Note 8  — Equity Warrants

Warrants are issued to consultants as compensation or as part of certain capital raises which entitle the holder to purchase shares of the Company’s common stock at a fixed price. No warrants were issued during the three months ended March 31, 2026.

During the quarter ended March 31, 2025, the Company settled all vested and outstanding warrants previously held by the accredited investor holding the three senior secured notes payable from 2024. Two of the three warrants were exercised on a cashless basis for a total of 110 shares of common stock which represented 1,392,198 warrants. The remaining warrant was repurchased by the Company for $379,083 in cash on January 24, 2025, resulting in the elimination of all vested warrants (1,202,244 warrants) held by the investor as of March 31, 2025.

Warrants issued to two investors who loaned money to the Company, Emmis Capital II, LLC and the Company’s CEO, Joseph La Rosa, on November 14, 2022 and December 2, 2022, respectively, included full ratchet antidilutive protections. The original warrants each covered 6 shares at a strike price of $5.00. In the first quarter of 2025, the warrants were revalued due to equity transactions triggering the ratchet antidilutive protections bringing the strike price of these warrants down to $0.19 resulting in the number of shares covered by each warrant to increase to 166, and a 2025 deemed dividend of $186,233.

At  March 31, 2026, warrants outstanding that have vested and are expected to vest are as follows:

Additional information with respect to warrant activity:

As of  March 31, 2026 and  December 31, 2025, there was no unrecognized expense related to warrants.