v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of consolidated financial instruments
                    
   Level in   March 31, 2025   December 31, 2024 
   Fair Value   Carrying   Fair   Carrying   Fair 
   Hierarchy   Amount   Value   Amount   Value 
Assets:                    
Cash and cash equivalents  1   $7,085,260   $7,085,260   $8,203,842   $8,203,842 
Restricted cash  1    925,004    925,004    925,004    925,004 
                         
Liabilities:                        
Convertible notes payable  3   $5,875,000   $5,770,000   $5,100,000   $5,065,000 
Convertible note payable at fair value  3    300,000    300,000    320,000    320,000 
Contingent consideration(1)  3    486,000    486,000    486,000    486,000 

 

(1)On December 31, 2024, the Company calculated the final contingent consideration to be $486,000 and it was paid on April 14, 2025.
Schedule of convertible notes payable
                    
       March 31, 2025   December 31, 2024 
   Level   Carrying Amount   Fair Value   Carrying Amount   Fair Value 
                     
10% convertible notes due in October 2026  3   $800,000   $785,000   $800,000   $793,000 
10% convertible notes due in November 2026  3    300,000    294,000    300,000    298,000 
10% convertible notes due in December 2026  3    650,000    635,000    650,000    643,000 
10% convertible notes due in January 2027  3    900,000    928,000    800,000    839,000 
10% convertible note due in March 2027  3    100,000    100,000    —      —   
10% convertible notes due in June 2027  3    150,000    146,000    150,000    148,000 
10% convertible notes due in August 2027  3    2,000,000    1,924,000    2,000,000    1,955,000 
10% convertible notes due in September 2027  3    400,000    384,000    400,000    389,000 
10% convertible notes due in January 2028  3    100,000    100,000    —      —   
10% convertible note due in March 2029  3    50,000    50,000    —      —   
10% convertible notes due in February 2030  3    425,000    425,000    —      —   
       $5,875,000   $5,771,000   $5,100,000   $5,065,000 
Schedule of fair value of the convertible notes
       
Fair Value Assumption – Convertible Debt   March 31, 2025   December 31, 2024
Stock Price   $ 1.01     $ 1.07  
Minimum Conversion Price   $ 1.00 – 5.00     $ 4.00 – 5.00  
Annual Asset Volatility Estimate     60 %     65 %
Risk Free Discount Rate     3.89 % - 3.96 %     4.23% -4.26 %
Schedule of estimated fair value
    
   March 4th Note 
Beginning fair value balance reported on the condensed consolidated balance sheet at December 31, 2024  $320,000 
Gain on the change in fair value reported in the condensed consolidated statements of operations   (20,000)
Ending fair value balance reported on the condensed consolidated balance sheet at March 31, 2025  $300,000 
Schedule of estimated fair value of assumptions
        
   March 31, 2025   December 31, 2024 
Face value principal payable  $500,000   $500,000 
Original conversion price  $7.82   $7.82 
Value of common stock  $1.01   $1.07 
Expected term (years)   4.93    5.18 
Volatility   90%   90%
Risk free rate   3.96%   5.18%