v3.26.1
Equity (Tables)
6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Restricted Common Stock Activity

The following table summarizes the restricted common stock activity for the six months ended June 30, 2026:

 

  

Restricted

Stock

Awards

  

Weighted-

Average

Grant Date

Fair Value

 
Outstanding, December 31, 2025    460,000   $0.40 
Granted    827,334    0.15 
Forfeited/Cancelled         
Outstanding, June 30, 2026    1,287,334   $0.24 
Vested, June 30, 2026    767,334   $0.29 
Schedule of Fair Value of Warrants Estimated Using Black-Scholes Model

The relative fair value of the warrants was estimated using a Black-Scholes model with the following assumptions:

 

   Period Ended 
   June 30, 2026 
Fair value of common stock on measurement date  $0.11 - $0.22 per share   
Risk free interest rate (1)   4.08% – 4.29 %
Volatility (2)   157.44% - 302.35 %
Dividend yield (3)   0%
Expected term (in years)   1.0010.00 years   

 

(1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
(2) The trading volatility was determined by calculating the volatility of the Company’s peer group.
(3) The Company does not expect to pay a dividend in the foreseeable future.
Schedule of Warrant Outstanding

The following table summarizes the stock warrant activity for the six months ended June 30, 2026:

 

   Warrants  

Weighted-
Average

Exercise Price

Per Share

 
Outstanding, December 31, 2025   6,350,000   $0.15 
Granted   34,902,678    0.13 
Exercised        
Forfeited        
Expired        
Outstanding, June 30, 2026   41,252,678   $0.14 
Schedule of Stock Options Assumptions

   Period Ended 
   June 30, 2026 
Fair value of common stock on measurement date  $0.16 per share  
Risk free interest rate (1)   3.50%
Volatility (2)   67.73%
Dividend yield (3)   0%
Expected term (in years)   0.9 years  

 

(1) The risk-free interest rate was determined by management using the market yield on U.S. Treasury securities with comparable terms as of the measurement date.
(2) The trading volatility was determined by calculating the volatility of the Company’s peer group.
(3) The Company does not expect to pay a dividend in the foreseeable future.
Schedule of Stock Options

The following table summarizes the stock option activity for the six months ended June 30, 2026:

 

   Options  

Weighted-
Average

Exercise Price

Per Share

 
Outstanding, December 31, 2025   5,465,000   $0.41 
Granted   450,000    0.18 
Exercised        
Forfeited   (1,000,000)   0.47 
Expired   (100,000)   0.75 
Outstanding, June 30, 2026   4,815,000   $0.36 
Exercisable, June 30, 2026   3,211,875   $0.34