v3.25.2
Financial Instruments (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]    
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis  

The following tables summarize financial assets and liabilities recorded at fair value on a recurring basis, by the level of valuation inputs in the fair value hierarchy on December 31, 2024 and December 31, 2023:

 

    Total Fair Value    

Quoted Prices in Active Markets

(Level 1)

    

Significant Other Unobservable Inputs

(Level 3)

     Total Fair Value    

Quoted Prices in Active Markets

(Level 1)

    

Significant Other
Unobservable
Inputs

(Level 3)

  
    December 31, 2024     December 31, 2023  
    Total Fair Value    

Quoted Prices in Active Markets

(Level 1)

    

Significant Other Unobservable Inputs

(Level 3)

     Total Fair Value    

Quoted Prices in Active Markets

(Level 1)

    

Significant Other
Unobservable
Inputs

(Level 3)

  
Description                                                
Liabilities:                                                
PIPE warrants   $ 79,512       -       79,512     $ 273,124       -       273,124  
Public warrants   $ 246,445       246,445       -     $ 481,850       481,850       -  
Private placement warrants   $ 9,632       -       9,632     $ 25,070       -       25,070  
Abaca warrant   $ 1,024,900       -       1,024,900     $ 3,384,085       -       3,384,085  
Forward purchase derivative liability   $ 7,309,580       -       7,309,580     $ 7,309,580       -       7,309,580  
Third anniversary payment consideration   $ 322,000       -       322,000     $ 810,000       -       810,000  
Schedule of Carrying Amounts and Fair Values of Financial Instruments  

The following table presents the carrying amounts and fair values of financial instruments measured on a nonrecurring basis, by the level of valuation inputs in the fair value hierarchy, as of December 31, 2024, and December 31, 2023:

 Schedule of Carrying Amounts and Fair Values of Financial Instruments

Assets                                    
   As on December 31, 2024 
  

Carrying

amount

    Fair value   Fair value measurement using 
             Level 1   Level 2   Level 3 
Assets                                    
Market related intangible assets   -    -    -    -    - 
Customer relationships   -    -    -    -    - 
Developed technology   -    -    -    -    - 

 

Assets                                    
   As on December 31, 2023 
  

Carrying

amount

   Fair value   Fair value measurement using 
           Level 1   Level 2   Level 3 
Assets                    
Developed Technology   3,599,754    3,599,754    -    -    3,599,754 
Schedule of Finite Lived Intangible Assets Measurement  

The following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the finite lived intangible assets as of their measurement dates:

 

As on December 31, 2024   Factor  
Discount rate     15.00 %
Risk-free Rate     4.90 %
Tax rate     26.00 %

 

As on December 31, 2023  Developed technology 
Royalty rate   6.50%
Discount rate   14.25%
Estimated useful life   5.87 years 
Tax rate   25%
Schedule of Carrying Amounts and Fair Values of Financial Instruments

The following tables present the carrying amounts and fair values of financial instruments on a non-recurring basis, by the level of valuation inputs in the fair value hierarchy, as of June 30, 2025 and December 31, 2024:

 

           Level 1   Level 2   Level 3 
   June 30, 2025 
   Carrying
amount		   Fair value  

Fair value measurement using

 
           Level 1   Level 2   Level 3 
Assets                    
Cash  $247,318   $247,318   $247,318   $-   $- 
Assets held for sale   385,642    384,527    384,527    -    - 
Liabilities                         
Deferred consideration   3,131,303    3,131,303    3,131,303    -    - 
Senior Secured Promissory note   10,748,408    6,063,400    -    -    6,063,400 
Public warrants   6,354    6,354    6,354    -    - 
Private placement warrants   384    384    -    -    384 
PIPE Warrants   4,440    4,440    -    -    4,440 
Abaca Warrants   95,073    95,073              95,073 
Third anniversary payment consideration   87,000    87,000    -    -    87,000 
Forward purchase derivative   7,309,580    7,309,580    -    -    7,309,580 

 

