12. Warrants

As of March 31, 2026 and March 31, 2025, the Company had 217,184 warrants outstanding with a weighted-average exercise price of $0.20 and remaining term of 7.2 years and 8.2 years, respectively. There were no changes in warrants outstanding during the period.

215,409 of these warrants were issued to service providers and are classified as equity warrants and were recorded in shareholders’ equity at the time of the Harmony merger. The remaining 1,775 warrants are classified as liability warrants and have a FV of $ nil. The expiration date of the equity warrants is April 14, 2034. The expiration date of the liability warrants is February 5, 2031.

ZRCN Inc.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2026 AND 2025