v3.25.4
Condensed Consolidated Statements of Cash Flows
9 Months Ended
Sep. 30, 2025
USD ($)
Cash Flows from Operating Activities:  
Net loss $ (2,037,590)
Forgiveness of unrelated vendor payables (2,142,297)
Depreciation 1,285
Change in fair value of deferred underwriting fee - common stock payable 196,000
Change in the fair value of warrant liabilities 40,023
Issuance of common stock in connection with the surrender of warrants 1,740,000
Changes in operating assets and liabilities  
Due from related party, current (3,427,000)
Prepaid and other current assets 8,660
Accounts payable and accrued expenses (4,058,404)
Accrued interest, related parties 196,852
Due to related party (94,000)
Net cash used in operating activities (9,576,471)
Cash Flows from Investing Activities  
Loans to Iris Acquisition Corp (775,000)
Purchases of property and equipment (13,108)
Net cash used in investing activities (788,108)
Cash Flows from Financing Activities:  
Gross proceeds from issuance of common stock for PIPE investment 10,556,500
Payment of transaction costs (2,563,738)
Proceeds from issuance of short-term debt, related party 4,340,000
Repayment of short-term debt, related party (1,300,000)
Net cash provided by financing activities 11,032,762
Net change in cash 668,183
Cash, beginning of the period 56,319
Cash, end of the period 724,502
Non-cash investing and financing activities:  
Liabilities assumed in connection with the Business Combination 10,694,604
Fair value of shares to be issued to underwriter on date of the Business Combination 7,049,000
Transaction costs incurred upon closing of the Business Combination 1,518,381
Settlement of loans to Iris Acquisition Corp upon closing of the Business Combination 4,443,500
Issuance of common stock to Iris Acquisition Holdings, LLC 690
Conversion of related party short-term debt into common stock 14,797,901
Non-cash conversion of amounts borrowed for PIPE Funds 3,427,000
Non-cash impact to APIC for the elimination of accrued interest on converted related party debt 169,201
Issuance of common stock to underwriter $ 7,245,000