v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
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 

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

 

   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  $
-
   $
-
   $799,749   $799,749 

 

   As of December 31, 2023, As Restated 
   Level 1   Level 2   Level 3   Total 
Liabilities                
Warrant liabilities – Common Share Warrants  $
   -
   $
      -
   $26,283   $26,283 
Warrant liabilities – Preferred Share Warrants   
-
    
-
    
-
    
-
 
Derivative Liability   
-
    
-
    2,724    2,724 
Total liabilities  $
-
   $
-
   $29,007   $29,007 
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   
-
 

The following table provides quantitative information regarding Level 3 fair value measurements for Common Share Warrants and Preferred Share Warrants as of December 31, 2024.

 

   Preferred
Share
Warrant
December 31,
2024		   Common
Share
Warrant
December 31,
2024		 
Exercise price  $17.58   $11.50 
Share price  $0.96   $0.96 
Volatility   
106,26
%   106.26%
Expected life   1.00    4.95 
Risk-free rate   4.16%   4.38%
Dividend yield   
-
    
-
 

The following table provides quantitative information regarding Level 3 fair value measurements for Common Share Warrants and Preferred Share Warrants as of December 31, 2023.

 

   Preferred
Share
Warrant
December 31,
2023		   Common
Share
Warrant
December 31,
2023		 
Exercise price  $17.58   $11.50 
Share price  $1.23   $1.23 
Volatility   40.65%   40.65%
Expected life   1.00    5.95 
Risk-free rate   4.01%   4.01%
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 December 31, 2024.

 

   December 2023
Note
December 31,
2024		   August 2024
Note
December 31,
2024		 
Exercise price  $10.00   $10.00 
Share price  $0.96   $0.96 
Volatility   106.26%   106.26%
Expected life   1.95    4.95 
Risk-free rate   4.16%   4.38%
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 December 31, 2023.

 

   December 31,
2023		 
Exercise price  $10.00 
Share price  $1.23 
Volatility   40.65%
Expected life   2.95 
Risk-free rate   4.01%
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 

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, 2022  $
-
   $
         -
   $
-
 
Initial measurement, December 31, 2023   26,283    
-
    26,283 
Fair value as of December 31, 2023, as restated   26,283    
-
    26,283 
Initial measurement, August 9, 2024   26,551    
-
    26,551 
Change in fair value   433,661    64    433,725 
Fair value as of December 31, 2024  $486,495   $64   $486,559 

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, 2022  $
-
 
Initial measurement, December 31, 2023   2,724 
Fair value as of December 31, 2023, as restated   2,724 
Initial measurement, August 9, 2024   105,980 
Change in fair value   204,487 
Fair value as of December 31, 2024  $313,191