| SCHEDULE OF FAIR VALUE REMEASUREMENT OF THE DERIVATIVE LIABILITY |
SCHEDULE OF FAIR VALUE REMEASUREMENT OF THE DERIVATIVE LIABILITY
| | |
Convertible Note 4 | |
| Issuance date | |
| Jan 26, 2026 | |
| Face amount | |
$ | 10,800,000 | |
| Original issue discount | |
| (800,000 | ) |
| Cash proceeds | |
| 10,000,000 | |
| Debt issuance costs (contra-liability) | |
| (307,600 | ) |
| Derivative discount (initial fair value of bifurcated derivatives) | |
| (2,310,000 | ) |
| Commitment shares (discount) | |
| - | |
| INITIAL HOST CARRYING VALUE | |
$ | 7,382,400 | |
|
| SCHEDULE OF CONVERTIBLE NOTE PAYABLE |
SCHEDULE OF CONVERTIBLE NOTE PAYABLE
| | |
Convertible Note 1 | | |
Convertible Note 2 | | |
Convertible Note 3 | | |
Convertible Note 4 | | |
Total | |
| Balance at January 1, 2026 | |
$ | 367,275 | | |
$ | 1,639,474 | | |
$ | 2,137,908 | | |
$ | — | | |
$ | 4,144,657 | |
| Note issuance — initial host carrying value | |
| — | | |
| — | | |
| — | | |
| 7,382,400 | | |
| 7,382,400 | |
| EIM accretion of debt discount and issuance costs | |
| 47,077 | | |
| 169,576 | | |
| 135,265 | | |
| 69,524 | | |
| 421,442 | |
| Conversions — face amount | |
| (1,455,000 | ) | |
| (550,000 | ) | |
| (456,982 | ) | |
| (10,800,000 | ) | |
| (13,261,982 | ) |
| Conversions — issuance costs | |
| 1,021,557 | | |
| 225,716 | | |
| 128,234 | | |
| 3,047,832 | | |
| 4,423,339 | |
| Conversions — unamortized discount | |
| 19,091 | | |
| 14,458 | | |
| 17,185 | | |
| 300,244 | | |
| 350,978 | |
| HOST CARRYING VALUE AT JUNE 30, 2026 | |
$ | — | | |
$ | 1,499,224 | | |
$ | 1,961,610 | | |
$ | — | | |
$ | 3,460,834 | |
|
| SCHEDULE OF OTHER INCOME AND EXPENSES RELATED TO THE CONVERTIBLE NOTES |
Other
income and expenses related to the convertible notes recognized during the three and six months ended June 30, 2026 consisted of the
following, presented in the statement of operations:
SCHEDULE OF OTHER INCOME AND EXPENSES RELATED TO THE CONVERTIBLE NOTES
| | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | |
| | |
3 Months Ended | | |
6 Months Ended | |
| | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | |
| Stated interest at 8% per annum | |
$ | 133,074 | | |
| — | | |
$ | 372,940 | | |
| — | |
| Accretion of debt discount | |
| 128,946 | | |
| 27,738 | | |
| 379,915 | | |
| 27,738 | |
| Accretion of debt issuance costs | |
| 14,908 | | |
| 1,856 | | |
| 41,527 | | |
| 1,856 | |
| Loss on conversion of convertible notes payable | |
| 9,696,797 | | |
| — | | |
| 12,042,410 | | |
| — | |
|