| Schedule of Common Stock Issuable Upon Exercise of Warrants Outstanding |
The following table summarizes the shares
of the Company’s common stock issuable upon exercise of warrants outstanding as of March 31, 2026:
| | | Warrants Outstanding | | | | | Range of Exercise Price | | | Number Outstanding at December 31, 2025 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | | | | | | | | | | | | | | | | | | | Public and Private Warrants | | | 92.00 | | | | 837,625 | | | | 0.28 | | | | 7.27 | | | September 2025 Private Placement Warrant | | | 5.405 | | | | 2,716,388 | | | | 3.35 | | | | 1.39 | | | February 2026 Warrants | | | 2.13 | | | | 7,042,200 | | | | 4.91 | | | | 1.42 | | | | | | 2.13-92.00 | | | | 10,596,213 | | | | 4.14 | | | | 10.08 | |
The following table summarizes the shares
of the Company’s common stock issuable upon exercise of warrants outstanding as of December 31, 2025:
| | | Warrants Outstanding | | | | | Range of Exercise Price | | | Number Outstanding at December 31, 2025 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | | | | | | | | | | | | | | | Public and Private Warrants | | | 92.00 | | | | 837,625 | | | | 0.53 | | | | 16.19 | | | April 2024 Warrants | | | 6.88 | | | | 14,535 | | | | 0.01 | | | | 0.02 | | | August 2025 Warrant | | | 4.4 | | | | 250,000 | | | | 0.24 | | | | 0.23 | | | September 2025 Private Placement Warrant | | | 5.405 | | | | 3,658,537 | | | | 3.60 | | | | 4.15 | | | | | | 4.4 – 92.00 | | | | 4,760,697 | | | | 2.87 | | | | 20.59 | |
|
The following table summarizes the
shares of the Company’s common stock issuable upon exercise of warrants outstanding of December 31, 2025:
| | | Warrants Outstanding | | | | | Range of Exercise Price | | | Number Outstanding at December 31, 2025 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | | | | | | | | | | | | | | | Public and Private Warrants | | | 92.00 | | | | 837,625 | | | | 0.53 | | | | 16.19 | | | April 2024 Warrants | | | 6.88 | | | | 14,535 | | | | 0.01 | | | | 0.02 | | | August 2025 Warrant | | | 4.4 | | | | 250,000 | | | | 0.24 | | | | 0.23 | | | September 2025 Private Placement Warrant | | | 5.405 | | | | 3,658,537 | | | | 3.60 | | | | 4.15 | | | | | | 0.0001 – 92.00 | | | | 4,760,697 | | | | 2.87 | | | | 6.05 | |
The following table summarizes the
shares of the Company’s common stock issuable upon exercise of warrants outstanding at December 31, 2024:
| | | Warrants Outstanding | | | | | Range of Exercise Price | | | Number Outstanding at December 31, 2024 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | | | | | | | | | | | | USD | | | | | | | | | | | | | | | | | Public and Private Warrants | | | 92.00 | | | | 837,625 | | | | 0.61 | | | | 14.10 | | | April 2024 Warrants | | | 6.88 | | | | 14,535 | | | | 0.01 | | | | 0.02 | | | June 2024 Warrants | | | 2.00 | | | | 150,000 | | | | 0.12 | | | | 0.05 | | | August 2024 Warrants | | | 2.00 | | | | 175,000 | | | | 0.15 | | | | 0.06 | | | November 2024 Warrant | | | 2.41 | | | | 351,424 | | | | 0.31 | | | | 0.15 | | | Pre-funded Warrants | | | 0.0001 | | | | 1,436,666 | | | | 1.30 | | | | 0.00 | | | Private Placement Warrant | | | 6.00 | | | | 2,499,999 | | | | 2.27 | | | | 2.74 | | | | | | 0.0001 – 92.00 | | | | 5,465,249 | | | | 4.77 | | | | 17.12 | |
|
| Schedule of Warrant Activities |
Warrant activities for the three month
ended March 31, 2026 were as follows:
| | |
Number of warrants | | |
Weighted Average Exercise Price | |
| | |
| | |
USD | |
| | |
| | |
| |
| Outstanding at December 31, 2025 | |
| 4,760,697 | | |
| 17.12 | |
| Expired | |
| (14,535 | ) | |
| 6.88 | |
| Granted | |
| 7,042,200 | | |
| 2.13 | |
| Exercised | |
| (1,192,149 | ) | |
| 5.19 | |
| | |
| 10,596,213 | | |
| 10.08 | |
|
Warrant activities for the year ended
December 31, 2025 were as follows:
| | |
Number of warrants | | |
Weighted Average Exercise Price | |
| | |
| | |
USD | |
| | |
| | |
| |
| Outstanding at December 31, 2024 | |
| 5,465,249 | | |
| 17.12 | |
| Granted | |
| 5,610,625 | | |
| 0.02 | |
| Exercised | |
| (6,315,177 | ) | |
| 2.74 | |
| | |
| 4,760,697 | | |
| 17.12 | |
|
| Schedule of Black-Scholes Option Pricing Model for Liability-Classified Stock Purchase Warrants |
|
The assumptions used for the Black-Scholes
option pricing model for liability-classified stock purchase warrants are as follows:
| June 2024 Warrants | |
November 2024 Modification | |
| Expected volatility (%) | |
| 113.8 | % |
| Risk-free interest rate (%) | |
| 4.40 | % |
| Expected dividend yield | |
| 0.0 | % |
| Expected term of options (years) | |
| 4.6 | |
| Exercise price (US dollars) | |
| 2.0 | |
| Share price (US dollars) | |
| | |
| November 2024 Warrants | |
November 2024 Issuance | |
| Expected volatility (%) | |
| 113.8 | % |
| Risk-free interest rate (%) | |
| 4.20 | % |
| Expected dividend yield | |
| 0.0 | % |
| Expected term of options (years) | |
| 5 | |
| Exercise price (US dollars) | |
| 2.0 | |
| Share price (US dollars) | |
| | |
The fair value of the JV Warrants was
calculated as of grant date using a Monte Carlo simulation model. The key assumptions used in the valuation were as follows:
| Fair value of the JV Warrants | |
August 28, 2025 | |
| Expected volatility (%) | |
| 110.10 | % |
| Risk-free interest rate (%) | |
| 3.65 | % |
| Expected dividend yield | |
| 0.0 | % |
| Expected term of options (years) | |
| 5 | |
| Exercise price (US dollars) | |
$ | 4.40 | |
| Share price (US dollars) | |
$ | 4.33 | |
| Fair value (U.S. dollars) | |
$ | 1,673 | |
|