| Schedule of Fair Value Hierarchy |
In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring basis and the related activity for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of June 30, 2025 | | Fair Value as of December 31, 2024 | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Financial liabilities: | | | | | | | | | | | | | | | | | November 2024 Debentures | $ | 3,119,892 | | | $ | - | | | $ | - | | | $ | 3,119,892 | | | $ | 2,583,832 | | | $ | - | | | $ | - | | | $ | 2,583,832 | | | | | | | | | | | | | | | | | | | Public Warrants | $ | 31,778 | | | $ | 31,778 | | | $ | - | | | $ | - | | | $ | 9,080 | | | $ | 9,080 | | | $ | - | | | $ | - | | | Private Warrants | 11,682 | | | - | | | - | | | 11,682 | | | 7,884 | | | - | | | - | | | 7,884 | | | SPA Warrants | 96,322 | | | - | | | - | | | 96,322 | | | 164,949 | | | - | | | - | | | 164,949 | | | Total warrant liability | $ | 139,782 | | | $ | 31,778 | | | $ | - | | | $ | 108,004 | | | $ | 181,913 | | | $ | 9,080 | | | $ | - | | | $ | 172,833 | | | | | | | | | | | | | | | | | | | Non-recurring fair value instruments: | | | | | | | | | | | | | | Series A Preferred Stock | | | | | | | | | $ | 110,300,391 | | | $ | - | | | $ | - | | | $ | 110,300,391 | | | | | | | | | | | | | | | | | | | Fair Value as of March 20, 2025 | | Fair Value as of December 31, 2024 | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | SeaTrepid Acquisition: | | | | | | | | | | | | | | | | Land | $ | 444,435 | | | $ | - | | | $ | 444,435 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | Buildings | $ | 970,904 | | | $ | - | | | $ | 970,904 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | Machinery and equipment | $ | 4,753,964 | | | $ | - | | | $ | - | | | $ | 4,753,964 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | Earnout shares | $ | 6,864,729 | | | $ | - | | | $ | - | | | $ | 6,864,729 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
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| Schedule of Changes in Fair Value |
The following table sets forth a summary of the changes in fair value of the Company’s financial liabilities categorized within Level 3: | | | | | | | | | | November 2024 Debentures | Warrant
Liability | | Balance, December 31, 2024 | $ | 2,583,832 | | $ | 172,833 | | | Change in fair value of November 2024 Debentures | 536,060 | | - | | | Change in fair value of warrant liabilities | - | | (64,829) | | | Balance, June 30, 2025 | $ | 3,119,892 | | $ | 108,004 | |
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