these instruments, and as such, they were excluded from the above table.</span></span></p> </div> <div style="margin-top:14.4px;margin-bottom:13.3333px"></div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>j)</strong><span style="width:11.89pt;text-indent:0pt;display:inline-block"> </span><strong>Other income</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company earns ancillary income from contracts with customers for pilot training and equipment testing. The income is recognized at a point in time which is upon the completion of the services, which the Company has determined is the completion of a flight. There is no variable consideration for these ancillary services.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">From time to time, the Company receives consideration in advance of the services being rendered; this is presented as deferred income on the unaudited condensed consolidated interim balance sheet. The Company also extends credit for payments to be received for services provided; this is presented as receivables on the condensed consolidated interim balance sheet.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes the deferred income activity for the three months ended March 31, 2026 and year ended December 31, 2025:</span></span></p> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:rgb(0, 0, 0)"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of January 1, 2025</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">344,800</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Recognition of income recorded as deferred income as of December 31, 2025</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(245,800</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferral of income billed during the year</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">50,000</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of December 31, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">149,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Recognition of income recorded as deferred income as of March 31, 2026</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(50,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferral of income billed during the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">35,002</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:1.5pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:1.5pt solid rgb(0, 0, 0);text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">134,002</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:1.5pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> </table> </div> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>k)</strong><span style="width:11.34pt;text-indent:0pt;display:inline-block"> </span><strong>Grant income</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company receives certain cost reimbursements from an economic development corporation in Texas (Note 11). The income is recognized at a point in time when the Company completes its obligations for entitling to such reimbursements, and included in grant income on the unaudited condensed consolidated interim statements of operations.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amounts received by the Company that the Company is not yet entitled to, and subject to refunds, are recognized as a payable, until the Company's completion of its obligations to earn the reimbursements.</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>l)</strong><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><strong>Research and Development</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Research and development costs are expensed as incurred, in accordance with ASC 730, <i>Research and Development</i>. During the three months ended March 31, 2026, all of these costs are with a single vendor who performed contracted research and testing and consumed materials in research and development activities. The Company may also incur personnel-related costs, including salaries, benefits, and stock-based compensation, where applicable. Nonrefundable advance payments for research and development activities are capitalized and expensed as the related services are performed. Research and development expense for the three months ended March 31, 2026 and 2025, were $83,263 and $255,479, respectively.</span></span></p> </div> </div> <div> <p style="margin-left:42pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a)<span style="width:10.23pt;text-indent:0pt;display:inline-block"> </span><strong>Cash and cash equivalents</strong></span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents include cash on hand, deposits held with banks, and when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months. There are no cash equivalents as of March 31, 2026 or December 31, 2025. At times, the Company's cash balance exceeds the federally insured limits. The total uninsured cash and cash equivalents balance as of March 31, 2026 was $1,137,465 (December 31, 2025 - $3,813,329).</span></span></p> </div> 1137465 3813329 <div> <p style="margin-left:42pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>b)</strong><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><strong>Restricted cash</strong></span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Restricted cash include: (i) deposits held with banks that are held as collateral for the corporate credit cards of the Company, with balances of $50,717 and $50,592 as of March 31, 2026 and December 31, 2025, respectively; and (ii) balances of $685,297 held with banks that are frozen or otherwise restricted due to ongoing disputes with the former CEO of the Company, as further discussed in Note 11.</span></span></p> </div> 50717 50592 685297 <div> <p style="margin-left:42pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>c)</strong><span style="width:10.23pt;text-indent:0pt;display:inline-block"> </span><strong>Short-term investments</strong></span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's short-term investments are treasury notes and certificates of deposit with original maturities greater than 3 months and less than one year.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The treasury notes held by the Company as of March 31, 2026 have a balance of $13,213,526 and mature in 2026, with interest rates ranging from 3.705% to 3.752%. The treasury notes held by the Company as of December 31, 2025 had a balance of $15,274,175 and mature in 2026 with interest rates ranging from 3.429% to 3.666%.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The certificates of deposit held by the Company as of March 31, 2026 have a balance of $713,279 and matures in 2026, with interest rate of 3.92%. The Company did not hold certficates of deposits as of December 31, 2025. The certificates of deposits are presented as restricted short-term investments on the unaudited condensed consolidated balance sheet as of March 31, 2026 as such accounts are frozen or otherwise restricted due to ongoing disputes with the former CEO of the Company, as further discussed in Note 11.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The short-term investments are level 1 investments in the fair value hierarchy. These securities are presented on the condensed consolidated interim balance sheets at fair value.  Earnings from these securities are included in interest income on the unaudited condensed consolidated interim statements of operations. For the three months ended March 31, 2026, the Company recorded a gain on short-term investments of $122,491 (three months ended March 31, 2025 - $11,422) which is included within interest income on the unaudited condensed consolidated interim statements of operations. The total uninsured short-term investments balance as of March 31, 2026 was $13,677,344 (December 31, 2025 - $15,274,175).</span></span></p> </div> 13213526 0.03705 0.03752 15274175 0.03429 0.03666 713279 0.0392 122491 11422 13677344 15274175 <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>d)</strong><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><strong>Due from Shareholder</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company recognizes due from shareholder in relation to amounts that were transferred or withdrawn by the former CEO, who is also a significant shareholder, without approval from the Company's board of directors or audit committee. The amounts are recognized to the extent that the Company believes they are recoverable, as an offset against related party notes payable owed to the former CEO, his immediate family members, or entities controlled by them. Any excess amounts are recognized as a loss to misappropriation of assets in the unaudited condensed consolidated interim statements of operations.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt">As at March 31, 2026, the Company recognized $1,526,126 as due from shareholder in the unaudited condensed consolidated interim balance sheets, representing the maximum amount recoverable through the offset of related party notes payable. For the three months ended March 31, 2026, the Company recognized a loss to misappropriation of assets of $395,033 in the unaudited condensed consolidated interim statements of operations.</p> </div> 1526126 395033 <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>e)</strong><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><strong>Receivables and Allowance for Credit Losses</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Receivables are carried at original invoice amount, less any estimate made for credit losses. The allowance for credit losses is the Company's best estimate of the amount of expected credit losses in the Company's existing receivables over the contractual term. We evaluate our exposure to credit loss on both a collective and individual basis. We evaluate such receivables on an individual customer basis and take into account any relevant available information, which begins with historical credit loss experience and consideration of current and expected conditions and market trends (such as general economic conditions, other microeconomic and macroeconomic considerations, etc.) and reasonable and supportable forecasts that could impact the collectability of such receivables over the contractual term individually or in the aggregate. Changes in circumstances relating to these factors may result in the need to increase or decrease our allowance for credit losses in the future. The allowance for credit losses was $0 and $0 as of March 31, 2026 and December 31, 2025, respectively.</span></span></p> </div> 0 0 0 <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>f)</strong><span style="width:10.23pt;text-indent:0pt;display:inline-block"> </span><strong>Financial instruments measurements and fair value of financial instruments</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial instruments are accounted for in accordance with ASC 320, ASC 825 and ASC 815, as applicable. The Company's short-term investments are classified as trading securities and are measured at fair value, with unrealized gains and losses recognized in earnings.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial instruments, including cash, restricted cash, due from related party, accounts payable and accrued liabilities, and related party notes payable, are carried at their carrying values, which approximate fair value due to the short-term nature of these instruments.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred, and the Company has transferred all risks and rewards of ownership.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial liabilities are derecognized when the obligations specified in the contract are discharged, cancelled, or expire.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">ASC 820, <i>Fair Value Measurements and Disclosures</i>, establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company's own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following, based on the nature of the valuation inputs:</span></span></p> <ul style="padding-left:0pt"> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 1: quoted prices (unadjusted) for identical assets or liabilities in active markets;</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and,</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Level 3: one or more significant inputs used in a valuation technique are unobservable in determining fair values of the asset or liability.</span></span></li> </ul> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Determination of fair value and the resulting hierarchy requires the use of observable market data where available. The classification of an asset or liability in the hierarchy is based on the lowest level of input that is significant to the fair value measurement.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. The Company determined that the derivative liability relating to the embedded conversion feature in the convertible notes is a Level 3 liability. See Note 6 for the significant inputs used and for a roll-forward of the Level 3 liability.</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>g)</strong><span style="width:11.34pt;text-indent:0pt;display:inline-block"> </span><strong>Derivative Liabilities</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company evaluates its financial instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815, <i>Derivatives and Hedging</i>. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market at each balance sheet date and recorded as a liability and the change in fair value is recorded in the unaudited condensed consolidated interim statements of operations. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period.  Derivative instruments that become subject to reclassification are reclassified at the fair value of the instrument on the reclassification date.  Derivative instrument liabilities will be classified in the condensed consolidated balance sheet as current or non-current based on whether or not settlement of the derivative instrument is expected within 12 months of the condensed consolidated balance sheet date.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company uses the Monte Carlo simulation model to value derivative liabilities.  This model uses Level 3 inputs in the fair value hierarchy established by ASC 820, <i>Fair Value Measurement</i>. The significant inputs and assumptions to the Monte Carlo simulation model are disclosed in Note 6.