| Schedule of Cash Balances by Geographic Area |
At
March 31, 2026 and December 31, 2025, the Company’s cash balances by geographic area were as follows:
| Country: | |
March 31,
2026 | | |
December 31,
2025 | |
| United States | |
$ | 775,917 | | |
| 99.99 | % | |
$ | 108,599 | | |
| 99.5 | % |
| China | |
| 78 | | |
| 0.01 | % | |
| 492 | | |
| 0.5 | % |
| Total cash | |
$ | 775,995 | | |
| 100.0 | % | |
$ | 109,091 | | |
| 100.0 | % |
|
At December 31, 2025 and 2024, the Company’s
cash balances by geographic area were as follows:
| Country: |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
| United States |
|
$ |
108,599 |
|
|
|
99.5 |
% |
|
$ |
2,646,395 |
|
|
|
99.6 |
% |
| China |
|
|
492 |
|
|
|
0.5 |
% |
|
|
11,787 |
|
|
|
0.4 |
% |
| Total cash |
|
$ |
109,091 |
|
|
|
100.0 |
% |
|
$ |
2,658,182 |
|
|
|
100.0 |
% |
|
| Schedule of Derivative Liability Measured at Fair Value |
The table below reflects the activity of derivative liability measured at fair value for the three months ended March 31, 2026:
| | |
Significant
Unobservable
Inputs
(Level 3) | |
| Balance of derivative liability as of January 1, 2026 | |
$ | 34,156 | |
| Loss from change in the fair value of derivative liability | |
| 1,276,889 | |
| Reclassification of additional paid-in capital upon conversion | |
| (1,281,603 | ) |
| Balance of derivative liability as of March 31, 2026 | |
$ | 29,442 | |
|
The table below reflects the activity of derivative liability measured
at fair value for the years ended December 31, 2025 and 2024:
| |
|
Significant
Unobservable
Inputs
(Level 3) |
|
| Balance of derivative liability as of January 1, 2024 |
|
$ |
24,796 |
|
| Initial fair value of derivative liability attributable
to warrants issuance with March and June 2024 fund raises |
|
|
479,468 |
|
| Reclassification of additional paid-in capital upon conversion |
|
|
(2,354 |
) |
| Gain from change in the fair value
of derivative liability |
|
|
(374,365 |
) |
| Balance of derivative liability as of December 31, 2024 |
|
|
127,545 |
|
| Initial fair value of derivative liability attributable
to Second Warrant issuance with June 2024 fund raise (See Note 11) |
|
|
621,353 |
|
| Gain from change in the fair value of derivative liability |
|
|
(538,213 |
) |
| Reclassification of additional
paid-in capital upon conversion |
|
|
(176,529 |
) |
| Balance of derivative liability as of December 31,
2025 |
|
$ |
34,156 |
|
|
| Schedule of Securities that were Excluded from the Diluted Per Share |
The following
table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential
shares was antidilutive:
| | |
Three Months Ended
March 31, | |
| | |
2026 | | |
2025 | |
| Options to purchase common stock | |
| 41,169 | | |
| 1,451,425 | |
| Warrants to purchase common stock | |
| 13,148,459 | | |
| 171,163 | |
| Series C convertible preferred
stock (*) | |
| 1,276,763 | | |
| 1,452,282 | |
| Series D convertible preferred stock (**) | |
| 2,074,689 | | |
| 2,074,689 | |
| Series E convertible preferred stock (***) | |
| 13,000,000 | | |
| - | |
| Convertible notes and related accrued interest (****) | |
| - | | |
| 234,554 | |
| Potentially dilutive securities | |
| 29,541,080 | | |
| 5,384,113 | |
| (*) | Assumed the Series C convertible preferred stock was converted into shares of common stock of the Company at a conversion price of $2.41 per share. |
| (**) | Assumed the Series D convertible preferred stock was converted into shares of common stock of the Company at a conversion price of $2.41 per share. |
| (***) | Assumed the Series E convertible preferred stock was converted into shares of common stock of the Company at a conversion price of $1.50 per share. |
| (****) | Assumed the convertible notes were converted into shares of common stock of the Company at a conversion price of $11.25 per share for the three months ended March 31, 2025. |
|
The following table summarizes the securities
that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive:
| |
|
Years Ended December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Options to purchase common stock |
|
|
41,169 |
|
|
|
52,479 |
|
| Warrants to purchase common stock |
|
|
95,746 |
|
|
|
182,996 |
|
| Series A convertible preferred stock (*) |
|
|
- |
|
|
|
60,000 |
|
| Series B convertible preferred stock (**) |
|
|
- |
|
|
|
194,004 |
|
| Series C convertible preferred stock (***) |
|
|
1,576,763 |
|
|
|
1,452,282 |
|
| Series D convertible preferred stock (****) |
|
|
2,074,689 |
|
|
|
- |
|
| Series E convertible preferred stock (*****) |
|
|
13,000,000 |
|
|
|
- |
|
| Convertible notes and related accrued interest (******) |
|
|
788,283 |
|
|
|
227,269 |
|
| Potentially dilutive securities |
|
|
17,576,650 |
|
|
|
2,169,030 |
|
| (*) | Assumed the Series A convertible preferred stock was converted into shares of common stock of the Company at a conversion price of $150.00 per share. |
| (**) | Assumed the Series B convertible preferred stock was converted into shares of common stock of the Company at a conversion price of $56.70 per share. |
| (***) | Assumed the Series C convertible preferred stock was converted into shares of common stock of the Company at a conversion price of $2.41 per share. |
| (****) | Assumed the Series D convertible preferred stock was converted into shares of common stock of the Company at a conversion price of $2.41 per share. |
| (*****) | Assumed the Series E convertible preferred stock was converted into shares of common stock of the Company at a conversion price of $1.50 per share. |
| (******) | Assumed the convertible notes were converted into shares of common stock of the Company at a conversion price of $1.00 per share for the years ended December 31, 2025. Assumed the convertible notes were converted into shares of common stock of the Company at a conversion price of $11.25 per share for the year ended December 31, 2024. |
|