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:
Schedule
of Prepaid Expenses and Other Current Assets
| |
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 |
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:
Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
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:
Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy
|
|
|
|
|
December
31, 2024 |
|
$ |
2,662,719 |
|
Beginning balance |
|
$ |
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 |
|
Ending balance |
|
$ |
2,953,930 |
|
Reconciliation
of fair value measurements categorized within Level 3 of the fair value hierarchy:
|
|
|
|
|
December
31, 2023 |
|
$ |
3,133,458 |
|
Beginning balance |
|
$ |
3,133,458 |
|
|
|
|
|
|
Receipt
from investment banking fees |
|
|
- |
|
Realized
gains |
|
|
- |
|
Unrealized
losses |
|
|
(470,739 |
) |
Sales
or distribution |
|
|
- |
|
Purchases |
|
|
- |
|
December
31, 2024 |
|
$ |
2,662,719 |
|
Ending balance |
|
$ |
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.
Schedule of Significant Unobservable Inputs Related to Material Components of Level 3 Warrants
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 |
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:
Schedule of Property and Equipment
| |
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:
Schedule of 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:
Summary of Grants Receivable Activity
|
|
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 | |
|