v3.25.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Marketable Securities

The following is a description of the valuation methodologies used for assets measured at fair value as of December 31, 2024 and December 31, 2023.

 

Marketable Securities: Valued using quoted prices in active markets for identical assets.

 

   Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1)		   Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)   Significant Unobservable Inputs (Level 3) 
Marketable securities at December 31, 2024  $8,345,081   $         -   $      - 
                
Marketable securities at December 31, 2023  $2,242,106   $-   $- 
Schedule of Fair Value Hierarchy of the Valuation Inputs

 

       As of December 31, 
Description  Level   2024   2023 
Liabilities               
Warrant Liabilities   3   $-   $867,000 
Derivative Liabilities   3   $1,282,000   $61,000 
Summary of Change in Fair Value of Warrant Liabilities

The following table sets forth a summary of the change in the fair value of the warrant liabilities that is measured at fair value on a recurring basis for the years ended December 31, 2024 and 2023:

 

   As of December 31, 
Description  2024   2023 
Balance on December 31, 2023 and 2022  $867,000   $- 
Issuance of warrants reported at fair value   -    10,623,000 
Changes in fair value of warrant liabilities   7,094,000    (1,175,000)
Reclassification of warrant liability to equity upon warrant modification   (7,961,000)     
Balance on March 31,   -    9,448,000 
Issuance of warrants reported at fair value   21,992,000    - 
Changes in fair value of warrant liabilities   (2,701,000)   (1,635,000)
Balance on June 30,   19,291,000    7,813,000 
Changes in fair value of warrant liabilities   17,000    (5,356,000)
Reclassification of warrant liability to equity upon warrant modification   (19,308,000)   - 
Balance on September 30,   -    2,457,000 
Changes in fair value of warrant liabilities   -    (1,590,000)
Balance on December 31,  $-   $867,000 
Summary of Change in Fair Value of Derivative Liabilities

The following table sets forth a summary of the change in the fair value of the derivative liabilities that is measured at fair value on a recurring basis for the years ended December 31, 2024 and 2023:

 

   As of December 31, 
Description  2024   2023 
Balance on December 31, 2023 and 2022  $61,000   $- 
Issuance of derivatives reported at fair value   -    3,149,800 
Changes in fair value of derivative liabilities   (61,000)   120,700 
Balance on March 31,   -    3,270,500 
Issuance of derivatives reported at fair value   854,000    - 
Changes in fair value of derivative liabilities   72,000    194,500 
Balance on June 30,   926,000    3,465,000 
Changes in fair value of derivative liabilities   356,000    (2,566,900)
Balance on September 30,   1,282,000    898,100 
Changes in fair value of derivative liabilities   21,000    (837,100)
Balance on December 31,  $1,303,000   $61,000 
Schedule of Estimated Useful Lives of Property Plant and Equipment

The estimated useful lives for the current and comparative periods are as follows:

 

   Useful Life
   (in years)
Plant and equipment  5-12
Furniture and fixtures  5-10
Computer equipment & software  3-5
Leasehold Improvements  Shorter of the remaining lease or estimated useful life
Schedule of Estimated Useful Lives of Intangible Assets

Amortization is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and comparative periods are as follows:

 

    Useful Life
    (in years)
Patents and trademarks   12-17
Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease

Lease expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis over the lease term.

 

The Company’s operating leases are comprised of the 2024 Baltimore Lease, the 2021 Baltimore Lease and the Platt Street Lease on the Consolidated Balance Sheets. The information related to these leases are presented below:

 

Balance Sheet Location  Lease   Lease   Lease   Total   Lease   Lease   Total 
   As of December 31, 2024   As of December 31, 2023 
   Platt Street   2021 Baltimore   2024 Baltimore       Platt Street   2021 Baltimore     
Balance Sheet Location  Lease   Lease   Lease   Total   Lease   Lease   Total 
Operating Lease                                   
Lease Right of Use  $-   $-   $10,579   $10,579   $-   $47,389   $47,389 
Lease Payable, current   -    -    10,579    10,579    -    48,870    48,870 
Lease Payable - net of current   -    -    -    -    -    -    - 
Schedule of Lease Expense

The following provides details of the Company’s lease expense:

 

Lease Expenses  Lease   Lease   Lease   Total   Lease   Lease   Total 
   For the Years Ended December 31, 2024   For the Years Ended December 31, 2023 
   Platt Street   2021 Baltimore   2024 Baltimore       Platt Street   2021 Baltimore     
Lease Expenses  Lease   Lease   Lease   Total   Lease   Lease   Total 
Operating Leases                                   
Lease Costs  $-   $18,672   $21,600   $40,272   $18,868   $54,400   $73,268 
Schedule of Other Information Related to Leases

Other information as of December 31, 2024 related to leases is presented below:

 

    Other Lease Information
   Platt Street   2021 Baltimore   2024 Baltimore     
Other Information  Lease   Lease   Lease   Total 
Operating Leases                    
Operating cash used  $-   $18,672   $21,600   $40,272 
Average remaining lease term   -    -    4    4 
Average discount rate   10.0%   10.0%   10.0%   10.0%
Schedule of Operating Lease Minimum Lease Payments

As of December 31, 2024, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:

 

   Platt Street   2021 Baltimore   2024 Baltimore     
    Annual Minimum Lease Payments
   Platt Street   2021 Baltimore   2024 Baltimore     
   Lease   Lease   Lease   Total 
For Years Ending December 31,                    
2024   -    -    -   $- 
2025   -    -    10,800    10,800 
Total future minimum lease payments, undiscounted  $-   $-   $10,800   $10,800 
Less: Imputed interest   -    -    221    221 
Present value of future minimum lease payments  $-   $-   $10,579   $10,579 
Schedule of Weighted Average Number of Shares Outstanding Earnings Per Share

As of December 31, 2024 and 2023, the following securities are excluded from the calculation of weighted average dilutive common stock because their inclusion would have been anti-dilutive:

 

   2024   2023 
   For the Years Ended
December 31,		 
   2024   2023 
Stock Options   45,226    47,286 
Unvested Restricted Stock Units   48,334    88,668 
Warrants to purchase Common Stock   33,293,640    4,933,622 
Series C Preferred Convertible Warrants   -    918 
Series D Preferred Convertible Stock   1,217    1,217 
Series F Preferred Convertible Stock   3,239,231    3,318,626 
Series F-1 Convertible Preferred Stock   3,651,538    - 
Series G Convertible Preferred Stock   6,833,846    - 
Total potentially dilutive shares   47,113,032    8,390,337