12. Warrants

As of March 31, 2025 and September 30, 2025, the Company had 217,184 warrants outstanding with a weighted-average exercise price of $0.20 and remaining term of 8.2 years and 7.7 years, respectively. There were no changes in warrants outstanding during the period.

The Advisor Warrants are exercisable any time ten years from the date of issuance and have been recorded as stockholders’ equity in the Company’s balance sheet

ZRCN Inc.

CONDENSED NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024