           Level 1   Level 2   Level 3 
   December 31, 2024 
   Carrying
amount		   Fair value   Fair value measurement using 
           Level 1   Level 2   Level 3 
Assets                         
Cash  $2,324,647   $2,324,647   $2,324,647   $-   $- 
Forward purchase agreement   4,584,221    4,584,221    4,584,221    -    - 
Loans   360,552    359,505    -    -    359,505 
Liabilities                         
Deferred consideration   3,016,343    3,016,343    3,016,343    -    - 
Senior Secured Promissory note   11,004,173    10,221,652    -    -    10,221,652 
Public warrants   246,445    246,445    246,445    -    - 
Private placement warrants   9,632    9,632    -    -    9,632 
PIPE Warrants   79,512    79,512    -    -    79,512 
Abaca Warrants   1,024,900    1,024,900    -    -    1,024,900 
Third anniversary payment consideration   322,000    322,000    -    -    322,000 
Forward purchase derivative   7,309,580    7,309,580    -    -    7,309,580 

The following tables present the carrying amounts and fair values of financial instruments, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated:

  

           Level 1   Level 2   Level 3 
   As on December 31, 2024 
   Carrying
amount		   Fair value   Fair value measurement using 
           Level 1   Level 2   Level 3 
Assets                         
Cash and cash equivalents  $2,324,647   $2,324,647   $2,324,647   $-   $- 
Forward purchase receivables   4,584,221    4,584,221    4,584,221    -    - 
Loans   360,552    359,505    -    -    359,505 
Liabilities                         
Deferred consideration   3,016,343    3,016,343    3,016,343    -    - 
Senior Secured Promissory note   11,004,173    10,221,652    -    -    10,221,652 
Public warrants   246,445    246,445    246,445    -    - 
Private placement warrants   9,632    9,632    -    -    9,632 
PIPE Warrants   79,512    79,512    -    -    79,512 
Abaca Warrants   1,024,900    1,024,900    -    -    1,024,900 
Third anniversary payment consideration   322,000    322,000    -    -    322,000 
Forward purchase derivative   7,309,580    7,309,580    -    -    7,309,580 

  

           Level 1   Level 2   Level 3 
   As on December 31, 2023 
  

Carrying

amount

   Fair value   Fair value measurement using 
           Level 1   Level 2   Level 3 
Assets                         
Cash and cash equivalents  $4,888,769   $4,888,769   $4,888,769   $-   $- 
Forward purchase receivables   4,584,221    4,584,221    4,584,221    -    - 
Loans   330,579    363,561    -    -    363,561 
Liabilities                         
Deferred consideration   2,889,792    2,889,792    2,889,792    -    - 
Senior secured promissory note   14,011,166    12,750,204    -    -    12,750,204 
Public warrants   481,850    481,850    481,850    -    - 
Private placement warrants   25,070    25,070    -    -    25,070 
PIPE warrants   273,124    273,124    -    -    273,124 
Abaca warrants   3,384,085    3,384,085    -    -    3,384,085 
Forward purchase derivative   7,309,580    7,309,580    -    -    7,309,580 
Third anniversary payment consideration   810,000    810,000    -    -    810,000 
Schedule of Fair Value Assets Measured on Recurring Basis

The change in the liability measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value are presented in the following table:

 

     

PIPE

Warrants

    

Abaca

Warrant

    

Private

Placement

Warrants

    

Third

anniversary

payment

consideration

    

Forward

Purchase

Derivative

 
    For the Six Months Ended June 30, 2025 
     

PIPE

Warrants

    

Abaca

Warrant

    

Private

Placement

Warrants

    

Third

anniversary

payment

consideration

    

Forward

Purchase

Derivative

 
Balance, January 1, 2025   $79,512   $1,024,900   $9,632   $322,000   $7,309,580 
Fair value adjustment    (75,072)   (929,827)   (9,248)   (235,000)   - 
Balance, June 30, 2025   $4,440   $95,073   $384   $87,000   $7,309,580 

 

    

PIPE

Warrants

    

Abaca

Warrant

    

Private

Placement

Warrants

    

Third

anniversary

payment

consideration

    

Forward

Purchase

Derivative

 
   For the Year ended December 31, 2024 
    

PIPE

Warrants

    

Abaca

Warrant

    

Private

Placement

Warrants

    

Third

anniversary

payment

consideration

    

Forward

Purchase

Derivative

 
Balance, January 1, 2024  $273,124   $3,384,085   $25,070   $810,000   $7,309,580 
Fair value adjustment   (193,612)   (2,359,185)   (15,438)   (488,000)   - 
Balance, December 31, 2024  $79,512    1,024,900    9,632   $322,000   $7,309,580 

