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

Assets and liabilities subject to fair value measurements are as follows:

 

   As of June 30, 2025 
   Level 1   Level 2   Level 3   Total 
Liabilities                
Warrant liabilities – Common Share Warrants  $
    -
   $
     -
   $589   $589 
Warrant liabilities – Preferred Share Warrants   
-
    
-
    
-
    
-
 
Derivative Liability   
-
    
-
    1,219    1,219 
Total liabilities  $
-
   $
-
   $1,808   $1,808 

 

   As of December 31, 2024 
   Level 1   Level 2   Level 3   Total 
Liabilities                
Warrant liabilities – Common Share Warrants  $
   -
   $
    -
   $486,495   $486,495 
Warrant liabilities – Preferred Share Warrants   
-
    
-
    64    64 
Derivative Liability   
-
    
-
    313,191    313,191 
Total liabilities  $
-
   $
-
   $799,750   $799,750 
Schedule of Level 3 Fair Value Measurements for Common Share Warrants and Preferred Share Warrants

The following table provides quantitative information regarding Level 3 fair value measurements for Common Share Warrants and Preferred Share Warrants as of June 30, 2025:

 

   Preferred
Share
Warrant
June 30,
2025
   Common
Share
Warrant
June 30,
2025
 
Exercise price  $17.58   $11.50 
Share price  $0.26   $0.26 
Volatility   99.24%   99.24%
Expected life   .75    1.45 
Risk-free rate   3.96%   3.96%
Dividend yield   
-
    
-
 

The following table provides quantitative information regarding Level 3 fair value measurements for initial value of the Common Share Warrants as of January 13, 2025.

 

   Common
Share
Warrant
January 13, 2025
 
Exercise price  $11.50 
Share price  $0.99 
Volatility   106.26%
Expected life   1.91 
Risk-free rate   2.06%
Dividend yield   
-
 

The following table provides quantitative information regarding Level 3 fair value measurements for the conversion upon the event of default derivative liability as of June 30, 2025:

 

   June 30,
2025
 
Exercise price  $10.00 
Share price  $0.26 
Volatility   99.24%
Expected life   1.45 
Risk-free rate   3.96%
Dividend yield   
-
 
Schedule of Summary of the Changes in the Fair Value of the Private Warrants and Representative’s Warrants, a Level 3 Liability, Measured on a Recurring Basis

The following table presents a summary of the changes in the fair value of the Private Warrants and Representative’s Warrants, a Level 3 liability, measured on a recurring basis.

 

   Common
Share
Warrants
   Preferred
Share
Warrants
   Warrant
Liability
 
Fair value as of December 31, 2024  $486,495   $64   $486,559 
Initial Measurement, January 13, 2025   33,357    
-
    33,357 
Change in fair value   (519,264)   (64)   (519,328)
Fair value as of June 30, 2025   588    
-
    588 

The following table presents a summary of the changes in the fair value of the conversion upon the event of default derivative liability, a Level 3 liability, measured on a recurring basis.

 

   Derivative
liability
 
Fair value as of December 31, 2024  $313,191 
Initial measurement, January 13, 2025   49,017 
Change in fair value   (360,989)
Fair value as of June 30, 2025  $1,219