v3.26.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value of Financial Instruments [Abstract]  
Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis
Level 3 assets and liabilities measured and recorded at fair value on a recurring basis at December 31, 2025 and 2024 were as follows:
 
         
 
 
December 31,
2025
 
 
December 31,
2024
 
Derivative Liability – Contingent Interest April Note
 
$
1,680,000
 
 
$
47,000
 
Derivative Liability – Contingent Interest September Note
 
$
924,000
 
 
$
94,000
 
Derivative Liability – Contingent Interest December Note
 
$
1,358,000
 
 
$
275,000
 
April Note [Member]  
Fair Value of Financial Instruments [Abstract]  
Key Assumptions Used in Model at Inception
The April 2021 Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at December 31, 2025 and 2024 are as follows:
 
         
   
December 31,
 2025
    
December 31,
2024
  
Stock Price
  
$
4.16
    
$
1.29
  
Conversion Price of conversion feature
  
$
5.00
    
$
5.00
  
Term
  
 1.5 years
    
0.29 years
  
Risk Free Interest Rate
    
3.48
%
    
4.37
%
Credit Adjusted Discount Rate
    
12.03
%
    
12.43
%
Volatility
    
113
%
    
152
%
Dividend Rate
    
0
%
    
0
%
Roll Forward of Derivative Liability - Contingent Interest
The roll forward of the April 2021 Note derivative liability – contingent interest is as follows:
 
     
Balance – December 31, 2023
 
$
431,000
 
Fair Value Adjustment
 
 
(384,000
)
Balance – December 31, 2024
 
 
47,000
 
Fair Value Adjustment
 
 
1,633,000
  
Balance – December 31, 2025
 
$
1,680,000
 
September Note [Member]  
Fair Value of Financial Instruments [Abstract]  
Key Assumptions Used in Model at Inception
The September 2021 Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at inception, and at December 31, 2025 and 2024 are as follows:
 
         
 
 
December 31,
2025
 
 
December 31,
2024
 
Stock Price
 
$
4.16
 
 
$
1.29
 
Conversion Price of conversion feature
 
$
8.64
 
 
$
8.64
 
Term
 
1.5 years
 
 
0.72 years
 
Risk Free Interest Rate
 
 
3.48
%
 
 
4.16
%
Credit Adjusted Discount Rate
 
 
12.03
%
 
 
12.43
%
Volatility
 
 
113
%
 
 
111
%
Dividend Rate
 
 
0
%
 
 
0
%
Roll Forward of Derivative Liability - Contingent Interest
The roll forward of the September 2021 Note derivative liability – contingent interest is as follows:
 
     
Balance – December 31, 2023
 
$
169,000
 
Fair Value Adjustment
 
 
(75,000
)
Balance – December 31, 2024
 
 
94,000
 
Fair Value Adjustment
 
 
830,000
  
Balance – December 31, 2025
 
$
924,000
 
December Note [Member]  
Fair Value of Financial Instruments [Abstract]  
Key Assumptions Used in Model at Inception
The December 2021 Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at inception, and at December 31, 2025 and 2024 are as follows:
 
         
   
December 31,
2025
    
December 31,
2024
  
Stock Price
  
$
4.16
    
$
1.29
  
Conversion Price of conversion feature
  
$
5.43
    
$
5.43
  
Term
  
1.5 years
    
0.97 years
  
Risk Free Interest Rate
    
3.48
%
    
4.16
%
Credit Adjusted Discount Rate
    
12.03
%
    
12.43
%
Volatility
    
113
%
    
102
%
Dividend Rate
    
0
%
    
0
%
Roll Forward of Derivative Liability - Contingent Interest
The roll forward of the December 2021 Note derivative liability – contingent interest is as follows:
 
     
Balance – December 31, 2023
 
$
404,000
 
Fair Value Adjustment
 
 
(129,000
)
Balance – December 31, 2024
 
 
275,000
 
Fair Value Adjustment
 
 
1,083,000
  
Balance – December 31, 2025
 
$
1,358,000