Warrants

3 Months Ended

Mar. 31, 2026

Note 5 – Warrants

In February 2026, the Company issued a Common Stock Purchase Warrant (the “Alumni Warrant”) in connection with the Alumni SPA Agreement (Note 3). The Alumni Warrant entitles Alumni to purchase up to 4,166,667 shares of the Company’s common stock at an exercise price of $0.06 per share, and expires on February 5, 2031, five years from the date of issuance. The Alumni Warrant is exercisable immediately and may be exercised for cash or, after the six-month anniversary of issuance, on a cashless basis if no effective registration statement is filed.

A summary of activity of the warrants during the three months ended March 31, 2026, is as follows:

	Number of Warrants Outstanding		Weighted Average Exercise price		Weighted Average Remaining life (year)
Outstanding at December 31, 2025		5,145,943	$	0.25		2.85
Grant		4,166,667		0.06		5.00
Exercised		-		-		-
Cancelled		-		-		-
Outstanding at March 31, 2026		9,312,610	$	0.16		3.06

Exercisable at March 31, 2026		9,312,610	$	0.16		3.06

The aggregate intrinsic value of the warrants as of March 31, 2026 was $0.