Stockholders’ Equity (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Stockholders’ Equity [Abstract] |
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| Schedule of Warrant Activity |
The following table summarizes warrant activity during the six months ended June 30, 2026: | | | Number of
Warrants | | | Weighted
Average
Exercise
Price | | | Balance, January 1, 2026 | | | 4,443,446 | | | $ | 5.84 | | | Issued | | | - | | | | - | | | Exercised | | | - | | | | - | | | Expired | | | - | | | | - | | | Balance, June 30, 2026 | | | 4,443,446 | | | $ | 5.82 | |
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| Schedule of Warrants Outstanding and Exercisable |
A summary of all warrants outstanding and exercisable as of June 30, 2026 is as follows: | Warrants | | Shares
Exercisable | | | Exercise
Price | | | Expiry
Date | | Equity-classified warrants: | | | | | | | | | | | | Private placements | | | 2,232,412 | | | $ | 7.08 – 7.75 | | | August 2026 to March 2028 | | Prefunded warrants | | | 948,484 | | | $ | 0.001 | | | N/A | | Liability-classified warrants: | | | | | | | | | | | | CAD Warrants | | | 86,200 | | | $ | 6.86 (CAD$9.75 | ) | | February 16, 2028 | | CAD Warrants | | | 15,810 | | | $ | 6.86 (CAD$9.75 | ) | | March 15, 2028 | | Initial Debenture Warrants | | | 430,805 | | | $ | 7.19 | | | September 24, 2029 | | Additional Debenture Warrants | | | 215,421 | | | $ | 7.19 | | | November 13, 2029 | | IPO Agent Warrants | | | 514,314 | | | $ | 7.18 | | | November 8, 2029 | | | | | 4,443,446 | | | | | | | |
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| Schedule of Weighted Average Assumptions were used in the Black-Scholes Option-Pricing Model |
The following weighted average assumptions were used in the Black-Scholes option-pricing model to measure the fair value of the CAD Warrants: | | | June 30,
2026 | | | December 31,
2025 | | | Risk-free interest rate | | | 4.14 | % | | | 3.51 | % | | Dividend yield | | | - | | | | - | | | Expected life (in years) | | | 1.64 | | | | 2.14 | | | Volatility | | | 77 | % | | | 91 | % | | Weighted average fair value per warrant | | $ | 3.01 | | | $ | 3.20 | | The following weighted average assumptions were used in a binomial lattice model to remeasure the fair value of the Initial and Additional Debenture Warrants: | | | June 30,
2026 | | | December 31,
2025 | | | Risk-free interest rate | | | 4.07 | % | | | 3.56 | % | | Dividend yield | | | - | | | | - | | | Expected life (in years) | | | 3.28 | | | | 3.78 | | | Volatility | | | 84 | % | | | 87 | % | | Weighted average fair value per warrant | | $ | 4.01 | | | $ | 3.74 | | The following weighted average assumptions were used in the Black-Scholes option-pricing model for the revaluations of the IPO Agent Warrants: | | | June 30,
2026 | | | December 31,
2025 | | | Risk-free interest rate | | | 4.15 | % | | | 3.64 | % | | Dividend yield | | | - | | | | - | | | Expected life (in years) | | | 3.36 | | | | 3.86 | | | Volatility | | | 83 | % | | | 86 | % | | Weighted average fair value per warrant | | $ | 4.24 | | | $ | 3.97 | | The Company estimated the grant-date fair value of the PSUs to be $550,308 using a Monte Carlo simulation that included the following key assumptions: | Risk-free interest rate | | | 3.48 | % | | Dividend yield | | | - | | | Expected term (in years) | | | 2.00 | | | Volatility | | | 88 | % | The following weighted average assumptions were used in the Black-Scholes option-pricing model for the valuation of equity-classified Common Stock options issued during the six months ended June 30, 2026 and the year ended December 31, 2025: | | | June 30,
2026 | | | December 31,
2025 | | | Risk-free interest rate | | | 3.88 | % | | | 4.16 | % | | Expected life (in years) | | | 5.88 | | | | 5.77 | | | Volatility | | | 94 | % | | | 95 | % | | Weighted average grant-date fair value per option | | $ | 5.00 | | | $ | 4.51 | | The following weighted average assumptions were used in the Black-Scholes option-pricing model to remeasure the fair value of liability-classified CAD Options during the period from January 1, 2026 to April 30, 2026 and the year ended December 31, 2025: | | | April 30,
2026 | | | December 31,
2025 | | | Risk-free interest rate | | | 3.86 | % | | | 3.52 | % | | Expected life (in years) | | | 3.30 | | | | 3.30 | | | Volatility | | | 86 | % | | | 90.26 | % | | Weighted average fair value per option | | $ | 3.85 | | | $ | 4.39 | |
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| Schedule of Common Stock Options |
The following table summarizes activity for equity-classified common stock options with service-based vesting conditions: | | | Number of
Options | | | Weighted
Average
Exercise
Price | | | Weighted
Average
Remaining
Contractual
Life (Years) | | | Aggregate
Intrinsic
Value(1) | | | Balance, December 31, 2025 | | | 1,259,960 | | | $ | 5.93 | | | | 9.12 | | | $ | 817,366 | | | Granted | | | 566,753 | | | | 6.47 | | | | | | | | | | | CAD Options reclassified to equity | | | 758,300 | | | | 4.83 | | | | | | | | | | | Exercised | | | - | | | | - | | | | | | | | | | | Cancelled | | | (37,533 | ) | | | 6.11 | | | | | | | | | | | Balance, June 30, 2026 | | | 2,547,480 | | | $ | 5.72 | | | | 8.22 | | | $ | 4,010,146 | | | Options exercisable, June 30, 2026 | | | 1,349,130 | | | $ | 5.23 | | | | 7.46 | | | $ | 2,745,259 | | | (1) | The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s Common Stock. The calculation excludes options with an exercise price higher than the closing price of the Company’s Common Stock on the reporting date. | The following table summarizes ACI Canada legacy performance option activity: | | | Number of
Options | | | Weighted
Average
Exercise
Price | | | Weighted
Average
Remaining
Contractual
Life (Years) | | | Aggregate
Intrinsic
Value(1) | | | Balance, December 31, 2025 | | | 265,642 | | | $ | 0.22 | | | | 2.48 | | | $ | 1,668,363 | | | Granted | | | - | | | | - | | | | | | | | | | | Exercised | | | (32,000 | ) | | | 0.03 | | | | | | | | 174,880 | | | Cancelled | | | (4,000 | ) | | | 0.03 | | | | | | | | | | | Balance, June 30, 2026 | | | 229,642 | | | $ | 0.25 | | | | 2.36 | | | $ | 1,600,605 | | | Options exercisable, June 30, 2026 | | | 222,362 | | | $ | 0.25 | | | | 2.34 | | | $ | 1,549,863 | | | (1) | The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s common share. The calculation excludes options with an exercise price higher than the closing price of the Company’s shares on the reporting date. |
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| Schedule of Options Liability |
The following table presents the changes in the CAD Options liability for the six months ended June 30, 2026: | Fair value of CAD Option liability at December 31, 2025 | | $ | 3,174,662 | | | Stock-based compensation expense for the period January 1, 2026 to April 30, 2026 | | | (331,458 | ) | | Reclassification to equity following April 30, 2026 modification | | | (2,843,204 | ) | | Fair value of CAD Option liability at June 30, 2026 | | $ | - | |
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