</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>h)</strong><span style="width:9.67pt;text-indent:0pt;display:inline-block"> </span><strong>Advertising and Promotion Costs </strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Advertising and promotion costs are expensed as incurred. Advertising expense for the three months ended March 31, 2026, was $508,462 (three months ended March 31, 2025 - $81,173).</span></span></p> </div> 508462 81173 <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>i)</strong><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><strong>Loss per share</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Basic earnings (loss) per share ("EPS") is calculated by dividing profit or loss attributable to ordinary equity holders (numerator) by the weighted average number of ordinary shares outstanding (denominator) during the period. The denominator is calculated by adjusting the shares issued at the beginning of the period by the number of shares bought back during the period, multiplied by a time-weighting factor.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Diluted EPS is calculated by adjusting the earnings and number of shares for the effects of dilutive options and other dilutive potential units. The effects of anti-dilutive options and potential units are ignored in calculating diluted EPS. All options and potential units are considered anti-dilutive when the Company is in a loss position.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has the following anti-dilutive securities as of March 31, 2026 and 2025:</span></span></p> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2026</span></span></td> <td style="vertical-align:bottom;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2025</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warrants</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,291,420</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,191,223</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Options</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,025,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Restricted Share Units</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,942,250</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">9,258,670</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,191,223</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2025, due to the terms of the conversion option for the Note Payable (Note 5) and Convertible Debentures (Note 6), the Company could not predict the anti-dilutive shares for these instruments, and as such, they were excluded from the above table.</span></span></p> </div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2026</span></span></td> <td style="vertical-align:bottom;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2025</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;white-space:nowrap"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warrants</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,291,420</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,191,223</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Options</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,025,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Restricted Share Units</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,942,250</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:22%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">9,258,670</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:22%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">18,191,223</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> 6291420 18191223 1025000 0 1942250 0 9258670 18191223 <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>j)</strong><span style="width:11.89pt;text-indent:0pt;display:inline-block"> </span><strong>Other income</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company earns ancillary income from contracts with customers for pilot training and equipment testing. The income is recognized at a point in time which is upon the completion of the services, which the Company has determined is the completion of a flight. There is no variable consideration for these ancillary services.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">From time to time, the Company receives consideration in advance of the services being rendered; this is presented as deferred income on the unaudited condensed consolidated interim balance sheet. The Company also extends credit for payments to be received for services provided; this is presented as receivables on the condensed consolidated interim balance sheet.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes the deferred income activity for the three months ended March 31, 2026 and year ended December 31, 2025:</span></span></p> <div style="margin-left:18pt"> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:rgb(0, 0, 0)"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of January 1, 2025</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">344,800</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Recognition of income recorded as deferred income as of December 31, 2025</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(245,800</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferral of income billed during the year</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">50,000</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of December 31, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">149,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Recognition of income recorded as deferred income as of March 31, 2026</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(50,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferral of income billed during the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">35,002</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:1.5pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:1.5pt solid rgb(0, 0, 0);text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">134,002</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:1.5pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> </table> </div> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:rgb(0, 0, 0)"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of January 1, 2025</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">344,800</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Recognition of income recorded as deferred income as of December 31, 2025</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(245,800</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferral of income billed during the year</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">50,000</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of December 31, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">149,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Recognition of income recorded as deferred income as of March 31, 2026</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(50,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferral of income billed during the year</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">35,002</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance as of March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:1.5pt solid rgb(0, 0, 0);text-align:left;width:1%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:1.5pt solid rgb(0, 0, 0);text-align:right;width:12%;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">134,002</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:1.5pt solid rgb(0, 0, 0);text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> </tr> </table> 344800 245800 50000 149000 50000 35002 134002 <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>k)</strong><span style="width:11.34pt;text-indent:0pt;display:inline-block"> </span><strong>Grant income</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company receives certain cost reimbursements from an economic development corporation in Texas (Note 11). The income is recognized at a point in time when the Company completes its obligations for entitling to such reimbursements, and included in grant income on the unaudited condensed consolidated interim statements of operations.</span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amounts received by the Company that the Company is not yet entitled to, and subject to refunds, are recognized as a payable, until the Company's completion of its obligations to earn the reimbursements.</span></span></p> </div> <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>l)</strong><span style="width:9.11pt;text-indent:0pt;display:inline-block"> </span><strong>Research and Development</strong></span></span></p> <p style="margin-left:18pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Research and development costs are expensed as incurred, in accordance with ASC 730, <i>Research and Development</i>. During the three months ended March 31, 2026, all of these costs are with a single vendor who performed contracted research and testing and consumed materials in research and development activities. The Company may also incur personnel-related costs, including salaries, benefits, and stock-based compensation, where applicable. Nonrefundable advance payments for research and development activities are capitalized and expensed as the related services are performed. Research and development expense for the three months ended March 31, 2026 and 2025, were $83,263 and $255,479, respectively.</span></span></p> </div> 83263 255479 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4.<span style="display:inline-block;width:10pt"> </span></strong><strong>PROPERTY, PLANT, AND EQUIPMENT</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Property, plant, and equipment consist of the following:</span></span></p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:80%;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2026</span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2025</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vehicle</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">51,149</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Aircraft improvements</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">79,529</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">79,529</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Engines</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,200,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,200,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Display aircraft</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">150,763</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">150,763</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,430,292</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,481,441</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accumulated depreciation</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(126,506</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(84,464</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net book value</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,303,786</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,396,977</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depreciation expense for the three months ended March 31, 2026 and 2025, was $88,588 and $5,080, respectively.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended March 31, 2026, the Company disposed of a vehicle and recognized a loss on the disposal of $4,603. No disposal occurred during the three months ended March 31, 2025.</span></span></p> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:80%;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2026</span></span></td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2025</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vehicle</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">51,149</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Aircraft improvements</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">79,529</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">79,529</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Engines</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,200,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,200,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Display aircraft</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">150,763</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">150,763</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,430,292</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,481,441</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Accumulated depreciation</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(126,506</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(84,464</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net book value</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;border-top:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,303,786</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,396,977</span></span></td> <td style="vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> 0 51149 79529 79529 2200000 2200000 150763 150763 2430292 2481441 126506 84464 2303786 2396977 88588 5080 -4603 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5.<span style="display:inline-block;width:10pt"> </span></strong><strong>NOTE PAYABLE</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On February 16, 2012, the Company secured a loan with Space Florida in the amount of $1,436,001, maturing September 16, 2022. The loan bears interest at 1.00% per annum, no payments are due on the loan for 12 months from the date of first disbursement of the loan and interest-only payments are applicable over the next 114 months.  The loan is secured by a DASH-7 aircraft engine with a book value of $0.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On September 16, 2022, the Company and Space Florida amended the agreement to extend the maturity date to November 1, 2033 and to increase the interest rate to 3.00% per annum and 8.00% per annum in the event of default. Additionally, starting December 1, 2023 the Company is to make monthly installments of $13,866.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On November 1, 2024, the Company and Space Florida entered into an amendment to the loan to confirm that the rate of interest is 3%. The parties also agreed that the previous monthly payment schedule is no longer in force, and the final settlement of the note would be through the conversion to shares of the Company upon a public listing event, at the public offering price.