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WARRANTS | 12 Months Ended
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Dec. 31, 2025
Warrants |
WARRANTS | Note 12 WARRANTS IPO Warrants In connection with the Company’s initial public offering, the Company issued warrants to purchase shares of its common stock (the “IPO Warrants”). The IPO Warrants contain exercise price reset provisions whereby the exercise price may be adjusted based on the volume weighted average price of the Company’s common stock following issuance. In addition, the Company may, subject to holder consent, reduce the exercise price at the discretion of the Board of Directors. The IPO Warrants also provide the Company with redemption rights at a price equal to a multiple of the exercise price upon the satisfaction of certain market-based conditions. Due to the presence of exercise price reset features, discretionary repricing provisions and non-nominal redemption terms, the IPO Warrants do not meet the criteria for equity classification. Accordingly, the IPO Warrants are classified as warrant liabilities and are recorded at fair value at each reporting date, with changes in fair value recognized in earnings. The IPO Warrants are classified as Level 3 within the fair value hierarchy because they are not traded in an active market and their valuation relies on significant unobservable inputs. The fair value of the IPO Warrants is estimated using the Black-Scholes option pricing model, incorporating assumptions regarding the fair value of the Company’s common stock, expected term, expected volatility, risk-free interest rate, dividend yield, and adjustments for exercise price reset and redemption features. The expected term equals the remaining contractual term, as the IPO Warrants are fully vested and exercisable. Expected volatility is based on the historical volatility of a group of comparable publicly traded companies over a period consistent with the expected term. The risk-free interest rate is based on U.S. Treasury yields with maturities consistent with the expected term. The dividend yield is assumed to be zero, as the Company has not historically paid dividends and does not expect to pay dividends for the foreseeable future. Changes in key assumptions could materially affect the estimated fair value of the IPO Warrants.
Schedule of assumptions used |  |  |  |  |  |  |  |
|  | December 31, 2025 |  |  | December 31, 2024 |
Exercise price |  |  | 1.925 |  |  |  | 1.925 |
Risk free rate |  |  | 3.47% |  |  |  | 4.2% |
Dividend yield |  |  | 0% |  |  |  | 0% |
Expected term (year) |  |  | 1.65 |  |  |  | 2.65 |
Expected volatility |  |  | 36.67% |  |  |  | 36.25% |
The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 3 inputs:
Schedule of warranty liability activity |  |  |  |  |  |
|  | For the years ended December 31, |
|  | 2025 |  |  | 2024 |
|  | $ |  |  | $ |
Fair value at the beginning of period |  |  | 76,847 |  |  |  | 874,116 |
Fair value change of warrants included in earnings |  |  | (50,988 | ) |  |  | (797,269 | )
Fair value at the end of period |  |  | 25,859 |  |  |  | 76,847 |
The following is a summary of the IPO warrant activity:
Schedule of warrant activity |  |  |  |  |  |  |  |  |  |  |  |
|  | Number of Warrants |  |  | Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |
Outstanding and exercisable at January 1, 2024 |  |  | 1,999,146 |  |  |  | 1.93 |  |  |  | 3.62 |
Exercised |  |  | (15,276 | ) |  |  | 1.93 |  |  |  |  |
Outstanding and exercisable at December 31, 2024 |  |  | 1,983,870 |  |  |  | 1.93 |  |  |  | 2.62 |
Exercised |  |  | (3,039 | ) |  |  | 1.93 |  |  |  |  |
Outstanding and exercisable at December 31, 2025 |  |  | 1,980,831 |  |  |  | 1.93 |  |  |  | 1.62 |
Class A and Class B warrants The Company has issued Class A and Class B warrants to employees and other service providers as part of its equity compensation arrangements. The Class A and Class B warrants are exercisable into a fixed number of shares of the Company’s common stock at fixed exercise prices and are classified as equity. The Company estimated the grant-date fair value of warrants issued to service providers using the Black-Scholes option pricing model. The valuation model requires assumptions related to the fair value of the Company’s common stock on the grant date, expected term, expected volatility, risk-free interest rate, and dividend yield. The expected term of the warrants was estimated based on the contractual term of the warrants, as the warrants were fully vested and exercisable upon grant and no vesting period applies. Expected volatility was estimated using the historical volatility of comparable publicly traded companies over a period consistent with the expected term of the warrants. The risk-free interest rate was based on the U.S. Treasury yield in effect at the grant date with a maturity corresponding to the expected term of the warrants. The Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future; therefore, the dividend yield was assumed to be zero. The fair value of these warrants is measured on the grant date using a Black-Scholes option pricing model and is recognized as stock-based compensation expense over the requisite service period. These warrants are not subject to subsequent remeasurement after the grant date. The grant-date fair value of the warrants issued to service providers is estimated using a Black-Scholes option pricing model and recognized as stock-based compensation expense over the requisite service period. These warrants are not subsequently remeasured after the grant date.
Schedule of assumptions used |  |  |  |
|  | 2025 |
Exercise price |  |  | $1.50 |
Risk free rate |  |  | 3.72% |
Dividend yield |  |  | 0% |
Expected term (year) |  |  | 5 |
Expected volatility |  |  | 40.33% |
The following is a summary of the Class A and Class B warrant activity:
Schedule of warrant activity |  |  |  |  |  |  |  |  |  |  |  |
|  | Number of Warrants |  |  | Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |
Outstanding and exercisable at January 1, 2024 |  |  | 1,100,000 |  |  |  | 1.04 |  |  |  | 2.31 |
Exercised |  |  | (280,000 | ) |  |  | 0.75 |  |  |  |  |
Outstanding and exercisable at December 31, 2024 |  |  | 830,000 |  |  |  | 1.14 |  |  |  | 1.31 |
Granted |  |  | 156,667 |  |  |  | 1.50 |  |  |  |  |
Exercised |  |  | (320,000 | ) |  |  | 0.75 |  |  |  |  |
Outstanding and exercisable at December 31, 2025 |  |  | 666,667 |  |  |  | 1.41 |  |  |  | 1.39 |

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