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WARRANTS AND STOCK OPTIONS

12 Months Ended

Dec. 31, 2025

NOTE 11: WARRANTS AND STOCK OPTIONS

Common Stock Warrants

A summary of common stock warrant activity for the years ended December 31, 2025 and 2024 is as follows:

	Common			Weighted
	Stock			Average
	Warrants			Exercise Price
Outstanding - December 31, 2024		45,701		$	580.12
Granted		36,788,155			0.42
Exercised		(5,701,820	)		0.20
Forfeited		(20,555	)		144.00
Outstanding - December 31, 2025		31,111,481		$	1.13

Exercisable at December 31, 2024		45,701		$	580.12
Exercisable at December 31, 2025		31,111,481		$	1.13

Warrant Transactions

MavDB Consulting LLC Pre-Funded Warrants

On January 21, 2025, in connection with a two-year marketing services agreement, the Company issued 2,068,965 pre-funded warrants to MavDB Consulting LLC at an exercise price of $0.01 per share. The fair value of the pre-funded warrants was $2,689,656 ($1.30 per share), recorded as a prepaid marketing asset. The warrants are immediately exercisable and expire two years from issuance. See Note 5.

February 2025 Offering Warrants

In February 2025, the Company issued 33,970,485 warrants pursuant to the February 2025 Offering (see Note 10), including 11,239,805 pre-funded warrants exercisable at $0.0001 per share with no expiration date, and 22,730,680 common stock purchase warrants exercisable at $0.66 per share. During the year ended December 31, 2025, 8,730,796 warrants were exercised for shares of common stock, generating aggregate proceeds of $5,807,576. The Company also issued placement agent warrants to purchase up to 748,705 shares of common stock at $0.76 per share in connection with the February 2025 Offering.

As of December 31, 2025, stock payable of $4,951,128 represents amounts received from warrant holders for exercises in which the underlying shares of common stock had not yet been issued as of December 31, 2025. During August 2025, certain warrant holders exercised Common Share Purchase Warrants at $0.66 per share for aggregate proceeds of approximately $5.0 million; the shares had not been issued as of December 31, 2025 and accordingly the proceeds were recorded as stock payable.

Stock Options

As of December 31, 2025 and 2024, the Company had 31 stock options outstanding with a weighted average exercise price of $452,500 per share. All outstanding options are exercisable. No options were granted, exercised, or forfeited during the year ended December 31, 2025.

Stock-based compensation expense of $0 and $169,614 was recognized for the years ended December 31, 2025 and 2024, respectively. There is no unrecognized compensation cost related to outstanding stock options as of December 31, 2025.

The 2020 Omnibus Incentive Stock Plan (the “2020 Plan”) authorizes an aggregate of 26 shares of common stock for awards. As of December 31, 2025, grants covering 22 shares have been made and 4 shares remain available for future issuance under the 2020 Plan.