| Schedule of Common Stock Issuable Upon Exercise of Warrants Outstanding |
The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding as of June 30, 2026: | | | Warrants Outstanding | | | | | Range of Exercise Price | | | Number Outstanding at June 30, 2026 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | | | | | | | | | | | | | | | Public and Private Warrants | | | 11,500 | | | | 6,701 | | | | 0.03 | | | | 908.75 | | | September 2025 Private Placement Warrant | | | 675.63 | | | | 3,777 | | | | 3.10 | | | | 173.75 | | | February 2026 Warrants | | | 266.25 | | | | 701,746 | | | | 4.66 | | | | 177.50 | | | | | | 266.25-11,500 | | | | 712,224 | | | | 4.61 | | | | 184.36 | | The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding as of December 31, 2025: | | | Warrants Outstanding | | | | | Range of Exercise Price | | | Number Outstanding at December 31, 2025 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | | | | | | | | | | | | | | | Public and Private Warrants | | | 11,500.00 | | | | 6,701 | | | | 0.53 | | | | 2,023.75 | | | April 2024 Warrants | | | 860.00 | | | | 116 | | | | 0.01 | | | | 2.50 | | | August 2025 Warrant | | | 550.00 | | | | 2,000 | | | | 0.24 | | | | 28.75 | | | September 2025 Private Placement Warrant | | | 675.63 | | | | 29,268 | | | | 3.60 | | | | 518.75 | | | | | | 0.0125 – 11,500.00 | | | | 38,085 | | | | 2.87 | | | | 756.25 | |
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The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding of December 31, 2025: | | | Warrants Outstanding | | | | | Range of Exercise Price | | | Number Outstanding at December 31, 2025 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | | | | | | | | | | | | | | | Public and Private Warrants | | | 92.00 | | | | 837,625 | | | | 0.53 | | | | 16.19 | | | April 2024 Warrants | | | 6.88 | | | | 14,535 | | | | 0.01 | | | | 0.02 | | | August 2025 Warrant | | | 4.4 | | | | 250,000 | | | | 0.24 | | | | 0.23 | | | September 2025 Private Placement Warrant | | | 5.405 | | | | 3,658,537 | | | | 3.60 | | | | 4.15 | | | | | | 0.0001 – 92.00 | | | | 4,760,697 | | | | 2.87 | | | | 6.05 | | The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding at December 31, 2024: | | | Warrants Outstanding | | | | | Range of Exercise Price | | | Number Outstanding at December 31, 2024 | | | Weighted Average Remaining Contractual Life (Years) | | | Weighted Average Exercise Price | | | | | | | | | | | | | | USD | | | | | | | | | | | | | | | | | Public and Private Warrants | | | 92.00 | | | | 837,625 | | | | 0.61 | | | | 14.10 | | | April 2024 Warrants | | | 6.88 | | | | 14,535 | | | | 0.01 | | | | 0.02 | | | June 2024 Warrants | | | 2.00 | | | | 150,000 | | | | 0.12 | | | | 0.05 | | | August 2024 Warrants | | | 2.00 | | | | 175,000 | | | | 0.15 | | | | 0.06 | | | November 2024 Warrant | | | 2.41 | | | | 351,424 | | | | 0.31 | | | | 0.15 | | | Pre-funded Warrants | | | 0.0001 | | | | 1,436,666 | | | | 1.30 | | | | 0.00 | | | Private Placement Warrant | | | 6.00 | | | | 2,499,999 | | | | 2.27 | | | | 2.74 | | | | | | 0.0001 – 92.00 | | | | 5,465,249 | | | | 4.77 | | | | 17.12 | |
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| Schedule of Warrant Activities |
Warrant activities for the six months ended June 30, 2026 were as follows: | | | Number of warrants | | | Weighted Average Exercise Price | | | | | | | | USD | | | | | | | | | | | Outstanding at December 31, 2025 | | | 38,085 | | | | 2,573.75 | | | Expired | | | (116 | ) | | | 860.00 | | | Granted | | | 701,746 | | | | 177.50 | | | Exercised | | | (27,491 | ) | | | 648.75 | | | | | | 712,224 | | | | 1,260.00 | |
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Warrant activities for the year ended December 31, 2025 were as follows: | | | Number of warrants | | | Weighted Average Exercise Price | | | | | | | | USD | | | | | | | | | | | Outstanding at December 31, 2024 | | | 5,465,249 | | | | 17.12 | | | Granted | | | 5,610,625 | | | | 0.02 | | | Exercised | | | (6,315,177 | ) | | | 2.74 | | | | | | 4,760,697 | | | | 17.12 | |
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| Schedule of Black-Scholes Option Pricing Model for Liability-Classified Stock Purchase Warrants |
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The assumptions used for the Black-Scholes option pricing model for liability-classified stock purchase warrants are as follows: | June 2024 Warrants | | November 2024 Modification | | | Expected volatility (%) | | | 113.8 | % | | Risk-free interest rate (%) | | | 4.40 | % | | Expected dividend yield | | | 0.0 | % | | Expected term of options (years) | | | 4.6 | | | Exercise price (US dollars) | | | 2.0 | | | Share price (US dollars) | | | | | | November 2024 Warrants | | November 2024 Issuance | | | Expected volatility (%) | | | 113.8 | % | | Risk-free interest rate (%) | | | 4.20 | % | | Expected dividend yield | | | 0.0 | % | | Expected term of options (years) | | | 5 | | | Exercise price (US dollars) | | | 2.0 | | | Share price (US dollars) | | | | | The fair value of the JV Warrants was calculated as of grant date using a Monte Carlo simulation model. The key assumptions used in the valuation were as follows: | Fair value of the JV Warrants | | August 28, 2025 | | | Expected volatility (%) | | | 110.10 | % | | Risk-free interest rate (%) | | | 3.65 | % | | Expected dividend yield | | | 0.0 | % | | Expected term of options (years) | | | 5 | | | Exercise price (US dollars) | | $ | 4.40 | | | Share price (US dollars) | | $ | 4.33 | | | Fair value (U.S. dollars) | | $ | 1,673 | |
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