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 18, 2025, the Company issued 404,312 shares at a price of $3.59 to convert the then outstanding principal balance of $1,436,001 and interest payable of $15,480. The note was fully repaid upon conversion.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest expense was $0 for the three months ended March 31, 2026 (March 31, 2025 - $10,613).</span></span></p> </div> 1436001 0.01 The loan is secured by a DASH-7 aircraft engine with a book value of $0. 0.03 0.08 monthly installments 13866 0.03 404312 3.59 1436001 15480 0 10613 <div style="margin-bottom:0pt"> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6.<span style="display:inline-block;width:10pt"> </span>CONVERTIBLE DEBENTURES</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The convertible debentures bear interest at 5.00% per annum, had an original maturity date of February 24, 2025, and automatically convert upon the event of an initial public offering ("IPO") at the lesser of a 40% discount of the price of the IPO and $4.00 per share.  Convertible debentures entered into subsequent to the Tranche 1, which closed on February 24, 2023, receive interest from the initial issuance date of February 24, 2023 from Tranche 1.</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended December 31, 2023, the Company closed the secured convertible debenture financing as follows:</span></span></p> <ul style="padding-left:0pt;list-style-type:disc"> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 1, on February 24, 2023 for gross proceeds of $4,413,400;</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 2, on July 14, 2023 for gross proceeds of $804,100;</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 3, on September 15, 2023 for gross proceeds of $448,000; and</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 4, on December 28, 2023 for gross proceeds of $680,500.</span></span></li> </ul> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The convertible debentures were determined to be hybrid financial instruments comprised of a debt host liability and an embedded derivative liability, as under the conversion feature the number of shares that will or may be issued to settle the notes may vary. Upon issuance, the fair value of the debt host liability was determined to be $6,346,000 and the respective embedded derivative liability was valued at $2,352,602 for tranches 1 through 4. The derivative liability conversion feature was valued first and the residual was allocated to the debt host liability. The Company uses the Monte Carlo model to determine the fair value of the embedded derivative liability based on a common stock simulation model and future projections of various potential outcomes. The Company incurred $86,506 in transaction costs for tranches 1 through 4.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The fair value of the initial derivative and the transaction costs incurred were recorded as debt discount and are amortized over the life of the convertible notes using the effective interest method.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended December 31, 2024, the Company closed the secured convertible debenture financing as follows:</span></span></p> <ul style="padding-left:0pt;list-style-type:disc"> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 5, on May 14, 2024 and August 15, 2024 for gross proceeds of $743,400.</span></span></li> </ul> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The convertible debentures were determined to be hybrid financial instruments comprised of a debt host liability and an embedded derivative liability, as under the conversion feature, the number of shares that will or may be issued to settle the debentures may vary. Upon issuance, the fair value of the debt host liability was determined to be $743,400 and the respective embedded derivative liability was valued at $475,909. The derivative liability conversion feature was valued first and the residual was allocated to the debt host liability. The Company uses the Monte Carlo model to determine the fair value of the embedded derivative liability based on a common stock simulation model and future projections of various potential outcomes. The Company incurred $19,950 in transaction costs. The fair value of the initial derivative and the transaction costs incurred were recorded as debt discount and are amortized over the life of the convertible notes using the effective interest method.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 19, 2024, holders of the convertible debentures approved an amendment to the debenture indenture, originally dated as of February 24, 2023, such that the maturity of the convertible debentures was extended from February 24, 2025 to December 31, 2025, and the convertible debentures bear interest of 5.00% per annum until February 24, 2025, and 8.00% per annum from February 25, 2025 The Company determined that this amendment should be treated as a debt modification.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 18, 2025, the debt was automatically converted into 3,834,857 common shares of the Company at a conversion price of $2.154 per share, being a 40% discount of the IPO price of $3.59 per share, upon the IPO of the Company. The fair value of the shares issued for the conversion was $13,767,137. The outstanding principal and interest of the convertible debentures upon conversion was $8,260,802. In accordance with the debenture indenture, the Company did not issue shares for fractional interest based on the conversion price of $2.154 per share, and was not required to make cash payments for the fractional interest. At the time of conversion there was $18,892 of unamortized debt discount. This amount was written off upon conversion.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Debt discount amortization during the three months ended March 31, 2025 was $117,067. Interest expense on the convertible notes for the three months ended March 31, 2025 was $107,797. The Company did not incur any costs in relation to the convertible debentures during the three months ended March 31, 2026.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A summary of convertible debt as of and for the year ended December 31, 2025 is as follows:</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 1</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 2</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 3</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 4</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 5</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of January 1, 2025</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,658,056</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">833,381</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">456,126</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">674,003</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">623,395</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,244,961</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amortization of debt discount</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">164,037</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">45,181</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">33,360</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">69,513</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">188,846</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">500,937</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">320,546</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">58,402</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">32,538</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">49,425</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">53,993</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">514,904</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Conversion</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5,142,639</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(936,964</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(522,024</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(792,941</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(866,234</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(8,260,802</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of December 31, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A roll-forward of the derivative liability, which is categorized at Level 3 on the fair value hierarchy, for the year ended December 31, 2025 is as follows:</span></span></p> <div style="margin-left:24pt"> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative liabilities</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of January 1, 2025</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,535,469</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in fair value</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">970,866</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Conversion</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5,506,335</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of December 31, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The key inputs used in the Monte Carlo model for the embedded conversion feature at initial measurement were as follows:</span></span></p> <div style="margin-left:24pt"> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 1</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 2</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 3</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 4</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:16%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 5</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free interest rate</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.67%</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.90%</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.11%</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.69%</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:16%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.44% - 5.01%</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected term (years)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.00</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.58</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.42</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.17</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:16%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.50 - 0.75</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected volatility</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">74.6%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">74.2%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">75.8%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">75.9%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:16%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">69.3% - 86.2%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Probability of an IPO</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">50.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">60.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">70.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">75.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:16%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">95.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Stock price</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.5135</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.5477</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.5632</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.5886</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:16%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.0627 - 3.2454</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> </div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's use of a Monte Carlo simulation model required the use of the subjective assumptions:</span></span></p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;height:10px"> <tr> <td style="vertical-align:top;width:38pt"> </td> <td style="vertical-align:top;width:19pt"><span style="font-size:12pt">•</span></td> <td style="vertical-align:top;width:auto;height:10px"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">The stock price was determined from a 409A valuation which determined that the market approach using the last price raised was the appropriate basis for the fair value of the common stock;</span></p> </td> </tr> <tr> <td style="vertical-align:top;width:38pt"> </td> <td style="vertical-align:top;width:19pt"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:12pt">•</span></p> </td> <td style="vertical-align:top;width:auto;height:10px"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">The volatility was derived from comparable public companies;</span></p> </td> </tr> <tr> <td style="vertical-align:top;width:38pt"> </td> <td style="vertical-align:top;width:19pt"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:12pt">•</span></p> </td> <td style="vertical-align:top;width:auto;height:10px"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">For the early redemption option the Company estimated this at 0% for all valuation dates. The Company estimated this default at 0% for all valuation dates;</span></p> </td> </tr> <tr> <td style="vertical-align:top;width:38pt"> </td> <td style="vertical-align:top;width:19pt"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:12pt">•</span></p> </td> <td style="vertical-align:top;width:auto"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">The probability of a successful IPO occurring was based on management's best estimate; and</span></p> </td> </tr> <tr> <td style="vertical-align:top;width:38pt"> </td> <td style="vertical-align:top;width:19pt"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:12pt">•</span></p> </td> <td style="vertical-align:top;width:auto"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">The conversion price is not subject to reset provisions for subsequent financing events.