| WARRANTS |
The following is a summary of the activity
of warrants:
Schedule of Warrants Activity Summary Table
| | |
2026-03-31 | | |
2025-12-31 | |
| | |
$ | | |
$ | |
| Opening balance | |
| 6,465,936 | | |
| 761,495 | |
| Issue of Warrants | |
| 4,803 | | |
| 6,532,539 | |
| Warrants expired | |
| — | | |
| (674,600 | ) |
| Warrants cancelled | |
| — | | |
| (153,498 | ) |
| Closing balance | |
| 6,470,739 | | |
| 6,465,936 | |
| | |
Three months ended March
31, 2026 | |
| | |
Number of
warrants | | |
Weighted
average
exercise price | |
| | |
| | |
$ | |
| Opening balance | |
| 6,359,067 | | |
| 4.43 | |
| Granted during the period | |
| 4,757 | | |
| 4.34 | |
| Closing balance, as at March 31, 2026 | |
| 6,363,824 | | |
| 4.43 | |
| Closing balance of exercisable warrants, as at March 31, 2026 | |
| 28,867 | | |
| 24.53 | |
| | |
Twelve months ended
December 31, 2025 | |
| | |
Number of
warrants | | |
Weighted
average
exercise price | |
| | |
| | | |
| $ | |
| Opening balance | |
| 61,797 | | |
| 114.00 | |
| Granted during the period | |
| 6,404,177 | | |
| 4.82 | |
| Expired during the period | |
| (26,333 | ) | |
| 168.61 | |
| Cancelled during the period | |
| (80,574 | ) | |
| 39.79 | |
| Closing balance, as at December 31, 2025 | |
| 6,359,067 | | |
| 4.43 | |
| Closing balance of exercisable warrants, as at December 31, 2025 | |
| 6,140 | | |
| 78.66 | |
The following is a summary of warrants
outstanding and exercisable, as at March 31, 2026:
Schedule of Warrants Outstanding and Exercisable Table
| | | |
Warrants
outstanding | | |
Warrants
exercisable | |
| | | |
Number | | |
Weighted
average
contractual
life (years) | | |
Number | | |
Weighted
average
contractual
life (years) | |
March 31, 2026
Exercise price | | |
| | | |
| | | |
| | | |
| | |
| $4.34 | | |
| 6,265,137 | | |
| 4.73 | | |
| — | | |
| — | |
| $4.34 | | |
| 65,063 | | |
| 4.75 | | |
| — | | |
| — | |
| $4.34 | | |
| 4,757 | | |
| 4.84 | | |
| — | | |
| — | |
| $9.90 | | |
| 22,727 | | |
| 2.66 | | |
| 22,727 | | |
| 2.66 | |
| $75.00 | | |
| 5,640 | | |
| 0.41 | | |
| 5,640 | | |
| 0.41 | |
| $120.00 | | |
| 500 | | |
| 0.41 | | |
| 500 | | |
| 0.41 | |
| | | |
| 6,363,824 | | |
| | | |
| 28,867 | | |
| | |
| | | |
Warrants
outstanding | | |
Warrants
exercisable | |
December 31, 2025
Exercise price | | |
Number | | |
Weighted
average
contractual
life (years) | | |
Number | | |
Weighted
average
contractual
life (years) | |
| $4.34 | | |
| 6,265,137 | | |
| 4.98 | | |
| — | | |
| — | |
| $4.34 | | |
| 65,063 | | |
| 5.00 | | |
| — | | |
| — | |
| $9.90 | | |
| 22,727 | | |
| 2.91 | | |
| — | | |
| — | |
| $75.00 | | |
| 5,640 | | |
| 0.66 | | |
| 5,640 | | |
| 0.66 | |
| $120.00 | | |
| 500 | | |
| 0.66 | | |
| 500 | | |
| 0.66 | |
| | | |
| 6,359,067 | | |
| | | |
| 6,140 | | |
| | |
During the year ended December 31, 2025, the Company issued 6,404,177 warrants
consisting of 3,599,013 warrants issued to the owners of AFI and 2,805,164 warrants issued for private placements, debt conversions,
factoring recourse notices and debenture conversions. The value totaling $6,532,539 was obtained using the Black-Scholes option
pricing model using the following assumptions: risk-free interest rate between 2.40% and 3.07%; expected volatility between 81.20%
and 104.15%; expected dividend yield of 0%; expected life between 0.83 and 5 years and exercise price between $9 and $75. The
share price upon issuance was between $2.55 and $27.
During the three-month
period ended March 31, 2026, the Company issued 4,757 warrants. The value totaling $4,803 was obtained using the Black-Scholes
option pricing model using the following assumptions: risk-free interest rate of 2.56%; expected volatility 129.62%; expected
dividend yield of 0%; expected life of 5 years and exercise price of $4.34. The share price upon issuance was $3.65.
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