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Warrants | 12 Months Ended
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Dec. 31, 2025
Warrants |
Warrants | Note 11 –Warrants The Company accounts for issued warrants either as a liability or equity in accordance with ASC 480-10 or ASC 815-40. Under ASC 480-10, warrants are considered a liability if they are mandatorily redeemable and they require settlement in cash, other assets, or a variable number of shares. If warrants do not meet liability classification under ASC 480-10, the Company considers the requirements of ASC 815-40 to determine whether the warrants should be classified as a liability or as equity. Under ASC 815-40, contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in the consolidated statements of operations as a gain or loss. If warrants do not require liability classification under ASC 815-40, in order to conclude warrants should be classified as equity, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP standard. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date. In 2022, 2023, 2024, and 2025, the Company completed six (6) financing events, and in connection therewith, it issued warrants as follows:
Schedule of warrants issued with financing |  |  |  |  |  |
Issuance Date/Type |  | Number |  | Exercise Price |  | Expiry Date
Feb 17, 2022 (“Tradeable Warrants”)* |  | 2,051 |  | $4,440.00 |  | February 2027
Mar 14, 2022 (“2022 Pre-Funded Warrants”) |  | 1,846 |  | $2.00 |  | Unlimited
Mar 14, 2022 (“Investor Warrants”) |  | 1,801 |  | $4,440.00 |  | March 2027
Apr 28, 2022 (“April Warrants”) |  | 4,862 |  | $7,520.00 |  | April 2027
May 16, 2023 (“May Pre-Funded Warrants”) |  | 1,751 |  | $2.00 |  | Unlimited
May 16, 2023 (“May Investor Warrants”) |  | 5,952 |  | $1,180.00 |  | November 2028
Feb 15, 2024 (“2024 Pre-Funded Warrants”) |  | 22,500 |  | $2.00 |  | Unlimited
Feb 15, 2024 (“Series A Warrants”) |  | 3,986** |  | $4,200.00** |  | August 2026
Feb 15, 2024 (“Series B Warrants”) |  | 7,973** |  | $4,760.00** |  | February 2029
Apr 03, 2025 (“2025 Pre-Funded Warrants”) |  | 260,000 |  | $0.001 |  | Unlimited
* | These warrants trade under the ticker symbol SBFMW
** | Subject to adjustment
On February 11, 2024, the Company redeemed all of the April Warrants and all of the May Investor Warrants for an aggregate purchase price of $3,139,651. As of December 31, 2025, all of the 2022 Pre-Funded Warrants, all of the May Pre-Funded Warrants, all of the 2024 Pre-Funded Warrants, all of the 2025 Pre-Funded Warrants, a total of 1,569 Tradeable Warrants, 1,401 Investor Warrants, all of the Series A Warrants, and 2,269,303 Series B Warrants (as adjusted) were exercised resulting in aggregate net proceeds of $18,136,992 received by the Company. The Company’s outstanding warrants as of December 31, 2025 consisted of the following:
Schedule of warrants outstanding |  |  |  |  |  |
Type |  | Number |  | Exercise Price |  | Expiry Date
Tradeable Warrants* |  | 482 |  | $220.00 |  | February 2027
Investor Warrants |  | 400 |  | $4,000.00 |  | March 2027
Series B Warrants |  | 15,227,962** |  | $2.07** |  | February 2029
* | These warrants trade under the ticker symbol SBFMW
** | As adjusted following the financing event of April 3, 2025 and subject to further adjustment of the number of warrants and exercise price upon certain corporate actions such that the aggregate exercise price of the warrants remains unchanged

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