</span></p> </td> </tr> </table> </div> 0.05 0.40 4 4413400 804100 448000 680500 6346000 2352602 86506 743400 743400 475909 19950 0.05 0.08 3834857 2.154 0.40 3.59 13767137 8260802 2.154 18892 117067 107797 <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 1</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 2</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 3</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 4</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 5</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of January 1, 2025</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,658,056</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">833,381</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">456,126</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">674,003</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">623,395</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,244,961</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amortization of debt discount</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">164,037</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">45,181</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">33,360</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">69,513</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">188,846</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">500,937</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">320,546</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">58,402</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">32,538</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">49,425</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">53,993</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">514,904</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Conversion</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5,142,639</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(936,964</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(522,024</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(792,941</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(866,234</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(8,260,802</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of December 31, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> 4658056 833381 456126 674003 623395 7244961 164037 45181 33360 69513 188846 500937 320546 58402 32538 49425 53993 514904 5142639 936964 522024 792941 866234 8260802 0 0 0 0 0 0 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative liabilities</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of January 1, 2025</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,535,469</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in fair value</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">970,866</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Conversion</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(5,506,335</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of December 31, 2025</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> 4535469 -970866 5506335 0 <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 1</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 2</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 3</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 4</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:16%;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Tranche 5</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free interest rate</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.67%</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.90%</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5.11%</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.69%</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:16%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.44% - 5.01%</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected term (years)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.00</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.58</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.42</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1.17</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:16%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.50 - 0.75</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected volatility</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">74.6%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">74.2%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">75.8%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">75.9%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:16%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">69.3% - 86.2%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Probability of an IPO</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">50.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">60.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">70.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:8%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">75.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:16%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">95.00%</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Stock price</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.5135</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.5477</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.5632</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:8%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.5886</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:16%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.0627 - 3.2454</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> 0.0467 0.049 0.0511 0.0469 0.0444 0.0501 P2Y P1Y6M29D P1Y5M1D P1Y2M1D P0Y6M P0Y9M 0.746 0.742 0.758 0.759 0.693 0.862 0.50 0.60 0.70 0.75 0.95 0.5135 0.5477 0.5632 0.5886 2.0627 3.2454 <div> <p style="margin-left:24pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7.<span style="display:inline-block;width:10pt"> </span></strong><strong>LEASES</strong></span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On June 1, 2022, the Company entered into a one-year lease for hangar space. The lease agreement provided for four renewal terms of one year each. Management has determined that the renewals are likely to be utilized and the renewal terms are included in the calculation of the lease liability and right of use asset. In 2022, the Company recognized a right of use operating lease asset in the amount of $421,000 for this lease.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On July 1, 2025, upon renewal of the hangar lease, the Company entered into an amendment to the lease agreement, providing for rental of additional hangar space for a proportionate increase of monthly rental costs. In 2025, the Company recognized the additional space as a separate right of use operating lease asset, in the amount of $20,372 for the additional space.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On October 1, 2025, the Company entered into an amendment of the lease for hangar space, which reduced hangar space under lease for a proportionate decrease in monthly rental costs, as well as extending the lease until May 2031. The rental cost will increase by 3% at each anniversary of the lease. The Company recognized a partial termination of leased space based on proportionate share of leased space terminated, as well as a modification of the operating lease assets which resulted in an increase in lease liability and right of use operating lease asset by $303,611. As the areas under lease have the same remaining term and no economic distinction, the Company accounts for the original hangar space and additional hangar space as one lease upon modification.</span></span></p> <div></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Lease liabilities are measured at the commencement date based on the present value of future lease payments. As the Company's lease did not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The Company used a discount rate of 15.00% in determining its lease liabilities.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The discount rate is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of comparable value to the right-of-use asset in a similar economic environment. The discount rate therefore reflects what the Company "would have to pay", which requires estimation when no observable rates are available or where the applicable rates need to be adjusted to reflect the terms and conditions of the lease. The Company estimates the discount using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates. The Company determined its discount rate based on the rate used by comparable public companies.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table presents net lease cost and other supplemental lease information:</span></span></p> <div style="margin-left:24pt"> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:90%;border-color:#000000"> <tr> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2026</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Lease cost:</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operating lease cost</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">32,882</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">30,395</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Variable lease cost</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">14,238</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">14,057</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Short term lease cost</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">83,633</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">58,299</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net lease cost</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">130,753</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">102,751</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:0.75pt;vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash paid for operating lease liabilities</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(12,679</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(21,161</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> </table> </div> </div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026 and December 31, 2025, the Company's lease liability is as follows:</span></span></p> <div style="margin-left:24pt"> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:90%;border-color:#000000"> <tr> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Lease liability</span></span></td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2026</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;border-top:1.5pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current portion of operating lease liability</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">58,943</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">55,898</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Long-term portion of operating lease liability</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">418,529</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">434,253</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-bottom:0.75pt;vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:justify;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">477,472</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255);border-bottom:1.5pt solid rgb(0, 0, 0)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">490,151</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> </div> </div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Future minimum lease payments to be paid by the Company as a lessee as of March 31, 2026 are as follows:</span></span></p> <div style="margin-left:48pt"> <div> <table cellpadding="0" cellspacing="0" style="width:90%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operating lease commitments and lease liability</span></span></td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026 (remaining)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">94,551</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2027</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">129,111</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2028</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">132,984</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2029</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">136,974</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2030</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">141,083</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2031</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">59,507</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total future minimum lease payments</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">694,210</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Discount</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(216,738</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="padding-bottom:0.75pt;vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">477,472</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> </div> </div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The lease has a remaining term of 5.17 years.