Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis |
The fair value of financial instruments measured on a recurring basis
is as follows as of December 31, 2024 and 2023:
| | |
As of December 31, 2024 | |
| Description | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| Liabilities: | |
| | |
| | |
| | |
| |
| Contingent warrant liabilities | |
$ | 43,089 | | |
| — | | |
| — | | |
$ | 43,089 | |
| Subscription agreement liability – related party | |
| 4,123,000 | | |
| — | | |
| — | | |
| 4,123,000 | |
| Total | |
$ | 4,166,089 | | |
$ | — | | |
$ | — | | |
$ | 4,166,089 | |
| | |
As of December 31, 2023 | |
| Description | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| Liabilities: | |
| | |
| | |
| | |
| |
| Contingent warrant liability | |
$ | 2,641 | | |
| — | | |
| — | | |
$ | 2,641 | |
| Subscription agreement liability – related party | |
| 864,000 | | |
| — | | |
| — | | |
| 864,000 | |
| Total | |
$ | 866,641 | | |
| — | | |
| — | | |
| 866,641 | |
|
| Schedule of Activity Fair Value Liabilities |
The following table summarizes the activity for
the related party subscription agreement liability, using unobservable Level 3 inputs, for the years ended December 31, 2024 and 2023:
| | |
Subscription
Agreement
Liability | |
| Balance at December 31, 2022 | |
$ | — | |
| Fair value upon issuance | |
| 729,900 | |
| Change in fair value | |
| 134,100 | |
| Balance at December 31, 2023 | |
| 864,000 | |
| Change in fair value | |
| 3,259,000 | |
| Balance at December 31, 2024 | |
$ | 4,123,000 | |
The following table summarizes the activity for
the contingent warrant liabilities, using unobservable Level 3 inputs, for the years ended December 31, 2024 and 2023:
| | |
Contingent
Warrant
Liabilities | |
| Balance at December 31, 2022 | |
$ | 14,021 | |
| Fair value at issuance | |
| 25,837 | |
| Reclassification to equity | |
| (129,184 | ) |
| Change in fair value | |
| 91,967 | |
| Balance at December 31, 2023 | |
| 2,641 | |
| Fair value at issuance | |
| 1,296,196 | |
| Change in fair value | |
| (1,250,466 | ) |
| Gain on settlement of contingent warrant liability | |
| (5,282 | ) |
| Balance at December 31, 2024 | |
$ | 43,089 | |
|
| Schedule of Revenue was Generated from the Following Geographic Regions |
The Company’s revenue was generated from
the following geographic regions during the year ended December 31, 2024:
| | |
European
Union | | |
Non-European
Union (UK) | | |
United
States | |
| Development services | |
| 100 | % | |
| - | % | |
| - | % |
| Product sales | |
| 65 | % | |
| 10 | % | |
| 25 | % |
| | |
European
Union | | |
Non-European
Union (UK) | | |
United
States | | |
Total Revenue | |
| Development services | |
$ | 2,275,088 | | |
$ | - | | |
$ | - | | |
$ | 2,275,088 | |
| Product sales | |
| 162,071 | | |
| 23,842 | | |
$ | 63,115 | | |
| 249,028 | |
| Total | |
$ | 2,437,159 | | |
$ | 23,842 | | |
$ | 63,115 | | |
$ | 2,524,116 | |
The Company’s revenue was generated from
the following geographic regions during the year ended December 31, 2023:
| | |
European
Union | | |
Non-European
Union (UK) | | |
United
States | |
| Development services | |
| 100 | % | |
| - | % | |
| - | % |
| Product sales | |
| 0 | % | |
| - | % | |
| - | % |
| | |
European
Union | | |
Non-European
Union (UK) | | |
United
States | | |
Total Revenue | |
| Development services | |
$ | 58,465 | | |
$ | - | | |
$ | - | | |
$ | 58,465 | |
| Total | |
$ | 58,465 | | |
$ | - | | |
$ | - | | |
$ | 58,465 | |
|
| Schedule of Customer Concentrations for Revenue |
The Company had the following customer concentrations
for its revenue during the years ended December 31, 2024 and 2023:
| | |
For
the Year Ended
December 31, 2024 | | |
For
the Year Ended
December 31, 2023 | |
| | |
Development
Services | | |
Product
Sales | | |
Development
Services | | |
Product
Sales | |
| Customer A | |
| 100 | % | |
| 65 | % | |
| 100 | % | |
| — | % |
| Customer B | |
| — | % | |
| 25 | % | |
| — | % | |
| — | % |
| Customer C | |
| — | % | |
| 5 | % | |
| — | % | |
| — | % |
| Customer D | |
| — | % | |
| 5 | % | |
| — | % | |
| — | % |
|