Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Fair Value Measurements [Abstract] |
|
| Schedule of Company’s Assets and Liabilities that are Measured at Fair Value |
The following tables present information about
the Company’s assets and liabilities that are measured at fair value on March 31, 2025 and December 31, 2024, and indicates the
fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
| | |
March 31,
2025 | | |
Quoted
Prices In
Active
Markets
(Level 1) | | |
Significant
Other
Observable
Inputs
(Level 2) | | |
Significant
Other
Unobservable
Inputs
(Level 3) | |
| Assets: | |
| | |
| | |
| | |
| |
| Cash and marketable securities held in trust | |
$ | 1,920,401 | | |
$ | 1,920,401 | | |
$ | — | | |
$ | — | |
| Liabilities: | |
| | | |
| | | |
| | | |
| | |
| Warrant liabilities – Public Warrants | |
$ | 569,250 | | |
$ | — | | |
$ | 569,250 | | |
$ | — | |
| Warrant liabilities – Private Placement Warrants | |
| 440,850 | | |
| — | | |
| — | | |
| 440,850 | |
| Warrant liabilities – Representative’s Warrants | |
| 34,155 | | |
| — | | |
| — | | |
| 34,155 | |
Convertible Promissory Note – Related Party | |
| 9,133,382 | | |
| — | | |
| — | | |
| 9,133,382 | |
Securities Purchase Agreement | |
| 23,487 | | |
| — | | |
| — | | |
| 23,487 | |
| Total | |
$ | 10,201,124 | | |
$ | — | | |
$ | 569,250 | | |
$ | 9,631,874 | |
| | |
December 31,
2024 | | |
Quoted
Prices In
Active
Markets
(Level 1) | | |
Significant
Other
Observable
Inputs
(Level 2) | | |
Significant
Other
Unobservable
Inputs
(Level 3) | |
| Assets: | |
| | |
| | |
| | |
| |
| Cash and marketable securities held in trust | |
$ | 8,330,835 | | |
$ | 8,330,835 | | |
$ | — | | |
$ | — | |
| Liabilities: | |
| | | |
| | | |
| | | |
| | |
| Warrant liabilities – Public Warrants | |
$ | 379,500 | | |
$ | — | | |
$ | 379,500 | | |
$ | — | |
| Warrant liabilities – Private Placement Warrants | |
| 293,900 | | |
| — | | |
| — | | |
| 293,900 | |
| Warrant liabilities – Representative’s Warrants | |
| 22,770 | | |
| — | | |
| — | | |
| 22,770 | |
Convertible Promissory Note – Related Party | |
| 8,908,052 | | |
| — | | |
| — | | |
| 8,908,052 | |
| Total | |
$ | 9,604,222 | | |
$ | — | | |
$ | 379,500 | | |
$ | 9,224,722 | |
|
| Schedule of Inputs into the Monte Carlo Simulation Model for the Warrant Liabilities and Convertible Promissory Note |
The key inputs into the Monte Carlo simulation
model for the warrant liabilities were as follows at March 31, 2025 and December 31, 2024:
| | |
March 31,
2025 | | |
December 31,
2024 | |
| Input | |
| | |
| |
| Risk-free interest
rate | |
| 4.11 | % | |
| 4.18 | % |
| Expected term (years) | |
| 0.19 | | |
| 0.89 | |
| Expected volatility | |
| De
minimis | % | |
| De
minimis | % |
| Exercise price | |
$ | 11.50 | | |
$ | 11.50 | |
| Fair value of Common stock | |
$ | 12.43 | | |
$ | 12.12 | |
The key inputs into the Monte Carlo simulation
model for the convertible promissory note were as follows at March 31, 2025 and December 31, 2024:
| | |
March 31,
2025 | | |
December 31,
2024 | |
| Input | |
| | |
| |
| Risk-free interest
rate | |
| 4.34 | % | |
| 4.18 | % |
| Expected term (years) | |
| 0.19 | | |
| 0.27 | |
| Expected volatility | |
| De
minimis | % | |
| De
minimis | % |
| Exercise price | |
$ | 11.50 | | |
$ | 11.50 | |
| Fair value of Common stock | |
$ | 12.43 | | |
$ | 12.12 | |
The key inputs into the Monte Carlo simulation
model for the securities purchase agreement were as follows at March 31, 2025 and December 31, 2024:
| | |
March 31,
2025 | | |
December 31,
2024 | |
| Input | |
| | |
| |
| Risk-free interest rate | |
| 3.94 | % | |
| — | |
| Expected term (years) | |
| 1.67 | | |
| — | |
| Expected volatility | |
| De minimis | % | |
| — | |
| Exercise price | |
$ | 11.50 | | |
| — | |
| Fair value of Common stock | |
$ | 12.10 | | |
| — | |
|
| Schedule of Level 3 Financial Instruments that are Measured at Fair Value on a Recurring Basis |
The following table provides a summary of the
changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis for
the three months ended March 31, 2025 and 2024:
| | |
Private
Placement
Warrants | | |
Representative’s
Warrants | | |
Warrant
Liability | |
| Fair value at December 31, 2024 | |
$ | 293,900 | | |
$ | 22,770 | | |
$ | 316,670 | |
| Change in fair value of warrant liabilities | |
| 146,950 | | |
| 11,385 | | |
| 158,335 | |
| Fair value at March 31, 2025 | |
$ | 440,850 | | |
$ | 34,155 | | |
$ | 475,005 | |
| | |
Private
Placement
Warrants | | |
Representative’s
Warrants | | |
Warrant
Liability | |
| Fair value at December 31, 2023 | |
$ | 66,128 | | |
$ | 5,123 | | |
$ | 71,251 | |
| Change in fair value of warrant liabilities | |
| 213,077 | | |
| 16,509 | | |
| 229,586 | |
| Fair value at March 31, 2024 | |
$ | 279,205 | | |
$ | 21,632 | | |
$ | 300,837 | |
|
| Schedule of Convertible Promissory Note |
| | |
Convertible
Promissory
Note – related party | |
| Fair value at December 31, 2024 | |
$ | 8,908,052 | |
| Change in fair value of convertible promissory note | |
| 225,330 | |
| Fair value at March 31, 2025 | |
$ | 9,133,382 | |
| | |
Convertible
Promissory
Note – related party | |
| Fair value at December 31, 2023 | |
$ | 944,118 | |
| Proceeds received through convertible promissory note | |
| 378,185 | |
| Change in fair value of convertible promissory note | |
| (60,077 | ) |
| Fair value at March 31, 2024 | |
$ | 1,262,226 | |
| | |
Securities Purchase Agreement | |
| Fair value at February 11, 2025 | |
$ | — | |
Change in fair value of securities purchase agreement | |
| 23,487 | |
| Fair value at March 31, 2025 | |
$ | 23,487 | |
|