</span></span></p> </div> 421000 20372 0.03 303611 0.15 <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:90%;border-color:#000000"> <tr> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2026</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Lease cost:</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:justify;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operating lease cost</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">32,882</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">30,395</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Variable lease cost</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">14,238</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">14,057</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Short term lease cost</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">83,633</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">58,299</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net lease cost</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">130,753</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">102,751</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:0.75pt;vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash paid for operating lease liabilities</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(12,679</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(21,161</span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> </table> </div> 32882 30395 14238 14057 83633 58299 130753 102751 12679 21161 <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:90%;border-color:#000000"> <tr> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Lease liability</span></span></td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31, 2026</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"> </td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2025</span></span></td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;border-top:1.5pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Current portion of operating lease liability</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">58,943</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">55,898</span></span></td> <td style="vertical-align:bottom;border-top:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Long-term portion of operating lease liability</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">418,529</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">434,253</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-bottom:0.75pt;vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:justify;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">477,472</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:rgb(230, 239, 255);border-bottom:1.5pt solid rgb(0, 0, 0)"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">490,151</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> </div> 58943 55898 418529 434253 477472 490151 <div> <table cellpadding="0" cellspacing="0" style="width:90%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operating lease commitments and lease liability</span></span></td> <td colspan="2" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> <td colspan="1" style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:justify"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026 (remaining)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">94,551</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2027</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">129,111</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2028</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">132,984</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2029</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">136,974</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2030</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">141,083</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2031</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">59,507</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total future minimum lease payments</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">694,210</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-bottom:1.5pt;vertical-align:bottom;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Discount</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(216,738</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="padding-bottom:0.75pt;vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:justify;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">477,472</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> </div> 94551 129111 132984 136974 141083 59507 694210 216738 477472 P5Y2M1D <div> <div> <p style="margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>8.</strong> <strong>STOCKHOLDERS' EQUITY</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>a)</strong> <strong>Common stock</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Common stock activity during the three months ended March 31, 2026 </i></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On January 5, 2026, the Company issued an aggregate of 29,341 Common Shares pursuant to the cashless exercise of 30,000 warrants outstanding, at an exercise price of $0.33 per share.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On January 9, 2026, the Company issued 24,285 Common Shares pursuant to the cashless exercise of 25,000 warrants outstanding, at an exercise price of $0.33 per share.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On March 12, 2026, the Company issued 114,250 Common Shares upon vesting of 114,250 RSUs, which had an acceleration of vesting upon the achievement of a benchmark of the share price of the Company's Common Shares being traded on the NYSE American.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On March 28, 2026, the Company was obligated to issue 114,250 Common Shares upon vesting of 114,250 RSUs, which had an acceleration of vesting upon the achievement of a benchmark of the share price of the Company's Common Shares being traded on the NYSE American. The 114,250 Common Shares were subsequently issued upon settlement of the RSUs on April 2, 2026.</span></span></p> </div> <div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Common stock activity during the year ended December 31, 202</i>5</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On January 6, 2025, the Company closed a round of its Reg A Offering in relation to funds already received as of December 31, 2024 and issued 521,070 shares of common stock at a price of $3.59 per share, for gross proceeds of $1,870,643. In conjunction with closing this financing round, the Company incurred cash issuance costs of $106,516. On January 6, 2025, the Company also issued 5,224 warrants to the placement agent. These warrants vest immediately, have an expiration date of September 6, 2029, and an exercise price of $3.59. The Company valued the warrants using the Black-Scholes model and determined that the warrants had a fair value of $12,672.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On February 27, 2025 and March 13, 2025, the Company closed two rounds of its Reg A Offering for gross proceeds of $4,101,109. Issuance costs totalling $226,129 were incurred in connection with this closing. On April 2, 2025, the Company issued 1,142,367 shares in connection with this closing. On April 2, 2025, the Company also issued 11,425 warrants to the placement agent. These warrants vest immediately, have an expiration date of September 6, 2029, and an exercise price of $3.59. The Company valued the warrants using the Black-Scholes model and determined that the warrants had a fair value of $27,163.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On April 11, 2025, the Company closed a round of its Reg A Offering and issued 234,485 shares of common stock at a price of $3.59 per share for gross proceeds of $841,801. In conjunction with the closing of this round, the Company incurred cash issuance cost of $50,711. On April 25, 2025, the Company issued 2,344 agent's warrants in connection with this closing, with each warrant exercisable into one share of common stock at an exercise price of $3.59 and expiring on September 6, 2029. The Company valued the warrants using the Black-Scholes model and determined that the warrants had a fair value of $4,925.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On May 14, 2025, the Company closed a round of its Reg A Offering for gross proceeds of $1,976,791. Issuance costs totalling $194,029 were incurred in connection with this closing. On July 17, 2025, the Company issued 550,639 shares in connection with this closing.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On July 23, 2025, the Company closed a round of its Reg A Offering and issued 91,426 shares of common stock at a price of $3.59 per share for gross proceeds of $328,230. In conjunction with the closing of this round, the Company incurred cash issuance cost of $14,066. On July 23, 2025, the Company issued 6,451 agent's warrants to the placement agent in connection to the May 14, 2025 and July 23, 2025 closings. These warrants vest immediately, have an expiration date of September 6, 2029, and an exercise price of $3.59. The Company valued the warrants using the Black-Scholes model and determined that the warrants had a fair value of $13,450.</span></span></p> <div></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 17, 2025, the Company closed the final round of its Reg A Offering as its initial public offering and issued 6,145,364 shares of common stock at a price of $3.59 per share for gross proceeds of $22,061,857. In conjunction with the closing of this round, the Company incurred cash issuance cost of approximately $2,671,890. The Company also issued 61,402 agent's warrants with a fair value of $120,564 in connection with this closing, with each warrant exercisable into one share of common stock at an exercise price of $3.59 and expiring on September 6, 2029.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 18, 2025, the Company issued 3,834,857 shares of common stock at a conversion price of $2.154 per share pursuant to the automatic conversion of the Company's outstanding convertible debentures (Note 6) upon the listing of the Company's common stock on the NYSE American. The fair value of these shares was $13,767,137.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 18, 2025, the Company also issued 404,312 shares of common stock at a conversion price of $3.59 per share pursuant to the conversion of the Company's notes payable (Note 5) to Space Florida upon the listing of the Company's common stock on the NYSE American. The fair value of these shares was $1,451,480.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 26, 2025, the Company issued 11,676,166 shares of common stock pursuant to a cashless exercise of 11,915,000 warrants outstanding, at an exercise price of $0.33 per share.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 31, 2025, the Company issued 114,250 shares of common stock upon the vesting of 114,250 RSUs, which had an acceleration of vesting upon the achievement of a benchmark of the share price of the Company's common stock being traded on the NYSE American.</span></span></p> </div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>b)</strong> <strong>Warrants</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A summary of Common Stock warrant activity during the three months ended March 31, 2026 is as follows:</span></span></p> </div> <div> <div style="margin-left:24pt"> <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Number of</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">warrants</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>Weighted</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>average</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>exercise price</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>Weighted</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>average</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>remaining life</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>in years</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>Aggregate</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>intrinsic value</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, January 1, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,346,420</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.39</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.73</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">71,478,245</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(55,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.33</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,291,420</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.39</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.48</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">34,805,809</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:1.5pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vested, March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,291,420</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.39</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.48</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">34,805,809</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> </div> <div> <p style="text-align:justify;margin-left:24pt;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As previously noted, in connection with the 2025 Offerings, the Company was required to issue 86,846 warrants to the placement agent.  These warrants vest immediately, have an expiration date of September 6, 2029, and an exercise price of $3.59.  The Company valued the warrants using the Black-Scholes model.  Based on the below inputs, the Company determined that the warrants had a fair value of $178,774 for the year ended December 31, 2025.</span></span></p> </div> <div> <div style="margin-left:24pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"> </p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2025</span></span></p> </td> </tr> <tr> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected volatility</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">68.98% - 87.30%</span></span></p> </td> </tr> <tr> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected term (years)</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.72 - 4.67</span></span></p> </td> </tr> <tr> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free interest rate</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.61% - 3.10%</span></span></p> </td> </tr> <tr> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-bottom:1.5pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Dividend yield</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-bottom:1.5pt solid rgb(0, 0, 0);text-align:right">0%</td> </tr> </table> </div> </div> </div> <div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The stock price in the model was based on a 409A valuation which determined that the market approach using the last price raised was the appropriate basis for the fair value of the common stock, the volatility was based on the historical volatility of comparable public companies, and the expected term is the life of the warrant.