Annual report [Section 13 and 15(d), not S-K Item 405]

Stockholders' Deficit (Tables)

v3.26.1
Stockholders' Deficit (Tables)
12 Months Ended
Dec. 31, 2025
Summary of assumptions used to value the warrants

The following table presents the assumptions used to value the warrants:

 

 

December 31, 2025

 

 

December 31, 2024

 

Stock price

 

$

0.01

 

 

$

0.01

 

Exercise price

 

$0.47-$0.50

 

 

$0.47 - $0.50

 

Expected term

 

2.03-2.24 years

 

 

3.03-3.07 years

 

Risk-free rate

 

 

3.48

%

 

 

4.27

%

Dividend yield

 

 

 

 

Volatility

 

543.38%-548.72%

 

 

444.84%-447.87%

 

 

 

Summary of outstanding warrants

A summary of the Company’s warrants activity for the years ended December 31, 2025 and 2024 is presented below:

 

December 31, 2025

 

 

December 31, 2024

 

 

Number of Warrants

 

 

Weighted
Average
Exercise
Price

 

 

Number of Warrants

 

 

Weighted
Average
Exercise
Price

 

Warrants outstanding, beginning of year

 

4,625,000

 

 

$

0.81

 

 

 

4,732,391

 

 

$

0.95

 

Granted

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

Cancelled, forfeited and expired

 

(3,625,000

)

 

 

0.90

 

 

 

(107,391

)

 

 

7.21

 

Warrants outstanding, end of year

 

1,000,000

 

 

$

0.49

 

 

 

4,625,000

 

 

$

0.81

 

Warrant exercisable, end of year

 

1,000,000

 

 

$

0.49

 

 

 

4,625,000

 

 

$

0.81

 

Schedule of fair value of conversion feature liabilities The risk‑free interest rate is based on the implied yield available on U.S. Treasury issues with a term approximating the expected life of the options depending on the date of the grant and expected life of the respective options.

 

 

November 2025

 

 

January 2024

 

Stock price

 

$

0.01

 

 

$

0.11

 

Exercise price

 

$

0.01

 

 

$

0.15

 

Expected term

 

5 years

 

 

5-5.75 years

 

Risk-free rate

 

 

3.68

%

 

3.80-3.81%

 

Dividend yield

 

 

 

 

Volatility

 

 

363.44

%

 

127.39-136.00%

 

Summary of stock option activity

A summary of the Company’s stock option activity for the years ended December 31, 2025 and 2024 is presented below:

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

Number of
Options

 

 

Weighted‑
Average
Exercise
Price

 

 

Number of
Options

 

 

Weighted‑
Average
Exercise
Price

 

Options outstanding, beginning of year

 

 

5,287,284

 

 

$

3.54

 

 

 

3,223,881

 

 

$

5.97

 

Granted or deemed issued

 

 

50,000

 

 

$

0.01

 

 

 

2,360,000

 

 

$

0.15

 

Exercised

 

 

 

 

$

 

 

 

 

 

$

 

Cancelled, forfeited and expired

 

 

(672,542

)

 

$

2.88

 

 

 

(296,597

)

 

$

0.34

 

Options outstanding, end of year

 

 

4,664,742

 

 

$

3.60

 

 

 

5,287,284

 

 

$

3.54

 

Options exercisable at end of year

 

 

4,646,686

 

 

$

3.60

 

 

 

4,819,920

 

 

$

3.59

 

Options available for future grant

 

 

880,000

 

 

 

 

 

 

419,167