v3.25.2
RECURRING FAIR VALUE MEASUREMENTS (Tables) - Iris
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Schedule of company's financial assets and liabilities that were accounted for at fair value on a recurring basis

Description

    

Amount at Fair Value

    

Level 1

    

Level 2

    

Level 3

March 31, 2025 (Unaudited)

 

  

 

  

 

  

 

  

Assets:

 

  

 

  

 

  

 

  

Cash held in Trust Account

$

1,345,389

$

1,345,389

$

$

Restricted cash - held in Trust Account

 

702,359

 

702,359

 

 

Liabilities:

 

  

 

  

 

  

 

  

Public Warrants

 

207,000

 

207,000

 

  

 

  

Private Warrants

 

172,315

 

 

 

172,315

December 31, 2024

 

  

 

  

 

  

 

  

Assets:

 

  

 

  

 

  

 

  

Cash held in Trust Account

$

2,016,274

$

2,016,274

$

$

Restricted cash - held in Trust Account

 

739,195

 

739,195

 

 

Liabilities:

 

  

 

  

 

  

 

  

Public Warrants

 

207,000

 

207,000

 

 

Private Warrants

 

150,400

 

 

 

150,400

    

Amount at Fair

    

    

Description

Value

Level 1

Level 2

Level 3

December 31, 2024

Assets:

Cash equivalents held in Trust Account:

$

2,016,274

$

2,016,274

$

$

Restricted cash – held in Trust Account

739,195

739,195

Liabilities:

Public Warrants

207,000

207,000

Private Warrants

150,400

150,400

December 31, 2023

Assets:

Cash equivalents held in Trust

 

4,291,332

 

4,291,332

 

Liabilities:

Public Warrants

207,690

207,690

Private Warrants

168,754

168,754

Derivative liability

$

2,202

$

$

$

2,202

Schedule of key inputs into the monte carlo simulation model for the warrants

    

March 31, 

    

    

 

2025

(Unaudited)

December 31, 2024

 

Risk-free interest rate

4.10

%  

4.19

%

Expected term (years)

 

0.83

 

0.80

Expected volatility

 

14.40

%  

%

Stock Price

$

9.00

$

11.22

Exercise Price

$

11.50

$

11.50

    

December 31, 2024

    

December 31, 2023

Risk-free interest rate

4.19

%

4.91

%

Expected term (years)

0.80

0.87

Expected volatility

%

5.7

%

Stock Price

$

11.22

$

10.33

Exercise Price

$

11.50

$

11.50

Schedule of change in the fair value of the warrant liabilities classified as level 3

Fair Value at December 31, 2024

    

$

150,400

Change in fair value

 

21,915

Fair Value at March 31, 2025

$

172,315

Warrant Liabilities

Derivative Liability

Fair value at December 31, 2022

$

418,246

$

Issuance of derivative liability

104,428

Change in fair value

(249,492)

(102,226)

Fair value at December 31, 2023

$

168,754

$

2,202

Change in fair value

(18,354)

(2,202)

Fair value at December 31, 2024

$

150,400

$

Derivative financial instruments liabilities    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Schedule of key inputs into the monte carlo simulation model for the warrants  

    

December 31, 2023

Risk-free rate for debt

4.39 - 5.56

%

Expected term (years)

0.25 - 0.52

 

Likelihood of completing a business combination

 

8.88 - 11.68

%