</span></span></p> <div></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>c)</strong> <strong>Options </strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A summary of Common Stock option activity during the three months ended March 31, 2026 is as follows:</span></span></p> </div> <div> <div style="margin-left:24pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify;padding-left:17.85pt"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Number</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">of options</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>Weighted</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>average exercise</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>price</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>Weighted</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>average</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>remaining life</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>in years</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>Aggregate</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>intrinsic value</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, January 1, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,415,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.59</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.63</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">19,464,900</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,390,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.59</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,025,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.59</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.38</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,388,250</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:1.5pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vested, March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> <div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On August 12, 2025, the Company granted 2,200,000 stock options that vest 180 days from the date of listing on the NYSE. The exercise price of the options is $3.59 and expire on August 12, 2030.  1,425,000 options were granted to related parties.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On September 29, 2025, the Company granted 215,000 stock options that vest 180 days from the date of listing on the NYSE. The exercise price of the options is $3.59 and expire on September 29, 2030. 75,000 options were granted to a Director and 140,000 to the former corporate secretary and spouse of the former CEO.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">No options were granted during the three months ended March 31, 2026.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended March 31, 2026, the Company recognized negative stock compensation of ($553,762) in connection with the stock options. On February 19, 2026, 1,390,000 options were forfeited upon the resignation of the former CEO, the former corporate secretary and spouse of the former CEO, and two immediate family members of the former CEO. The Company reversed $1,081,160 in stock compensation expense related to these forfeitures during the three months ended March 31, 2026. During the three months ended March 31, 2026, the Company recognized stock compensation expense of ($363,512) within consulting fees; $143,744 in contract labor and fuel; ($397,410) in management fees; and $63,416 in professional fees. Future unrecognized stock-based compensation expense arising from the options amount to $451,218.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company valued the stock options using the Black-Scholes model.  Based on the below inputs, the Company determined that the options had a fair value of $4,195,896 upon issuance during the year ended December 31, 2025.</span></span></p> <div style="margin-left:24pt"> <div> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr style="background-color:rgb(230, 239, 255)"> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255)"> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;background-color:rgb(230, 239, 255)"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">December 31, 2025</span></span></td> </tr> <tr style="background-color:rgb(255, 255, 255)"> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(255, 255, 255)"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected volatility</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(255, 255, 255)"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">77.25% - 77.97%</span></span></p> </td> </tr> <tr style="background-color:rgb(230, 239, 255)"> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:rgb(230, 239, 255)"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected term (years)</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:rgb(230, 239, 255)"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.57 - 2.64</span></span></p> </td> </tr> <tr style="background-color:rgb(255, 255, 255)"> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:rgb(255, 255, 255)"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free interest rate</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:rgb(255, 255, 255)"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.57%</span></span></p> </td> </tr> <tr style="background-color:rgb(230, 239, 255)"> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-bottom:1.5pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255)"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Dividend yield</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-bottom:1.5pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255)"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></p> </td> </tr> </table> </div> </div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The stock price in the model was based on a 409A valuation which determined that the market approach using the last price raised was the appropriate basis for the fair value of the common stock, the volatility was based on the historical volatility of comparable public companies, and the expected term applied the simplified method under ASC 718, and is the midpoint between vesting date and expiration date of the options.</span></span></p> </div> <div> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>d)</strong> <strong>Restricted share units ("RSUs") </strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A summary of RSU activity during the three months ended March 31, 2026 is as follows:</span></span></p> </div> <div> <div style="margin-left:24pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify;padding-left:17.85pt"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Number</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">of RSUs</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, January 1, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,170,750</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vested</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(228,500</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,942,250</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> </div> </div> </div>  <div></div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On August 12, 2025, the Company granted 2,285,000 RSUs that vest 180 days from the date of listing on the NYSE.  1,275,000 RSUs were granted to related parties. The grant date fair value was $3.59 per share.</span></span></p> <p style="margin-bottom:0pt;text-align:justify;margin-top:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Among the RSUs granted to each recipient, 50% of such RSUs are subject to potential acceleration:</span></span></p> <ul style="padding-left:0pt;margin-top:0pt;list-style-type:disc"> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">25% vest immediately, in the event the closing bid price of the shares of the Company is greater than $17.95 for any period of 10 consecutive trading days after listing, with the average trading volume of the shares being greater than 250,000 shares per day for those 10 consecutive trading days;</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5% vest immediately, in the event the closing bid price of the shares of the Company is greater than $5.38 on any day after listing (<i>met and accelerated</i>);</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5% vest immediately, in the event the closing bid price of the shares of the Company is greater than $5.38 for any period of 10 consecutive trading days beginning at least 60 days after listing, and the average trading volume of the shares was greater than 100,000 share per day for any 60-day period after listing (<i>met and accelerated</i>);</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5% vest immediately, in the event the closing bid price of the shares of the Company is greater than $5.38 for any period of 10 consecutive trading days beginning at least 90 days after listing, and the average trading volume of the shares was greater than 100,000 share per day for any 90-day period after listing (<i>met and accelerated</i>);</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5% vest immediately, in the event the closing bid price of the shares of the Company is greater than $5.38 for any period of 10 consecutive trading days beginning at least 120 days after listing, and the average trading volume of the shares was greater than 100,000 share per day for any 120-day period after listing; and,</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5% vest immediately, in the event the closing bid price of the shares of the Company is greater than $5.38 for any period of 10 consecutive trading days beginning at least 150 days after listing, and the average trading volume of the shares was greater than 100,000 share per day for any 150-day period after listing.</span></span></li> </ul> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company assessed there to be 95% probability of achievement of each 5% tranche having a $5.38 share price target; and a 0% probability of achievement for the 25% tranche having a $17.95 share price target.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended December 31, 2025, 5% of the grant, which amounts to 114,250 of RSUs were accelerated and vested, as a result of one of the aforementioned market conditions being met.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended March 31, 2026, an additional 10% of the grant, which amounts to 228,500 of RSUs were accelerated and vested, as a result of one of the aforementioned market conditions being met.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">No RSUs were granted during the three months ended March 31, 2026 and 2025.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company recognized $2,350,536 in stock-based compensation related to the RSUs vested during the three months ended March 31, 2026 (March 31, 2025 - $0), with $10,287 recognized in advertising and promotion; $144,015 recognized in business development; $1,347,572 recognized in consulting fees; and $848,662 recognized in professional fees. Future unrecognized stock-based compensation expense arising from the RSUs amount to $1,666,240.</span></span></p> </div> </div> 29341 30000 0.33 24285 25000 0.33 114250 114250 114250 114250 114250 521070 3.59 1870643 106516 5224 3.59 12672 4101109 226129 1142367 11425 3.59 27163 234485 3.59 841801 50711 2344 3.59 4925 1976791 194029 550639 91426 3.59 328230 14066 6451 3.59 13450 6145364 3.59 22061857 2671890 61402 120564 3.59 3834857 2.154 13767137 404312 3.59 1451480 11676166 11915000 0.33 114250 114250 <div> <div style="margin-left:24pt"> <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-size:10pt;width:100%;border-color:#000000"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Number of</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">warrants</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>Weighted</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>average</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>exercise price</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>Weighted</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>average</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>remaining life</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>in years</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>Aggregate</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span>intrinsic value</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, January 1, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,346,420</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.39</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.73</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">71,478,245</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Exercised</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(55,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.33</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,291,420</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.39</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.48</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">34,805,809</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:1.5pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vested, March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,291,420</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.39</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.48</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">34,805,809</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> </div> 6346420 0.39 P2Y8M23D 71478245 55000 0.33 6291420 0.39 P2Y5M23D 34805809 6291420 0.39 P2Y5M23D 34805809 86846 3.59 178774 <div> <div style="margin-left:24pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"> </p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid #000000"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2025</span></span></p> </td> </tr> <tr> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected volatility</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid #000000;background-color:#e6efff"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">68.98% - 87.30%</span></span></p> </td> </tr> <tr> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected term (years)</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.72 - 4.67</span></span></p> </td> </tr> <tr> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free interest rate</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:#e6efff"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.61% - 3.10%</span></span></p> </td> </tr> <tr> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-bottom:1.5pt solid #000000"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Dividend yield</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-bottom:1.5pt solid rgb(0, 0, 0);text-align:right">0%</td> </tr> </table> </div> </div> </div> 0.6898 0.873 P3Y8M19D P4Y8M1D 0.0261 0.031 0 <div> <div style="margin-left:24pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify;padding-left:17.85pt"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Number</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">of options</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>Weighted</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>average