Company: JSDA
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001641172-25-017818
Chunk: 55

Company: JONES SODA CO.
Filing Date: 2025-07-03
Form: S-1
Chunk 55
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 an exercise price of $       (assuming               
 a public offering price of $       per share which is the last reported sales price of our common 
 stock on the OTCQB on            , 2025).                                                         |

| 34 |

<div align='center'>DILUTION</div>

If you invest in our common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the public offering price per share and the net tangible book value per share of our common stock immediately after this offering.

Our historical net tangible book value (deficit) as of March 31, 2025, was $9.8 million, or $0.08 per share of common stock. Historical net tangible book value (deficit) per share is determined by subtracting our total liabilities from the total book value of our tangible assets and dividing the difference by the number of shares of common stock deemed to be outstanding.

After giving effect to (i) the sale of all of the equity interests in our wholly-owned subsidiaries that held our THC infused cannabis business in both the United States and Canada to an independent third party for $3,000,000, including the issuance of the Note, and inventory as set forth in the SPA for approximately $61,000 and (ii) the issuance of 699,493 shares of common stock upon the vesting of restricted stock units, our pro forma net tangible book value (deficit) as of March 31, 2025 was $4.78 million, or $0.04 per share of common stock.

After giving further effect to the sale of shares of common stock in this offering at an assumed public offering price of $ per share, the last reported sales price of our common stock on the OTCQB on , 2025, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value per share as of March 31, 2025 was $ , or $ per share of common stock. This represents an immediate increase in as adjusted net tangible book value of $ per share to existing shareholders and immediate dilution of $ per share to new investors purchasing shares of common stock in this offering. The following table illustrates this dilution:

| Assumed                                                                                               
 public offering price per share                                                                       
 Pro                                                                                                   
 forma net tangible book value (deficit) per share as of March 31, 2025                                |     |   |     |   |
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