| Summary of Outstanding Warrants |
The following table provides a summary of the number of the Company's outstanding warrants:
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March 31,
2025 |
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December 31,
2024 |
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Liability classified warrants: |
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Junior Note Warrants |
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859,315 |
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859,315 |
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Public Warrants |
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417,770 |
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417,770 |
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Total liability-classified warrants outstanding |
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1,277,085 |
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1,277,085 |
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Equity classified warrants: |
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June 2023 Senior Note Warrants |
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335,210 |
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335,210 |
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Pre-Funded Warrants |
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— |
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837,116 |
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August 2024 Warrants Issued with Junior Notes |
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19,892 |
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19,892 |
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Total equity-classified warrants outstanding |
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355,102 |
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1,192,218 |
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The following table provides a summary of the number of the Company's outstanding warrants:
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Year Ended December 31, |
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2024 |
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2023 |
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Liability classified warrants: |
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Junior Note Warrants |
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859,315 |
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550,000 |
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Public Warrants |
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417,770 |
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417,770 |
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Total liability-classified warrants outstanding |
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1,277,085 |
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967,770 |
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Equity classified warrants: |
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June 2023 Senior Note Warrants |
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335,210 |
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|
335,210 |
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Pre-Funded Warrants |
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837,116 |
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|
|
|
— |
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August 2024 Warrants Issued with Junior Notes |
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19,892 |
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— |
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Total equity-classified warrants outstanding |
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1,192,218 |
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|
335,210 |
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| 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:
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Three Months Ended March 31, |
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2025 |
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2024 |
Junior Note Warrants: |
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Stock price |
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$ |
0.19 |
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$ |
0.14 |
Expected term (in years) |
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3.7 - 4.4 |
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4.7 |
Expected volatility |
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62.4% - 65.2% |
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69.8% |
Risk-free interest rate |
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3.9% |
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4.2% |
Expected dividend yield |
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0.0% |
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0.0% |
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The aggregate fair value of the Junior Note Warrants was estimated using a Monte Carlo simulation based approach, a Level 3 valuation. The significant inputs to the calculation of the fair value of the Junior Note Warrant liability were as follows:
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Year Ended December 31, |
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2024 |
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2023 |
Common Stock Warrants: |
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Stock price |
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$ |
0.03 - 0.67 |
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$ |
0.15 - 0.18 |
Expected term (in years) |
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3.9 - 4.9 |
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4.9 - 5.0 |
Expected volatility |
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58.9% - 79.6% |
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66.3% |
Risk-free interest rate |
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3.6% - 4.3% |
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3.8% - 4.1% |
Expected dividend yield |
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0.0% |
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0.0% |
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| Schedule of Aggregate Fair value of Warrants |
The aggregate fair value of the Senior Note Warrants of $3,401,366 was estimated using the Black-Scholes option-pricing model with the following assumptions:
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Upon Issuance |
Common Stock Warrants: |
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Expected term (in years) |
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5.0 |
Expected volatility |
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47.9% |
Risk-free interest rate |
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4.0% |
Expected dividend yield |
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|
0.0% |
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The aggregate fair value of the Senior Note Warrants of $3,401,366 was estimated using the Black-Scholes option-pricing model with the following assumptions:
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Upon Issuance |
Common Stock Warrants: |
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Expected term (in years) |
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5.0 |
Expected volatility |
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47.9% |
Risk-free interest rate |
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4.0% |
Expected dividend yield |
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0.0% |
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