exercise</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>price</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>Weighted</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>average</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>remaining life</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>in years</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>Aggregate</span></span></span></span></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span><span><span><span><span>intrinsic value</span></span></span></span></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, January 1, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,415,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.59</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.63</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">19,464,900</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,390,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.59</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,025,000</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.59</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.38</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,388,250</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:1.5pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vested, March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:1%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:1.5pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div> </div> 2415000 3.59 P4Y7M17D 19464900 1390000 3.59 1025000 3.59 P4Y4M17D 2388250 0 0 0 2200000 3.59 1425000 215000 3.59 75000 140000 -553762 1390000 -1081160 -363512 143744 -397410 63416 451218 4195896 <div style="margin-left:24pt"> <div> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr style="background-color:rgb(230, 239, 255)"> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255)"> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);text-align:right;background-color:rgb(230, 239, 255)"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">December 31, 2025</span></span></td> </tr> <tr style="background-color:rgb(255, 255, 255)"> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(255, 255, 255)"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected volatility</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-top:0.75pt solid rgb(0, 0, 0);background-color:rgb(255, 255, 255)"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">77.25% - 77.97%</span></span></p> </td> </tr> <tr style="background-color:rgb(230, 239, 255)"> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:rgb(230, 239, 255)"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Expected term (years)</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:rgb(230, 239, 255)"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.57 - 2.64</span></span></p> </td> </tr> <tr style="background-color:rgb(255, 255, 255)"> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:rgb(255, 255, 255)"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free interest rate</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;background-color:rgb(255, 255, 255)"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.57%</span></span></p> </td> </tr> <tr style="background-color:rgb(230, 239, 255)"> <td style="width:75%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-bottom:1.5pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255)"> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Dividend yield</span></span></p> </td> <td style="width:25%;padding-right:5.4pt;padding-left:5.4pt;vertical-align:top;border-bottom:1.5pt solid rgb(0, 0, 0);background-color:rgb(230, 239, 255)"> <p style="text-align:right;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0%</span></span></p> </td> </tr> </table> </div> </div> 0.7725 0.7797 P2Y6M25D P2Y7M20D 0.0257 0 <div> <div style="margin-left:24pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:justify;padding-left:17.85pt"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid rgb(0, 0, 0);border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">Number</span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman, Times, serif;font-size:10pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt">of RSUs</span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, January 1, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,170,750</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vested</span></span></td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(228,500</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Outstanding, March 31, 2026</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,942,250</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> </div> </div> </div> 2170750 228500 1942250 2285000 1275000 3.59 0.50 0.25 17.95 250000 0.05 5.38 0.05 5.38 100000 0.05 5.38 100000 0.05 5.38 100000 0.05 5.38 100000 The Company assessed there to be 95% probability of achievement of each 5% tranche having a $5.38 share price target; and a 0% probability of achievement for the 25% tranche having a $17.95 share price target. 0.05 114250 0.10 228500 2350536 0 10287 144015 1347572 848662 1666240 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9.</strong> <strong>RELATED PARTY TRANSACTIONS </strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Due From Related Party</i></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026, $1,526,126 (December 31, 2025 - $0) was due from the former CEO, who is also a significant shareholder, in relation to unauthorized transfers made by the former CEO prior to resignation (Note 11). Furthermore, a loss from misappropriation of assets of $395,033 was also recognized in relation to this event.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026, $6,833 (December 31, 2025 - $6,833) was due from the CFO, for expenses paid on behalf of the CFO by the Company prior to the initial public offering. The amounts are unsecured, non-interest bearing and due on demand. The amount has been repaid on May 15, 2026.</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Management Fees</i></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended ended March 31, 2026 and 2025, management fees of $50,000 and $75,000, respectively, were incurred to the former CEO, who is also a significant shareholder of the Company. As of March 31, 2026 and December 31, 2025, $0 and $25,000, respectively, management fees were included in accounts payable and accrued liabilities. Management fees also included negative stock-based compensation of $397,410 (three months ended March 31, 2025 - $0) in relation to the reversal of previously recognized expenses for 500,000 options forfeited by the former CEO upon resignation. The grant date fair value of the 500,000 options granted was $868,102.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Consulting Fees</i></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the </span></span><span style="font-size:10pt;font-family:Times New Roman, Times, serif">three months ended</span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"> March 31, 2026 and 2025, the Company incurred an expense of $12,000 and $18,000, respectively, of fees to an entity owned by the spouse of the former CEO, who is also a significant shareholder.  As of March 31, 2026 and December 31, 2025, $0 and $0 of these fees were included in accounts payable and accrued expenses.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended March 31, 2026 and 2025, the Company incurred an expense of $0 and $10,606, respectively, of fees to the former BOD member of the Company.  As of March 31, 2026 and December 31, 2025, $0 and $0 of these fees were unpaid, respectively.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Contract Labor</i></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the </span></span><span style="font-size:10pt;font-family:Times New Roman, Times, serif">three months ended</span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"> March 31, 2026 and 2025, the Company incurred expenses of $6,000 and $20,000, respectively, to an immediate family member of the former CEO, who is also a significant shareholder.  As of March 31, 2026 and December 31, 2025, $0 and $0 of these fees were unpaid, respectively.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Director Fees</i></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the </span></span><span style="font-size:10pt;font-family:Times New Roman, Times, serif">three months ended</span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"> March 31, 2026 and 2025, directors fees of $44,000 and $42,000, respectively, were incurred. As of March 31, 2026 and December 31, 2025, $32,000 and $0, respectively, of directors fees were included in accounts payable and accrued liabilities.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Professional Fees</i></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the </span></span><span style="font-size:10pt;font-family:Times New Roman, Times, serif">three months ended</span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"> March 31, 2026 and 2025, the Company incurred professional fee expenses of $27,000 and $24,000, respectively, with the CEO and VP of Development.  There were $1,000 and $8,000 owed to this related party as of March 31, 2026 and December 31, 2025, respectively.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the </span></span><span style="font-size:10pt;font-family:Times New Roman, Times, serif">three months ended</span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"> March 31, 2026 and 2025, the Company incurred professional fee expenses of $45,000 and $45,000, respectively, to the CFO of the Company. There were no amounts owed to this related party as of March 31, 2026 and December 31, 2025.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Stock-based Compensation</i></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the </span></span><span style="font-size:10pt;font-family:Times New Roman, Times, serif">three months ended</span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"> March 31, 2025, the Company recognized no stock-based compensation, as there were no Options nor RSUs issued.</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the year ended December 31, 2025, the Company granted the following Options and RSUs to related parties:</span></span></p> <ul style="padding-left:0pt;margin-top:0pt;list-style-type:disc"> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">500,000 Options with grant date fair value of $868,102 to the former CEO, who is also a significant shareholder, which have since been forfeited;</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">640,000 Options with grant date fair value of $1,113,101 to the spouse of the former CEO, who is also a significant shareholder, which have since been forfeited;</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">250,000 Options with grant date fair value of $434,051 to the two immediate family members of the former CEO, who is also a significant shareholder, which have since been forfeited;</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">125,000 Options with grant date fair value of $217,025 to the CEO and VP of Development;</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">125,000 Options with grant date fair value of $218,059 to a director;</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">750,000 RSUs with grant date fair value of $2,692,500 to the CFO; and</span></span></li> <li style="margin-left:48.55pt;text-align:justify;padding-left:8.4pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">525,000 RSUs with grant date fair value of $1,884,750 to two directors and two former directors.</span></span></li> </ul> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the </span></span><span style="font-size:10pt;font-family:Times New Roman, Times, serif">three months ended</span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"> March 31, 2026, the Company incurred stock-based compensation arising from RSUs amounting to $308,604 to two directors, recognized in consulting fees; and $771,511 to the CFO, recognized in professional fees.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the </span></span><span style="font-size:10pt;font-family:Times New Roman, Times, serif">three months ended</span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"> March 31, 2026, the Company incurred stock-based compensation arising from options amounting to negative $397,410 to the former CEO, recognized in management fees; and negative $485,044 to the spouse of the former CEO, recognized in consulting fees; and negative $198,705 to two immediate family members of the former CEO, recognized in contract labor and fuel; $70,799 to a director, recognized in consulting fees; and $63,417 to the CEO and VP of Development, recognized in professional fees.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Notes Payable</i></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On August 14, 2010, Company entered into a loan agreement with the former CEO, who is also a significant shareholder, in the amount of $865,000. The loan bears no interest, with no terms of repayment. As of March 31, 2026, and December 31, 2025, $185,976 was outstanding for this loan.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On August 14, 2010, the Company entered into a loan agreement with an entity owned by the spouse of the former CEO, who is also a significant shareholder, in the amount of $865,000. The loan bears no interest, with no terms of repayment. As of March 31, 2026 and December 31, 2025, $865,000 was outstanding for this loan.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On August 1, 2022, the Company entered into a loan agreement with the former CEO, who is also a significant shareholder, in the amount of $475,150. The loan bears no interest, with no terms of repayment. As of March 31, 2026 and December 31, 2025, $475,150 was outstanding for this loan.</span></span></p> </div> 1526126 0 395033 6833 6833 50000 75000 0 25000 -397410 0 500000 500000 868102 12000 18000 0 0 0 10606 0 0 6000 20000 0 0 44000 42000 32000 0 27000 24000 1000 8000 45000 45000 500000 868102 640000 1113101 250000 434051 125000 217025 125000 218059 750000 2692500 525000 1884750 308604 771511 -397410 -485044 -198705 70799 63417 865000 185976 185976 865000 865000 865000 475150 475150 475150 <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10.