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WARRANTS (Tables)

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Warrant Activity and Outstanding Stakeholder Warrants and Stakeholder Warrant Shares and Stakeholder Warrants

The following table summarizes the activity related to our Penny Warrant Shares:

			Penny Warrant Shares
Outstanding as of December 31, 2023			201,588
Exercised			(12,105)
Outstanding as of December 31, 2024			189,483
Exercised			(189,483)
Outstanding as of September 30, 2025			—

The following table summarizes outstanding Stakeholder Warrants and Stakeholder Warrant Shares issuable upon the exercise of outstanding Stakeholder Warrants following the distribution:

Cash Exercise Stakeholder Warrants						Cash Exercise Stakeholder Warrant Shares						Net Settle Stakeholder Warrants						Net Settle Stakeholder Warrant Shares						Total Stakeholder Warrants						Total Stakeholder Warrant Shares
35,230,503						7,156,372						35,230,503						7,156,372						70,461,006						14,312,744

The following table summarizes the activity related to Stakeholder Warrants:

						Cash Exercise Stakeholder Warrants						Net Settle Stakeholder Warrants
Outstanding at December 31, 2024						—						—
Granted						35,230,503						35,230,503
Exercised						(8,205)						(58,302)
Outstanding at September 30, 2025						35,222,298						35,172,201

Schedule of Fair Value of the Stakeholder Warrants

The following table summarizes the fair value of the Stakeholder Warrants and the assumptions used to determine the fair value:

						Cash Exercise Stakeholder Warrants						Net Settle Stakeholder Warrants
Risk-free interest rate (%)						4.29		%				4.42		%
Expected stock price volatility (%)						57.50		%				57.50		%
Expected dividend yield						0.00		%				0.00		%
Expected option life (in years)						4.12						7.19
Fair value per Stakeholder Warrant						$0.47						$0.68

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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X

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

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