v3.25.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets

The Company has the following prepaid and other expenses totaling for the periods ending March 31, 2025 and December 31, 2024:

 

   March 31, 2025   December 31, 2024 
Acquired intangible assets  $43,500   $43,500 
Prepaid professional fees   50,000    50,000 
Security deposits totaling   47,380    18,628 
Prepaid insurance   106,450    159,675 
Other current assets   61,400    89,840 
Various prepaid expenses   164,995    151,606 
Total prepaid and other expenses  $473,725   $513,249 
Schedule of Investment Securities Broker Dealer
   March 31, 2025   December 31, 2024 
Investment securities, at fair value:          
Common stock of publicly traded companies  $2,194,542   $2,527,871 
Warrants of publicly traded companies   3,191,376    3,330,465 
Investment securities, at fair value  $5,385,918   $5,858,336 
Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 except for the Level 3 investment that is recorded at cost:

 

 

Assets  Classification  Level 1   Level 2   Level 3   Total 
                    
Investment Securities (held by our licensed broker dealer)  Equity securities–- common stock  $2,194,542   $-   $-   $2,194,542 
                        
Investment Securities (held by our licensed broker dealer)  Warrants   -    237,446    2,953,930    3,191,376 
                        
Total assets measured at fair value (held by our licensed broker dealer)     $2,194,542   $237,446   $2,953,930   $5,385,918 
 

The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 except for the Level 3 investment that is recorded at cost:

 

Assets  Classification  Level 1   Level 2   Level 3   Total 
                    
Investment Securities (held by our licensed broker dealer)  Equity securities–- common stock  $2,527,871   $-   $-   $2,527,871 
                        
Investment Securities (held by our licensed broker dealer)  Warrants   -    667,746    2,662,719    3,330,465 
                        
Total assets measured at fair value (held by our licensed broker dealer)     $2,527,871   $667,746   $2,662,719   $5,858,336 
 
Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy

Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy:

 

 

         
December 31, 2024   $ 2,662,719  
         
Receipt from investment banking fees     990,426  
Realized gains     -  
Unrealized losses     (699,215 )
Sales or distribution     -   
Purchases     -  
March 31, 2025   $ 2,953,930  
 

Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy:

 

         
December 31, 2023   $ 3,133,458  
         
Receipt from investment banking fees     -  
Realized gains     -  
Unrealized losses     (470,739 )
Sales or distribution     -   
Purchases     -  
December 31, 2024   $ 2,662,719  
 
Schedule of Significant Unobservable Inputs Related to Material Components of Level 3 Warrants

The following table presents information about significant unobservable inputs related to material components of Level 3 warrants as of March 31, 2025.

 

 

Assets   Fair Value     Valuation Techniques   Significant Unobservable Inputs   Range of Inputs     Weighted-Average  
                                 
Warrants   $ 2,897,280     Black Scholes   Volatility     98.22-99.26 %     98.50 %
The following table presents information about significant unobservable inputs related to material components of Level 3 warrants as of December 31, 2024.

 

Assets   Fair Value     Valuation Techniques   Significant Unobservable Inputs   Range of Inputs     Weighted-Average  
                                 
Warrants   $ 2,662,719     Black Scholes   Volatility     111.03 %     111.03 %
 
Schedule of Estimated Useful Lives of Property and Equipment

 

Laboratory equipment   5 years
Furniture and fixtures   7 years
Leasehold improvements   Lesser of the lease duration or the life of the improvements
Schedule of Property and Equipment

Property and equipment consist of the following as of March 31, 2025 and December 31, 2024, respectively:

 

   March 31, 2025   December 31, 2024 
         
Laboratory equipment  $-   $- 
Furniture and fixtures   -    - 
Developed software   113,114    113,114 
Leasehold improvements   -    - 
Total property and equipment   113,114    113,114 
Less: Accumulated depreciation   (28,278)   (22,623)
Property and equipment, net  $84,836   $90,491 
Schedule of Changes in Deferred Revenue

PatentVest’s contract liabilities which is presented as deferred revenue, consist of advance payments. The table below shows changes in deferred revenue:

 

Balance as of December 31, 2023   $ -  
Amounts billed but not recognized     100,000  
Revenue recognized     80,000  
Balance as of March 31, 2024     20,000  
Amounts billed but not recognized     -  
Revenue recognized     20,000  
Balance as of December 31, 2024     -  
Amounts billed but not recognized     -  
Revenue recognized     -  
Balance as of March 31, 2025   $ -  
Summary of Grants Receivable Activity

Summary of grants receivable activity for the three-months ended March 31, 2024 is presented below:

 

    2024 
      
Balance at beginning of period   $882,319 
Grant costs expensed    674,158 
Grants for equipment purchased    6,379 
Grant fees    28,163 
Grant funds received    (479,408)
Balance at end of period   $1,111,611