FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value of Financial Assets and Financial Liabilities

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy as of March 31, 2025 and December 31, 2024:


	At March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Convertible Note Receivable	$	—	$	—	$	260,000	$	260,000
Total assets	$	—	$	—	$	260,000	$	260,000

Liabilities:
Junior Note Warrants	$	—	$	—	$	1,315	$	1,315
Indigo Capital Convertible Notes		—		—		4,047,000		4,047,000
Total liabilities	$	—	$	—	$	4,048,315	$	4,048,315


	At December 31, 2024
	Level 1		Level 2		Level 3		Total
Junior Note Warrants	$	—	$	—	$	128,615	$	128,615
Convertible note derivative liability (1)	$	—	$	—	$	37,900	$	37,900

(1)

Represents the August 2024 Convertible Note Derivative Liability, as defined and described in Note 8, Notes and Convertible Notes Payable. In March 2025, the remaining August 2024 Convertible Notes were purchased by Indigo Capital and subsequently extinguished. For additional information, see Note 8.

Schedule of Changes in Fair Value of Financial Assets

The following table sets forth a summary of the changes in fair value of the Company's Convertible Loan Receivable:


	Three Months Ended March 31,
	2025
Fair value, beginning balance	$	—
Fair value at issuance		260,000
Change in fair value		—
Fair value, ending balance	$	260,000

Junior Note Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Aggregate Fair value of Warrants

The significant inputs to the calculation of the fair value of the Junior Note Warrant liability were as follows:


		Three Months Ended March 31,
		2025		2024
Junior Note Warrants:
Stock price	$	0.19	$	0.14
Expected term (in years)		3.7 - 4.4		4.7
Expected volatility		62.4% - 65.2%		69.8%
Risk-free interest rate		3.9%		4.2%
Expected dividend yield		0.0%		0.0%

Schedule of Changes in Fair Value of Financial Liabilities

The following table sets forth a summary of the changes in fair value of the Company's Junior Note Warrants issued in November 2023:


	Three Months Ended March 31,
	2025			2024
Fair value, beginning balance	$	128,615		$	2,238,519
Change in fair value		(127,300	)		(3,311	)
Fair value, ending balance	$	1,315		$	2,235,208

Indigo Capital Convertible Notes [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Aggregate Fair value of Warrants

The significant inputs to the calculation of the fair value of the Indigo Capital Convertible Notes during the three months ended March 31, 2025 were as follows:


		Three Months Ended March 31,
		2025
Indigo Capital Convertible Notes:
Stock price	$	0.19 - 0.26
Expected term (in years)		0.92 - 0.99

Schedule of Changes in Fair Value of Financial Liabilities

The following table sets forth a summary of the changes in fair value of the Company's Indigo Capital Convertible Notes:


	Three Months Ended March 31,
	2025
	(As Restated)
Fair value, beginning balance	$	—
Fair value at issuance		5,211,100
Fair value of debt converted		(907,578	)
Change in fair value		(256,522	)
Fair value, ending balance	$	4,047,000

August 2024 Convertible Note Derivative Liability [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Changes in Fair Value of Financial Liabilities

The following table sets forth a summary of the changes in fair value of the Company's August 2024 Convertible Note Derivative Liability:


	Three Months Ended March 31,
	2025			2024
Fair value, beginning balance	$	37,900		$	—
Extinguishment of August 2024 Convertible Notes		(37,900	)		—
Fair value, ending balance	$	—		$	—

Convertible Notes Receivable [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Aggregate Fair value of Warrants

The significant inputs to the calculation of the fair value of the Convertible Loan Receivable were as follows:


		Three Months Ended March 31,
		2025
Convertible Note Receivable
Stock price	£	0.000035
Expected term (in years)		1.25
Expected volatility		157.7%
Risk-free interest rate		4.2%
Expected dividend yield		0.0%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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