Note 11 – Warrants

Warrant activity for the three months ended March 31, 2026 and 2025 was as follows:

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During the three months ended March 31, 2026, the Company issued warrants to purchase an aggregate of 303,696 shares of common stock in connection with promissory note financing transactions. The warrants have an exercise price of $2.50 per share.

The weighted-average grant date fair value of warrants granted during the three months ended March 31, 2026 was approximately $1.69 per warrant. No warrants were granted during the three months ended March 31, 2025.

The grant date fair values of the warrants issued during the three months ended March 31, 2026 were calculated using the Black-Scholes option pricing model with the following assumptions:

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During the three months ended March 31, 2026, warrants to purchase 1,429,118 shares of common stock were exercised. No warrants were issued during the three months ended March 31, 2025.

The outstanding warrants expire from 2026 through 2033.