Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026		December 31, 2025
Derivative Liability – Contingent Interest April Note	$	1,330,000	$	1,680,000
Derivative Liability – Contingent Interest September Note	$	613,000	$	924,000
Derivative Liability – Contingent Interest December Note	$	1,036,000	$	1,358,000

April Note [Member]

Fair Value of Financial Instruments [Abstract]

Key Assumptions Used in Model at Inception

The April Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026			December 31, 2025
Stock Price	$	2.79		$	4.16
Conversion Price of conversion feature	$	5.00		$	5.00
Term		1.25 years			1.5 years
Risk Free Interest Rate		3.68	%		3.48	%
Credit Adjusted Discount Rate		13.40	%		12.03	%
Volatility		105	%		113	%
Dividend Rate		0	%		0	%

Roll Forward of Derivative Liability - Contingent Interest

The roll forward of the April Note derivative liability – contingent interest is as follows for the three months ended March 31, 2026 and 2025:


Balance – December 31, 2025	$	1,680,000
Fair Value Adjustment		(350,000	)
Balance – March 31, 2026	$	1,330,000

Balance – December 31, 2024	$	47,000
Fair Value Adjustment		89,000
Balance – March 31, 2025	$	136,000

September Note [Member]

Fair Value of Financial Instruments [Abstract]

Key Assumptions Used in Model at Inception

The September Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026			December 31, 2025
Stock Price	$	2.79		$	4.16
Conversion Price of conversion feature	$	8.64		$	8.64
Term		1.25 years			1.5 years
Risk Free Interest Rate		3.68	%		3.48	%
Credit Adjusted Discount Rate		13.40	%		12.03	%
Volatility		105	%		113	%
Dividend Rate		0	%		0	%

Roll Forward of Derivative Liability - Contingent Interest

The roll forward of the September Note derivative liability – contingent interest is as follows:


Balance – December 31, 2025	$	924,000
Fair Value Adjustment		(311,000	)
Balance – March 31, 2026	$	613,000

Balance – December 31, 2024	$	94,000
Fair Value Adjustment		(21,000	)
Balance – March 31, 2025	$	73,000

December Note [Member]

Fair Value of Financial Instruments [Abstract]

Key Assumptions Used in Model at Inception

The December Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026			December 31, 2025
Stock Price	$	2.79		$	4.16
Conversion Price of conversion feature	$	5.43		$	5.43
Term		1.25 years			1.5 years
Risk Free Interest Rate		3.68	%		3.48	%
Credit Adjusted Discount Rate		13.40	%		12.03	%
Volatility		105	%		113	%
Dividend Rate		0	%		0	%

Roll Forward of Derivative Liability - Contingent Interest

The roll forward of the December Note derivative liability – contingent interest is as follows:


Balance – December 31, 2025	$	1,358,000
Fair Value Adjustment		(322,000	)
Balance – March 31, 2026	$	1,036,000

Balance – December 31, 2024	$	275,000
Fair Value Adjustment		(43,000	)
Balance – March 31, 2025	$	232,000