| SCHEDULE OF STOCK OPTION/WARRANTS ACTIVITIES |
The following table summarizes the stock option/warrant activities and related information for the nine months ended September 30, 2025 and 2024:
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Number of
Warrants |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Term
(Years) |
|
|
Intrinsic
Value |
|
As of January 1, 2024 |
|
|
4,918,998 |
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|
$ |
0.0064 |
|
|
|
10.00 |
|
|
$ |
— |
|
Granted |
|
|
449,190 |
|
|
|
0.0001 |
|
|
|
10.00 |
|
|
|
— |
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Additions pursuant to the Pono Merger* |
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12,134,375 |
|
|
|
11.50 |
|
|
|
5.00 |
|
|
|
|
Exercised |
|
|
(3,137,998 |
) |
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Forfeited/Cancelled |
|
|
(2,230,190 |
) |
|
|
0.0001 |
|
|
|
— |
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|
|
— |
|
As of September 30, 2024* |
|
|
12,134,375 |
|
|
$ |
11.50 |
|
|
|
5.00 |
|
|
$ |
— |
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|
|
|
|
|
|
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As of January 1, 2025 |
|
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12,134,375 |
|
|
$ |
11.50 |
|
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|
4.80 |
|
|
$ |
— |
|
Granted |
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— |
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— |
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— |
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|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited/Cancelled |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
As of September 30, 2025 |
|
|
12,134,375 |
|
|
$ |
11.50 |
|
|
|
4.05 |
|
|
$ |
— |
|
Vested and exercisable as of September 30, 2025 |
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|
12,134,375 |
|
|
$ |
11.50 |
|
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|
4.05 |
|
|
$ |
— |
|
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* |
As of September 30, 2024, there were 12,134,375 warrants issued by Pono, prior to the Pono Merger, among which 11,500,000 warrants were issued through its initial public offering (“IPO”) (“Public Warrants”) and 634,375 were issued through a private placement (“Placement Warrants”). Each warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share at any time commencing on October 17, 2024 until October 17, 2029, or earlier upon redemption or liquidation. |
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