</strong> <strong>INCOME TAXES</strong></span></span></p> </div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company did not record any income tax provision or benefit for the three months ended March 31, 2026 and 2025. The Company provides for a valuation allowance when it is more likely than not that it will not realize a portion of its deferred tax assets. The Company has established a valuation allowance against the net deferred tax asset due to the uncertainty that enough taxable income will be generated in those taxing jurisdictions to utilize the assets. Therefore, the Company has not reflected any benefit of such deferred tax assets in the accompanying unaudited condensed consolidated interim financial statements.</span></span></p> </div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11.</strong> <strong>COMMITMENTS AND CONTINGENCIES</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline"><i>Midland Economic Development Agreement</i></span></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On October 7, 2024, the Company entered into an economic development agreement (the "Economic Development Agreement") with Midland Development Corporation ("MDC"), whereby MDC has agreed to provide certain incentives to the Company for (i) expansion of its business operations to the Midland International Air &amp; Space Port ("KMAF"), (ii) creation and retention of primary jobs within the corporate limits of the City of Midland, and (iii) relocation of certain capital assets and equipment at the Midland International Air &amp; Space Port. In connection with the Economic Development Agreement, the Company has a commitment to enter into certain temporary, short-term, and long-term hangar leases at KMAF, and the MDC would provide reimbursements of lease payments until a long-term hangar lease is being entered into. For the three months ended March 31, 2026 and 2025, the Company incurred short-term rent expenses of $24,000  and $40,000, respectively, in relation to the Economic Development Agreement.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt">During the three months ended March 31, 2026 and 2025, the Company received from MDC advances of $413,000 and $0, respectively.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the three months ended March 31, 2026 and 2025, the Company is entitled to grant income related to reimbursement of these costs of $24,000 and $40,000. As of March 31, 2026 and December 31, 2025, the Company had a grant payable of $743,967 and $354,967, respectively.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline"><i>Pending Litigation with Rick Svetkoff, former CEO and Director</i></span></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On April 9, 2026, Rick Svetkoff, former CEO and Director, filed a complaint against the Company, and its board members in the 18th Judicial Circuit in Brevard County, Florida. The complaint alleges that the defendants breached fiduciary duty, deceptive business practices, and improper control and alteration of corporate records and is seeking $26 million in damages. The Company denies all of the allegations of the complaint and intends to vigorously defend itself. The amounts and outcome of the complaint cannot be determined at this time and has not been accrued for in these condensed consolidated interim financial statements for the three months ended March 31, 2026.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On February 19, 2026, Rick Svetkoff, the former CEO and Director, and Brenda Svetkoff, former Secretary and spouse of the former CEO, voluntarily resigned from the Company. On February 3, 2026 and February 17, 2026, Rick Svetkoff withdrew and transferred funds amounting to $500,000 to an account not held in the name of the Company or its subsidiaries, and $1,395,869 to Rick Svetkoff and RLB Aviation, Inc., a company controlled by Brenda Svetkoff, respectively, without approval of the Company's Board of Directors or Audit Committee. In February 2026, Rick and Brenda Svetkoff made rental payments for a residential property of $19,502 from the Company's funds without authorization. In May 2026, the Company discovered a further bank account opened in 2024 without approval of the Company’s Board of Directors or Audit Committee by Rick and Brenda Svetkoff, which processed Company funds, and had $5,788 withdrawn and not returned to the Company’s treasury, upon account closure in March 2025. Such amounts total to $1,921,159, which the Company intends to pursue a recovery of. As of March 31, 2026, the Company recognized amounts due from shareholder of $1,526,126 and a loss from misappropriation of assets of $395,033. The amount due from shareholder is equivalent to the balance of related party notes payable (Note 9) to Rick Svetkoff and RLB Aviation, Inc., which the Company intends to apply against the amount due from shareholder, should litigation pursuing recovery of such amounts be unsuccessful.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline"><i>Aerovision Aircraft Acquisition Agreement</i></span></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On October 31, 2024, the Company entered into an aircraft acquisition agreement ("Aircraft Agreement") with Aerovision LLC ("Aerovision"), pursuant to which the Company agreed to purchase from Aerovision various used aircrafts and associated spare equipment (the "Aircraft Transactions") in phases. The subject aircraft for acquisition pursuant to the Aircraft Agreement are: (i) twelve F-4 Phantom II aircraft, (ii) one MD-83 with U.S. Federal Aviation Administration ("FAA") Registration N572AA, and (iii) one DC-9 with FAA Registration N932NA.  The twelve F-4 Phantom II aircraft have recently been decommissioned by the Republic of Korea Air Force, and will have to be registered with the FAA after they are imported into the United States from South Korea.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Aircraft Agreement requires an initial deposit advance in the amount of $5,000,000 to be made no later than ten business days from the signing of the Aircraft Agreement, which has been paid from funds received from the Company's Regulation A Tier 2 Offering. The payment of the deposit is considered to constitute "Phase 1" under the Aircraft Agreement.  Phase 2 will involve the payment of an additional $5,000,000 for the acquisition of eight of the twelve F-4 Phantom II aircraft.  Such payment is due no later than December 15, 2024. Phase 3 will involve the payment of an additional $5,000,000 for the acquisition of the final four F-4 Phantom II aircraft.  Such payment is due no later than March 15, 2025. Phase 4 shall involve the payment of an additional $5,000,000 for the acquisition of the MD-83 aircraft with FAA Registration N572AA, and the DC-9 aircraft with FAA Registration N932NA.  The parties are to use their reasonable best efforts to complete Phase 4 by April 15, 2025. This agreement has subsequently been amended.</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On January 28, 2025, the Company and Aerovision verbally agreed to amend the Aircraft Agreement regarding the Aircraft Transactions, pursuant to which: (i) the Company may elect not to proceed with Phase 3 and/or Phase 4; (ii) the initial deposit advance of $5,000,000 is broken down into two payments of $2,500,000 each, with the first payment to be made on or before January 31, 2025 (which has been paid on January 24, 2025), and the second payment to be made within 10 days of Aerovision executing a binding agreement to acquire a minimum of eight F-4 Phantom II aircraft from an alternative supplier(s) (which has been paid on March 3, 2025); (iii) the due date for payment associated with Phase 2 is amended to be within five days of Aerovision providing confirmation of shipping of the F-4 Phantom II aircraft to the Company from the point of origin; (iv) the due date for payment associated with Phase 3, if Starfighters International elected to proceed, is amended to be October 31, 2025; (v) the due date for payment associated with Phase 4, if Starfighters International elected to proceed, is amended to be January 31, 2026.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">If all four phases of the Aircraft Agreement are completed, the total cost of the agreement will be $20,000,000. As of March 31, 2026, the Company has made deposits to Aerovision totalling $5,150,000 (December 31, 2025 - $5,150,000).</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026, Aerovision has not provided any information as to the availability of any of the F-4 Phantom II aircraft contemplated to be purchased by the Company, and all recent attempts by the Company to contact Aerovision have been unsuccessful. The Company is currently reviewing what remedies might be available under the Aircraft Agreement.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline"><i>Pending Litigation with Mountain CI Holdings Ltd.</i></span></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">O</span></span><span style="font-size:10pt;font-family:Times New Roman, serif">n April 17, 2026, Mountain CI Holdings Ltd. filed a complaint against the Starfighters, Inc., a subsidiary of the Company, in the 18th Judicial Circuit in Brevard County, Florida. The plaintiff is seeking $610,000 for monies allegedly lent to Starfighters, Inc. in 2014 – 2021 which remained unpaid. The Company denies all of the allegations of the complaint and intends to vigorously defend itself. The outcome of the complaint cannot be determined at this time and has not been accrued for in these condensed consolidated interim financial statements for the three months ended March 31, 2026</span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline"><i>Flagship Bank Account Restrictions</i></span></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Due to ongoing dispute and a legal complaint filed by Rick Svetkoff, former CEO and Director, on April 9, 2026, Flagship Bank has placed restrictions on all accounts held by Starfighters International, Inc., a Florida subsidiary of the Company. As such, the Company reports cash of $684,758, and short-term investments of $503,286, as restricted as of March 31, 2026.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span><span style="text-decoration:underline"><em>Regions Bank Account Restrictions</em></span></span></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span>Due to ongoing dispute with Rick Svetkoff, former CEO and Director, over the control of bank accounts, Regions Bank has formally notified the Company on May 15, 2026, that it has placed restrictions on all accounts held by Starfighters International, Inc., a Texas subsidiary of the Company. As such, the Company reports cash of $539 and short-term investments of $209,993, as restricted as of March 31, 2026.</span></span></span></p> </div> 24000 40000 413000 0 24000 40000 743967 354967 26000000 500000 1395869 19502 5788 1921159 1526126 395033 5000000 5000000 5000000 5000000 5000000 2500000 2500000 20000000 5150000 5150000 610000 684758 503286 539 209993 <div> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12.</strong><span style="width:10.5pt;text-indent:0pt;display:inline-block"> </span><strong>CORRECTION OF IMMATERIAL ERRORS</strong></span></span></p> <p style="margin-left:17.85pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As disclosed in our Form 10-K filed on April 15, 2026, certain revisions, noted below, were necessary to the previously filed financial statements for the three months ended March 31, 2025.</span></span></p> <p style="margin-left:17.85pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company determined $40,000 of grant income should have been recorded in the unaudited condensed consolidated interim statements of operations for the three months ended March 31, 2025, with a corresponding grant receivable in the condensed consolidated interim balance sheet. As of March 31, 2025, the Company was already entitled to receive the amount as reimbursement on its rent expenses pursuant to the Economic Development Agreement (Note 11).</span></span></p> <p style="margin-left:17.85pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company also determined research and development expenses of $255,479 was understated in the unaudited condensed consolidated interim statement of operations for the three months ended March 31, 2025.</span></span></p> <p style="margin-left:17.85pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the three months ended March 31, 2025, the corrected net loss is $2,653,107, or $0.13 per share.</span></span></p> <p style="margin-left:17pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company evaluated the corrections and has determined their impacts were immaterial, individually and in aggregate, to the previously issued unaudited condensed consolidated interim financial statements for the three months ended March 31, 2025.</span></span></p> </div> 40000 255479 -2653107 0.13 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13.</strong> <strong>SUBSEQUENT EVENTS</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On April 2, 2026, the Company issued 114,250 Common Shares for the settlement of 114,250 RSUs (Note 8) vested on March 28, 2026, which had an acceleration of vesting upon the achievement of a benchmark of the share price of the Company's Common Shares being traded on the NYSE American.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On April 9, 2026, former CEO and Director, Rick Svetkoff filed a complaint against the Company, and its board members in the 18th Judicial Circuit in Brevard County, Florida. The complaint alleges that the defendants breached fiduciary duty, deceptive business practices, and improper control and alteration of corporate records and is seeking $26 million in damages. The Company denies all of the allegations of the complaint and intends to vigorously defend itself.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effective May 11, 2026, the Board of Directors of the Company appointed Jose Arias as the Company’s Vice President, Space Operations. In connection with the appointment, the Company is to pay a one-time sign-on bonus of $20,000. Subject to board approval, the Company will also grant 150,000 stock options under the Company’s equity incentive plan. The exercise price of the stock options will be equal to fair market value of the Company’s common stock on the grant date, and have a vesting schedule of 25% after 12 months, with the remaining 75% vesting monthly in equal installments over the subsequent 24 months.</span></span></p> </div> 114250 114250 26000000 20000 150000 25% after 12 months, with the remaining 75% vesting monthly in equal installments over the subsequent 24 months