The change in the assets measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value are presented in the following table:

 

  

                     
   For the Year ended December 31, 2024 
   PIPE Warrants  

Abaca

Warrant

  

Private

Placement

Warrants

  

Third anniversary

payment consideration

  

Forward

Purchase

Derivative

 
Balance at the beginning of the period  $273,124    3,384,085    25,070    810,000    7,309,580 
Fair value adjustment   (193,612)   (2,359,185)   (15,438)   (488,000)   - 
Balance at the end of the period  $79,512    1,024,900    9,632    322,000    7,309,580 

  

                     
   For the Year ended December 31, 2023 
   PIPE Warrants  

Abaca

Warrant

  

Private

Placement

Warrants

  

Third anniversary

payment consideration

  

Forward

Purchase

Derivative

 
Balance at the beginning of the period  $286,300    -    19,110    -    7,309,580 
Issued to Abaca shareholders   -    1,643,699    -    430,000    - 
Fair value adjustment   (13,176)   1,740,386    5,960    380,000    - 
Balance at the end of the period  $273,124    3,384,085    25,070    810,000    7,309,580 
Purchase Agreement Option [Member]    
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]    
Schedule of Level 3 Fair Value Measurements Inputs  

The following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the forward purchase derivatives as of their measurement dates on December 31, 2024 and December 31, 2023:

 

  

    December 31, 2024     December 31, 2023  
Reset Price   $ 25.00     $ 25.00  
Expected term (years)     0.74       1.74  
Additional Maturity Consideration per share   $ 40.00     $ 40.00  
Volatility     46 %     46 %
Risk-free rate     4.2 %     4.2 %
Risk-adjusted discount rate     13.4 %     13.4 %
Warrant [Member]    
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]    
Schedule of Level 3 Fair Value Measurements Inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the private placement warrants, public warrants, third anniversary payment consideration and Abaca warrants as of their measurement dates:

 

     

PIPE

Warrants

      

Private

Warrants

      

Third

Anniversary

Payment

Consideration

      

Abaca

Warrants

      

PIPE

Warrants

      

Private

Warrants

      

Third

Anniversary

Payment

Consideration

      

Abaca

Warrants

  
      June 30, 2025         December 31, 2024            
     

PIPE

Warrants

      

Private

Warrants

      

Third

Anniversary

Payment

Consideration

      

Abaca

Warrants

      

PIPE

Warrants

      

Private

Warrants

      

Third

Anniversary

Payment

Consideration

      

Abaca

Warrants

  
Exercise price   $ 100.00       230.00       -       40.00     $ 100.00       230.00       -       40.00  
Share Price   $ 2.17     $ 2.17     $ 2.17     $ 2.17     $ 9.00     $ 9.00     $ 9.00     $ 9.00  
Expected term (years)     2.3       2.3       0.3       3.3       2.74       2.74       0.76       3.84  
Volatility     113.3 %     113.3 %     82.8 %     104.3 %     103.00 %     103.00 %     103.00 %     103.00 %
Risk-free rate     3.7 %     3.7 %     3.7 %     3.7 %     4.26 %     4.26 %     4.26 %     4.33 %

The following table provides quantitative information regarding Level 3 fair value measurements inputs as it relates to the private placement warrants and public warrants as of their measurement dates:

                                 
      

December 31, 2024

  

December 31, 2023

 
   PIPE
Warrants		   Private
Warrants		   Third
Anniversary
Payment
Consideration		   Abaca
Warrants		   PIPE
Warrants		   Private
Warrants		   Third
Anniversary
Payment
Consideration		   Abaca
Warrants		 
Exercise price  $100.00    230.00    -    40.00   $100.00    230.00    -    40.00 
Share Price  $9.00    9.00    9.00    9.00   $28.40    28.40    28.40    28.40 
Expected term (years)   2.74    2.74    0.76    3.84    3.74    3.74    1.76    4.84 
Volatility   103.00%   103.00%   103.00%   103.00%   62.95%   62.95%   62.95%   62.95%
Risk-free rate   4.26%   4.26%   4.26%   4.33%   4.25%   4.25%   4.25%   4.25%