Note 20 – Loss Per Share

Basic loss per share is calculated by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period, determined by weighting each issuance by the number of days it was outstanding, including the 250,000 shares issued for cash described in Note 14 from their effective date of August 12, 2026. Diluted loss per share is calculated using the treasury stock and if-converted methods. For the three months ended August 31, 2026 and 2025 the Company reported a net loss and all potentially dilutive securities were therefore antidilutive and excluded from the calculation of diluted loss per share. Basic and diluted loss per share for the three months ended August 31, 2026 was $(0.04) on a weighted average of 96,547,583 shares, compared with $(0.03) on 82,305,910 shares for the three months ended August 31, 2025.

The following potentially dilutive securities were excluded from the calculation of diluted loss per share:

Shares issuable on conversion of the notes outstanding at August 31, 2026 have been estimated using conversion prices of $0.0781 to $0.1212 per share, derived from the discount-to-market formulas in the respective notes applied to the trading prices of the common stock at August 31, 2026; the notes issued during the quarter are not convertible until six months after issuance. The beneficial ownership limitations in the notes restrict the number of shares any one holder may hold at a single point in time but do not limit the aggregate number issuable over time.