| SCHEDULE OF DERIVATIVE WARRANT LIABILITY |
SCHEDULE OF DERIVATIVE WARRANT LIABILITY
| | |
December 31, 2024 | | |
December 31, 2025 | |
| Share Price | |
US$ | 7.95 | | |
US$ | 0.34 | |
| Exercise Price | |
US$ | 8.1782 | | |
US$ | 380 | |
| Expected life | |
| 1.7-
4.2 years | | |
| 3.20-4.27
years | |
| Risk-free interest rate | |
| 4.34 | % | |
| 3.66 | % |
| Dividend yield | |
| 0.00 | % | |
| 0.00 | % |
| Expected volatility | |
| 95 | % | |
| 95 | % |
| Early exercise threshold | |
US$ | 12.2673 | | |
US$ | 570 | |
The
following table presents the Monte Carlo assumptions for the dates on which B warrants were exercised:
| | |
April 1, 2024 | | |
April 9, 2024 | | |
May 17, 2024 | | |
May 21, 2024 | | |
August 29, 2024 | | |
September 3, 2024 | |
| Share Price | |
US$ | 1.43 | | |
US$ | 1.06 | | |
US$ | 1.1107 | | |
US$ | 1.25 | | |
US$ | 8.3 | | |
US$ | 8.5 | |
| Exercise Price | |
US$ | 1.3643 | | |
US$ | 1.3643 | | |
US$ | 1.3643 | | |
US$ | 1.3643 | | |
US$ | 8.1782 | | |
US$ | 8.1782 | |
| Expected life | |
| 4.9534
years | | |
| 4.9315
years | | |
| 4.8274
years | | |
| 4.8164
years | | |
| 4.5425
years | | |
| 4.5288
years | |
| Risk-free interest rate | |
| 4.35 | % | |
| 4.38 | % | |
| 4.46 | % | |
| 4.45 | % | |
| 3.69 | % | |
| 3.66 | % |
| Dividend yield | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % |
| Expected volatility | |
| 100.9 | % | |
| 102.26 | % | |
| 107.28 | % | |
| 107.25 | % | |
| 100.03 | % | |
| 99.86 | % |
| Early exercise threshold | |
US$ | 2.0465 | | |
US$ | 2.0465
| | |
US$ | 2.0465
| | |
US$ | 2.0465 | | |
US$ | 12.2673
| | |
US$ | 12.2673
| |
| | |
January 3, 2025 | | |
January 6, 2025 | | |
February 25, 2025 | |
| Share Price | |
US$ | 7.94 | | |
US$ | 7.41 | | |
US$ | 5.28 | |
| Exercise Price | |
US$ | 8.1782 | | |
US$ | 8.1782 | | |
US$ | 8.1782 | |
| Expected life | |
| 4.19
years | | |
| 4.19
years | | |
| 4.05
years | |
| Risk-free interest rate | |
| 4.37 | % | |
| 4.37 | % | |
| 4.10 | % |
| Dividend yield | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % |
| Expected volatility | |
| 95 | % | |
| 95 | % | |
| 95 | % |
| Early exercise threshold | |
US$ | 12.2673 | | |
US$ | 12.2673 | | |
US$ | 12.2673 | |
|
| SCHEDULE OF CHANGES IN THE WARRANT LIABILITY |
The
following table presents the changes in the warrant liability during the period:
SCHEDULE OF CHANGES IN THE WARRANT LIABILITY
| | |
| | |
| Balance as of December 31, 2023 | |
$ | 958,146 | |
| Issuance of March 2024 warrants | |
| 7,360,662 | |
| Reclassification to equity on exercise of warrants | |
| (12,667,047 | ) |
| Changes in fair value and modification of warrants* | |
| 28,866,166 | |
| Balance as of December 31, 2024 | |
$ | 24,517,927 | |
| Issuance of February 2025 warrants | |
| 20,552,190 | |
| Reclassification to equity on exercise of warrants | |
| (14,649,434 | ) |
| Changes in fair value and modification
of warrants* | |
| (30,414,881 | ) |
| Balance as of December 31, 2025 | |
$ | 5,802 | |
|
| SCHEDULE OF WARRANTS OUTSTANDING |
A
summary of the warrants outstanding for the year ended December 31, 2025 are summarized as follows:
SCHEDULE
OF WARRANTS OUTSTANDING
| |
|
Number of December 2023 Warrants |
|
|
Number of Series March 2024 A Warrants |
|
|
Number of Series March 2024 B Warrants |
|
|
Number of Series February 2025 A Warrants |
|
|
Number of Series February 2025 B Warrants |
|
|
Number of Pre Funded
2025
Warrants |
|
|
Number of
2025
Exchange Warrants |
|
| Outstanding at January 1, 2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issued during the period |
|
|
2,884,616 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised during the period |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cancelled during the period |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2023 |
|
|
2,884,616 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issued during the period |
|
|
|
|
|
|
134,166,665 |
|
|
|
268,333,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustment following the March 2024 reverse split |
|
|
(1,785,151 |
) |
|
|
(127,101,046 |
) |
|
|
(248,271,760 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised during the period |
|
|
|
|
|
|
(7,020,384 |
) |
|
|
(172,766 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustment following the August 2024 reverse split |
|
|
(916,051 |
) |
|
|
(37,689 |
) |
|
|
(16,570,923 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised during the period |
|
|
- |
|
|
|
|
|
|
|
(5,299 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expired during the period |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2024 |
|
|
184,314 |
|
|
|
7,546 |
|
|
|
3,312,582 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Exchange warrants |
|
|
(183,414 |
) |
|
|
|
|
|
|
(3,286,179 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123,142,329 |
|
| Issued during the period |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
27,960,512 |
|
|
|
201,315,663 |
|
|
|
2,011,616 |
|
|
|
- |
|
| Exercised during the period |
|
|
- |
|
|
|
(2,462 |
) |
|
|
(15,575 |
) |
|
|
|
|
|
|
(171,760,603 |
) |
|
|
(2,011,616 |
) |
|
|
(123,142,329 |
) |
| Adjustment following the April 2025 reverse split |
|
|
- |
|
|
|
(4,975 |
) |
|
|
(10,595 |
) |
|
|
(27,904,592 |
) |
|
|
(29,494,780 |
) |
|
|
- |
|
|
|
- |
|
| Exercised during the period |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
(59,289 |
) |
|
|
|
|
|
|
|
|
| Abandonment of warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,934 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2025 |
|
|
- |
|
|
|
109 |
|
|
|
233 |
|
|
|
50,986 |
|
|
|
991 |
|
|
|
0 |
|
|
|
0 |
|
| Exercise price at December 31, 2025 |
|
US$ |
- |
|
|
US$ |
- |
|
|
US$ |
380 |
|
|
|
380 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Remaining life in years |
|
|
- |
|
|
|
0.7 |
|
|
|
3.2 |
|
|
|
4.27 |
|
|
|
1.77 |
|
|
|
|
|
|
|
|
|
|