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EARNINGS PER SHARE
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Loss per share:    
EARNINGS PER SHARE

18. EARNINGS PER SHARE

 

Table 18.1: Details of Basic and Dilutive Loss Per Share

 

   2026   2025 
   For the Three Months Ended March 31, 
   2026   2025 
Basic net loss per share:          
Numerator          
Net loss including non-controlling interests  $(2,561,786)  $(10,248,486)
Less: Net loss attributable to non-controlling interest   (433,324)   - 
Net loss attributable to common stockholders - basic  $(2,128,462)  $(10,248,486)
Denominator          
Weighted average shares outstanding - basic   4,561,976    658,218 
Basic net loss per share attributable to common stockholders  $(0.47)  $(15.57)
Diluted net loss per share:          
Numerator          
Net loss attributable to common stockholders - basic  $(2,128,462)  $(10,248,486)
Add back interest for subordinated convertible promissory note   -    5,000 
Net loss attributable to common stockholders - diluted  $(2,128,462)  $(10,243,486)
Denominator          
Weighted average shares outstanding - basic   4,561,976    658,218 
Weighted-average effect of potentially dilutive securities:          
Conversion of subordinated convertible promissory note   -    3,360 
Conversion of Series A Convertible Preferred Stock   -    77,860 
Conversion of Series B Convertible Preferred Stock   -    38 
Conversion of Series C Convertible Preferred Stock   -    1,212 
Exercise of investor and placement agent warrants   -    640,243 
Weighted average shares outstanding - diluted   4,561,976    1,383,507 
Dilutive net loss per share attributable to common stockholders  $(0.47)  $(7.40)

 

Table 18.2: Details of Potentially Dilutive Effect of Securities Excluded from Dilutive EPS due to Anti-Dilutive Effect

 

   2026   2025 
   For the Three Months Ended March 31, 
   2026   2025 
Conversion of Series B Convertible Preferred Stock   1,347           - 
Conversion of Series C Convertible Preferred Stock   1,202    - 
Conversion of Series D Convertible Preferred Stock   10,092    - 
Conversion of Series E Convertible Preferred Stock   51    - 

 

 

21.EARNINGS PER SHARE

 

 

   2025   2024 
Table 21.1: Details of Basic and Dilutive (Loss)/Earnings Per Share
   For the Year Ended December 31, 
   2025   2024 
Basic net (loss)/income per share:          
Numerator          
Net (loss)/income including non-controlling interests  $(24,059,084)  $1,229,601 
Less: Net loss attributable to non-controlling interest   (393,376)   - 
Net (loss)/income attributable to Common Stockholders - basic   (23,665,708)   1,229,601 
Denominator          
Weighted average shares outstanding - basic   1,760,310    282,437 
Basic net (loss)/income per share attributable to Common Stockholders  $(13.44)  $4.35 
Diluted net (loss)/income per share:          
Numerator          
Net (loss)/income attributable to Common Stockholders - basic  $(23,665,708)  $1,229,601 
Add back interest for subordinated convertible promissory note   43,333    276,667 
Net (loss)/income attributable to Common Stockholders - diluted  $(23,622,375)  $1,506,268 
Denominator          
Weighted average shares outstanding - basic   1,760,310    282,437 
Weighted-average effect of potentially dilutive securities:          
Conversion of subordinated convertible promissory note   3,333    58,347 
Conversion of Series A Convertible Preferred Stock   -    70,203 
Conversion of Series B Convertible Preferred Stock   -    175,182 
Conversion of Series C Convertible Preferred Stock   -    1,212 
Exercise of investor and placement agent warrants   -    317,548 
Weighted average shares outstanding - diluted   1,763,643    904,929 
Dilutive net (loss)/income per share attributable to Common Stockholders  $(13.39)  $1.66 

 

 

 

   2025   2024 
Table 21.2: Details of Potentially Dilutive Effect of Securities Excluded from Dilutive EPS due to Anti-Dilutive Effect
   For the Year Ended December 31, 
   2025   2024 
Conversion of Series A Convertible Preferred Stock   92,332    - 
Conversion of Series B Convertible Preferred Stock   28,090    - 
Conversion of Series C Convertible Preferred Stock   1,202    - 
Conversion of Series D Convertible Preferred Stock   10,092    - 
Conversion of Series E Convertible Preferred Stock   2    - 
Exercise of investor and placement agent warrants   922,845    317,548