v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Measurements [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value

The following table presents assets and liabilities measured at fair value by classification within the fair value hierarchy at June 30, 2025 and December 31, 2024:

   Level I   Level II   Level III   Total 
Assets                
Money Market Funds  $1,597,673   $
   $
   $1,597,673 
Total assets  $1,597,673   $
   $
   $1,597,673 
Liabilities                    
July Investment Agreement Derivative  $
   $
   $112,521,314   $112,521,314 
CPU Share Allocation Obligation   
    
   $4,166,671    4,166,671 
Total liabilities  $
   $
   $116,687,985   $116,687,985 
   Level I   Level II   Level III   Total 
Assets                
Money Market Funds  $2,588,289   $
   $
   $2,588,289 
Total assets  $2,588,289   $
   $
   $2,588,289 
Liabilities                    
July Investment Agreement Derivative  $
   $
   $53,231,638   $53,231,638 
CPU Share Allocation Obligation   
    
   $10,231,516    10,231,516 
Total liabilities  $
   $
   $63,463,154   $63,463,154 
Schedule of Liabilities Measured at Fair Value Using Significant Unobservable Input

The following table provides a reconciliation of the beginning and ending balance associated with the liabilities measured at fair value using significant unobservable inputs (Level III) for the six months ended June 30, 2025:

 

   July Investment Agreement Derivative (Level III)   CPU Share Allocation Obligation (Level III) 
         
Balance, December 31, 2024  $53,231,638   $10,231,516 
Additions   
    4,703,536 
Change in fair value   12,572,249    2,491,598 
Balance, March 31, 2025  $65,803,887   $17,426,650 
Additions   
    
 
Change in fair value   46,717,427    (13,259,979)
Balance, June 30, 2025  $112,521,314   $4,166,671 
Schedule of Investment Agreement Derivative

The Company utilized the following assumptions to value the July Investment Agreement Derivative:

 

   June 30,
2025
   December 31,
2024
 
         
Expected Business Combination date   September 30, 2025    June 30, 2025 
Term   0.25    0.50 
Risk free rate   4.3%   4.2%
CCC credit rating   15.7%   8.7%
Present value factor   0.99    0.98 
Probability of Business Combination close   60.0%   60.0%
Expected Company fully diluted ownership of New EM   73.4%   71.3%
Additional share allocation percentage   10.0%   10.0%

The Company utilized the following assumptions to value the CPU Share Allocation Obligations:

 

   June 30,
2025
   March 2025
(issuances)
   February 2025
(issuances)
   December 31,
2024
 
Expected Business Combination date   September 30, 2025    June 30, 2025    June 30, 2025    June 30, 2025 
Term   0.25    0.25    0.35-0.37    0.50 
Risk free rate   4.32%   4.33%   4.31-4.34%   4.2%
Present value factor   0.99    0.99    0.99    0.98 
Probability of Business Combination close   60.0%   60.0%   60.0%   60.0%
Expected Company fully diluted ownership of New EM   73.4%   71.3%   71.3%   71.3%
Additional share allocation percentages   7.90%   1.80%   1.35%   4.75%