| Schedule of Cash Balances by Geographic Area |
At
June 30, 2026 and December 31, 2025, the Company’s cash balances by geographic area were as follows:
| Country: | |
June 30, 2026 | | |
December 31, 2025 | |
| United States | |
$ | 39,145 | | |
| 99.8 | % | |
$ | 108,599 | | |
| 99.5 | % |
| China | |
| 76 | | |
| 0.2 | % | |
| 492 | | |
| 0.5 | % |
| Total cash | |
$ | 39,221 | | |
| 100.0 | % | |
$ | 109,091 | | |
| 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 six months ended June 30, 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 | |
| 1,275,237 | |
| Reclassification of additional paid-in capital upon conversion | |
| (1,281,603 | ) |
| Balance of derivative liability as of June 30, 2026 | |
$ | 27,790 | |
|
| 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 June 30, | | |
Six Months Ended June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Options to purchase common stock | |
| 2,189,836 | | |
| 44,501 | | |
| 2,189,836 | | |
| 44,501 | |
| Warrants to purchase common stock | |
| 13,202,348 | | |
| 95,746 | | |
| 13,202,348 | | |
| 95,746 | |
| Series C convertible preferred stock (*) | |
| 1,058,091 | | |
| 1,452,282 | | |
| 1,058,091 | | |
| 1,452,282 | |
| Series D convertible preferred stock (**) | |
| - | | |
| 2,074,689 | | |
| - | | |
| 2,074,689 | |
| Series E convertible preferred stock (***) | |
| 12,931,000 | | |
| - | | |
| 12,931,000 | | |
| - | |
| Convertible notes and related accrued interest (****) | |
| - | | |
| 2,436,375 | | |
| - | | |
| 2,638,734 | |
| Potentially dilutive securities | |
| 29,381,275 | | |
| 6,103,593 | | |
| 29,381,275 | | |
| 6,305,952 | |
| (*) | 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 three and six months ended June 30, 2025. |
|