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

Stockholders Equity

v3.26.1
Stockholders Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders Equity
9.
STOCKHOLDERS EQUITY

Common Stock

As of December 31, 2025 and 2024, the Company had 184,264,000 shares of common stock issued and outstanding.

During the year ended December 31, 2022, the Company issued 5,496,000 shares of common stock to a vendor as compensation for $0.4 million of services provided to the Company. In accordance with the agreement, the Company issued 1,549,410 additional shares of common stock to the vendor during the year ended December 31, 2024.

During the year ended December 31, 2024, the Company issued 3,613,013 shares of common stock to another vendor as compensation for strategic advisory services provided to the Company. In accordance with the agreement, the issued shares vested over a six month period from the date of the agreement.

Warrants

The following represents a summary of the warrants outstanding as of December 31, 2025 and 2024:

 

 

 

 

 

 

 

 

 

Number of Shares Underlying
Warrants

 

Issue Date

 

Classification

 

Exercise Price

 

 

Expiration Date

 

December 31,
2025

 

 

December 31,
2024

 

March 30, 2022

 

Equity

 

$

0.1000

 

 

June 6, 2025

 

 

—

 

 

 

10,000,000

 

March 30, 2022

 

Equity

 

$

0.0875

 

 

June 6, 2025

 

 

—

 

 

 

750,000

 

 

 

 

 

 

 

 

 

 

—

 

 

 

10,750,000

 

 

During the year ended December 31, 2025, the Company cancelled 10,750,000 warrants with an weighted average exercise price of $0.0991 per share, as these warrants remained unexercised and the deadline to exercise these warrants lapsed.