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

Conversion Option Derivative (Tables)

v3.25.4
Conversion Option Derivative (Tables)
12 Months Ended
Dec. 31, 2025
Conversion Option Derivative  
Schedule of valuation of conversion option derivative

​

​

​

​

​

​

Conversion Option Derivative Fair Value Model Assumptions

​

December 31, 2025

​

December 15, 2025

​

​

​

​

​

Expected life (years)

​

5.04

​

5.08

Volatility

​

60.0% - 70.4%

​

60.0% - 70.9%

Risk free rate

​

3.7%

​

3.7%

Expected dividend rate

​

0.0%

​

0.0%

Exercise price

​

$ 1.73

​

$ 1.73

Market price

​

$ 1.39

​

$ 1.33

​

Conversion option derivative  
Conversion Option Derivative  
Schedule of changes to the fair value of the Conversion Option Derivative

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​

​

​

Conversion Option Derivative

​

Total

​

​

​

December 31, 2024

​

—

​

​

​

Additions, at fair value, December 15, 2025

​

49,105

Fair value loss (gain)

​

3,130

Foreign exchange loss (gain)

​

23

​

​

​

December 31, 2025

​

52,258