| Schedule of activity of convertible notes |
| | | | | | | | Convertible Notes Continuity | | Total | Balance, January 1, 2025 | | $ | 21,412 | Accrued interest | | | 909 | Gain on the change in fair value of Convertible Notes | | | 508 | Change in fair value attributable to changes in credit risk | | | (57) | Foreign currency translation adjustment | | | 1,137 | Balance, June 30, 2025 | | $ | 23,909 |
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| Schedule of activity of convertible notes |
| | | | | | | | | | | | | | | | | | | | | | SAFEs | | SAFE Warrants | | Total | Balance, January 1, 2025 | | $ | — | | $ | — | | $ | — | Initial recognition | | | 38,206 | | | 6,101 | | | 44,307 | Finders’ fees SAFE Warrants | | | — | | | 2,000 | | | 2,000 | Change in fair value | | | 5,084 | | | 5,049 | | | 10,133 | Foreign currency translation | | | 1,050 | | | 21 | | | 1,071 | Balance, December 31, 2025 | | $ | 44,340 | | $ | 13,171 | | $ | 57,511 | Issuance | | | 172 | | | 28 | | | 200 | Change in fair value | | | 13,898 | | | 2,344 | | | 16,242 | Foreign currency translation | | | (2,257) | | | (76) | | | (2,333) | Balance, June 30, 2026 | | $ | 56,153 | | $ | 15,467 | | $ | 71,620 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | SAFE | | | | | | | SAFEs | | Warrants | | Total | | Balance, January 1, 2025 | | $ | — | | $ | — | | $ | — | | Initial recognition | | | 38,206 | | | 6,101 | | | 44,307 | | Finders’ fees SAFE Warrants | | | — | | | 2,000 | | | 2,000 | | Change in fair value | | | 5,084 | | | 5,049 | | | 10,133 | | Foreign currency translation | | | 1,050 | | | 21 | | | 1,071 | | Balance, December 31, 2025 | | $ | 44,340 | | $ | 13,171 | | $ | 57,511 | |
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| Schedule of assumptions used for calculation of convertible note |
| | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | SPAC probability | | 96 | % | 91 | % | IPO probability | | 1.3 | % | 3 | % | Change of control probability | | 1.3 | % | 3 | % | Dissolution | | 1.3 | % | 3 | % | Estimated time to conversion event (years) | | 0.10 | | 0.75 | |
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The significant assumptions used in the initial and December 31, 2025 valuations of the SAFEs are set forth in the table below. | | | | | | | | | | | | | | | | | | Initial | | December 31, | | | | recognition | | 2025 | | SPAC probability | | | 50 | % | | 91 | % | IPO probability | | | 22 | % | | 3 | % | Change of control probability | | | 22 | % | | 3 | % | Dissolution | | | 6 | % | | 3 | % | Estimated common share value at closing of a SPAC | | $ | 3.11 | | $ | 2.21 | | Discount rate | | | 34.53 | % | | 34.53 | % |
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| Schedule of assumptions used for calculation of convertible note |
| | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Fair value of common shares | | $ | 1.65 | | $ | 1.28 | | Exercise price | | | 1.975 | | | 1.997 | | Expected term | | | 2.4 years | | | 2.9 years | | Expected volatility | | | 120 | % | | 135 | % | Risk-free interest rate | | | 4.06 | % | | 3.49 | % | Expected dividend | | $ | — | | $ | — | |
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| | | | | | | | | | | | | | | | | | Initial | | December 31 | | | | recognition | | 2025 | | Fair value of common shares | | $ | 0.95 | | $ | 1.28 | | Weighted average expected term | | | 3.00 years | | | 2.9 years | | Weighted average expected volatility | | | 118 | % | | 135 | % | Weighted average risk-free interest rate | | | 3.00 | % | | 3.49 | % | Expected dividend | | $ | nil | | $ | nil | |
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