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

STOCKHOLDERS??? EQUITY (Tables)

v3.26.1
STOCKHOLDERS’ EQUITY (Tables)
12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
SCHEDULE OF WARRANT ACTIVITY

Warrant activity for the years ending December 31, 2025 and 2024 is as follows:

 

    Number of Warrants     Weighted Average Exercise Price  
             
Balance, December 31, 2023     1,032     $ 0.15  
Issued     13,885       0.01  
Expired            
Exercised     (1,899 )     0.01  
Balance, December 31, 2024     13,018       0.01  
Issued     32,433,940       0.01  
Expired or rescinded     (9,486     0.01  
Exercised     (1,375,435 )     0.01  
Balance, December 31, 2025     31,062,037     $ 0.01  
SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODELS FOR WARRANTS ISSUED

The following table summarizes the weighted-average assumptions used in the Black-Scholes model for warrants measured at fair value at issuance:

 

    2025     2024  
Stock price     $3.46       $2,760.00 - $3,037.50  
Risk-free interest rate     4.25 %     3.79% - 4.39 %
Expected term (in years)     4.0       5.8 to 6.0  
Expected share price volatility     120.00 %     79.85 %
Expected dividend yield     - %     - %
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share of our Class A common stock is as follows (in thousands, except share and per share amounts):

 

(in thousands, except per share data)   2025     2024  
    For the year ended December 31,  
(in thousands, except per share data)   2025     2024  
Numerator:            
Net loss   $ (85,580 )   $ (17,657 )
Less: Net loss attributable to non-controlling interests           17  
Net loss attributable to Class A common stockholders   $ (85,580 )   $ (17,640 )
Denominator:                
Weighted average shares of Class A common stock outstanding*    

7,491,560

      1,212,000  
Net loss per share of Class A common stock - basic and diluted*   $ (11.42 )   $ (14.56 )

 

* After giving effect to the June 2025 1-for-750 Reverse Stock Split.
SCHEDULE OF OUTSTANDING POTENTIALLY DILUTIVE SECURITIES

The following table presents the total number of potential common shares excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive (in common stock equivalent shares):

 

    December 31, 2025     December 31, 2024  
    For the year ended  
    December 31, 2025     December 31, 2024  
Stock options to purchase common stock     1,880,000       5  
Warrants to purchase common stock     31,062,037       1,032  
Antidilutive Securities, value     32,942,037       1,037