Note 11. Warrants

In connection with the Private Placement Offering, the Company entered into a Placement Agency Agreement (the “Placement Agency Agreement”) with ThinkEquity, dated July 29, 2025, pursuant to which ThinkEquity served as placement agent in connection with the Private Placement Offering. The Company paid ThinkEquity a cash placement fee of $6,000,000, or 3.0% of the aggregate purchase price paid by the PIPE Purchasers (as defined below) in the Private Placement Offering. We also issued ThinkEquity warrants (the “Placement Agent Warrants”) to purchase up 3.0 million shares of Common Stock, at a price per share equal to $5.50.

In August 2025, the Company entered into side letter agreement (the “Side Letter Agreement”) with OGroup LLC to induce certain members of OGroup LLC to execute employment agreements with the Company. Pursuant to the Side Letter Agreement the Company issued warrants to purchase a total of 0.7 million shares of Common Stock at a price per share of $5.00 to certain individuals affiliated with OGroup LLC.

In connection with the Private Placement Offering and the Company’s establishment of the Company’s cryptocurrency treasury operations warrants to purchase an aggregate of 0.7 million shares of Common Stock at a price per share of $5.00 were issued to certain entities affiliated with FG Merchant Partners.

The following table summarizes activity for warrants for the nine months ended September 30, 2025:

Schedule of Activity for warrants