| Schedule of Company's Financial Assets and Liabilities |
The following table presents fair value
information as of March 31, 2025 and December 31, 2024, of the Company’s financial assets and liabilities that were accounted for
at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine
such fair value.
| March 31, 2025 |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| Private warrant liability |
|
$ |
420,497 |
|
|
|
|
|
|
$ |
420,497 |
|
|
|
|
|
| Convertible note option liability |
|
|
1,000 |
|
|
|
|
|
|
|
|
|
|
|
1,000 |
|
| Earn-out share liability |
|
|
5,030,000 |
|
|
|
|
|
|
|
|
|
|
|
5,030,000 |
|
| Total |
|
$ |
5,451,497 |
|
|
$ |
|
|
|
$ |
420,497 |
|
|
$ |
5,031,000 |
|
| December 31, 2024 | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| Assets | |
| | |
| | |
| | |
| |
| Money Market Funds | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| Liabilities | |
| | | |
| | | |
| | | |
| | |
| Private warrant liability | |
| 840,995 | | |
| - | | |
| 840,995 | | |
| - | |
| Convertible note option liability | |
| 60,000 | | |
| - | | |
| - | | |
| 60,000 | |
| Earn-out Share Liability | |
| 15,560,000 | | |
| - | | |
| - | | |
| 15,560,000 | |
| Total | |
$ | 16,460,995 | | |
$ | - | | |
$ | 840,995 | | |
$ | 15,620,000 | |
|
The following table presents fair value information as of December
31, 2024 and 2023 of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis and
indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value.
| December
31, 2024 | |
Total | | |
Level
1 | | |
Level
2 | | |
Level
3 | |
| Assets | |
| | | |
| | | |
| | | |
| | |
| Money
Market Funds | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| Liabilities | |
| | | |
| | | |
| | | |
| | |
| Private
warrant liability | |
| 840,995 | | |
| - | | |
| 840,955 | | |
| - | |
| Convertible
note option liability | |
| 60,000 | | |
| - | | |
| - | | |
| 60,000 | |
| Earn-out Share Liability | |
| 15,560,000 | | |
| - | | |
| - | | |
| 15,560,000 | |
| Total | |
$ | 16,460,995 | | |
$ | - | | |
$ | 840,995 | | |
$ | 15,620,000 | |
| December 31, 2023 | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| Assets | |
| | |
| | |
| | |
| |
| Money Market Funds | |
$ | 120,000 | | |
$ | 120,000 | | |
$ | - | | |
$ | - | |
|
| Schedule of Convertible Note Option Liability and Earn-out Share Liability |
The key inputs into the option pricing
model for the convertible note option liability were as follows:
| | |
March 31,
2025 | | |
December 31,
2024 | |
| Stock Price | |
$ | 1.49 | | |
$ | 3.81 | |
| Expected term (years) | |
| 0.95 | | |
| 1.2 | |
| Volatility | |
| 80.0 | % | |
| 75.0 | % |
| Risk-Free Rate | |
| 4.05 | % | |
| 4.18 | % |
| Interest rate | |
| 6.41 | % | |
| 6.49 | % |
The key inputs for the Earn-out Share
Liability were as follows:
| | |
March 31,
2025 | | |
December 31,
2024 | |
| Stock Price | |
$ | 1.49 | | |
$ | 6.5 | |
| Expected term (years) | |
| 9.5 | | |
| 10 | |
| Volatility | |
| 75 | % | |
| 75.0 | % |
| Risk-Free Rate | |
| 4.2 | % | |
| 3.81 | % |
|
The key inputs into the option pricing model for the Convertible Note Option
liability were as follows at September 13, 2024 initial value and at December 31, 2024:
| | |
December 31,
2024 | | |
September 13,
2023 | |
| Stock Price | |
$ | 3.81 | | |
$ | 12.00 | |
| Expected term (years) | |
| 1.2 | | |
| 1.5 | |
| Volatility | |
| 75.0 | % | |
| 70.0 | % |
| Risk-Free Rate | |
| 4.18 | % | |
| 3.79 | % |
| Interest rate | |
| 6.49 | % | |
| 7.33 | % |
The
key inputs for the Earn-out Share Liability were as follows at September 13, 2024 initial value, and at December 31, 2024:
| | |
December 31,
2024 | | |
September 13,
2024 | |
| Stock Price | |
$ | 6.50 | | |
$ | 12.00 | |
| Expected term (years) | |
| 10 | | |
| 10 | |
| Volatility | |
| 75.0 | % | |
| 70.0 | % |
| Risk-Free Rate | |
| 3.81 | % | |
| 3.66 | % |
|
| Schedule of Changes in Fair Value of Convertible Note Option Liability |
| | |
Three months
ended
March 31,
2025 | |
| Balance, beginning of period | |
$ | 60,000 | |
| Change in fair value | |
| (59,000 | ) |
| Balance, end of period | |
$ | 1,000 | |
The following table presents the changes
in fair value of the earn-out liability:
| | |
Three months
ended
March 31,
2025 | |
| Balance, beginning of period | |
$ | 15,560,000 | |
| Change in fair value | |
| (10,530,000 | ) |
| Balance, end of period | |
$ | 5,030,000 | |
|
| | |
Year
ended
December 31,
2024 | |
| Balance at January 1, 2024 | $ |
- | |
| Initial value, September 13,
2024 | |
| 900,933 | |
| Change in fair value | |
| (607,067 | ) |
| Balance at December 31, 2024 | |
$ | 293,866 | |
The following table presents the changes
in fair value of the earnout liabilities:
| | |
Year ended
December 31,
2024 | |
| Liability at January 1, 2024 | |
$ | - | |
| Initial value, September 13, 2024 | |
| 53,600,000 | |
| Change in fair value | |
| (38,040,000 | ) |
| Balance as of December 31, 2024 | |
$ | 15,560,000 | |
|