NOTE 11 – WARRANTS

In connection with a note (see Note 9 – Debt), in August 2024 the Company issued 76,923 warrants to purchase common stock. The warrants have an exercise price of $9.36 per share, are immediately exercisable and have a term of 5 years. In August 2024, the holder exercised 28,571 warrants for shares of common stock on a cashless basis. Pursuant to the adjustment provisions in Section 3(b) of the warrant agreement, the exercise price automatically adjusted following the Company’s issuance of shares at a dilutive price of $1.20 on or about August 14, 2025, resulting in an automatic increase in the aggregate warrant share amount. Accordingly, in August 2025, the holder exercised aggregate of 279,402 warrants for shares of common stock on a cashless basis, including 12,706 warrants issued on October 4, 2023.

Warrant Liability

As of June 30, 2026, the Company remeasured the fair value of warrants outstanding at $0. In connection with the remeasurement of warrants, no gain or loss was recognized during the three months ended June 30, 2026 and a gain of $10,910 was recognized during the six months ended June 30, 2026, as the change in fair value of warrant liability.

The Company classifies its outstanding warrant liability within Level 3 of the fair value hierarchy, as the fair value is determined using the Black-Scholes option-pricing model with unobservable inputs. The following assumptions were used to estimate the fair value of the warrant liability as of June 30, 2026:

 SCHEDULE OF FAIR VALUE OF WARRANT LIABILITY 

Changes in the fair value of the warrant liability, which is measured on a recurring basis using Level 3 inputs, for the six months ended June 30, 2026, were as follows:

 SCHEDULE OF CHANGE IN WARRANT LIABILITY

The Company’s outstanding and exercisable warrants, as of June 30, 2026, are presented below:

 SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS