v3.26.1
Fair Value (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]    
Schedule of Assets Subject to Measurement at Fair Value on Recurring Basis

The following table presents, as of June 30, 2026, the Company’s assets and liabilities subject to measurement at fair value on a recurring basis (in thousands):

 

   Fair Value Measurements as of June 30, 2026 
   Level 1   Level 2   Level 3   Total 
Assets:                                  
Cash equivalents  $-   $-   $-   $- 
Total Assets  $-   $-   $-   $- 
                     
Liabilities:                    
Convertible notes payable, at fair value  $-   $-   $1,137   $1,137 
Derivative warrant liability  $-   $264   $-   $264 
Total Liabilities  $-   $264   $1,137   $1,401 

 

The following table presents as of December 31, 2025 the Company’s assets and liabilities subject to measurement at fair value on a recurring basis (in thousands):

 

   Fair Value Measurements as of December 31, 2025 
   Level 1   Level 2   Level 3   Total 
Assets:                               
Cash equivalents  $739   $-   $-   $739 
Total Assets  $739   $-   $-   $739 
                     
Liabilities:                    
Convertible notes payable, at fair value  $-   $-   $660   $660 
Total Liabilities  $-   $-   $660   $660 

During the period ended December 31, 2025, there were no transfers between Level 1 and Level 2, nor into or out of Level 3. The following table presents as of December 31, 2025 the Company’s assets and liabilities subject to measurement at fair value on a recurring basis (in thousands):

 

   Fair Value Measurements as of December 31, 2025 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Cash equivalents  $739   $-   $-   $739 
Total Assets  $739   $-   $-   $739 
                     
Liabilities:                    
Convertible notes payable at fair value  $-   $-   $660   $660 
Total Liabilities  $-   $-   $660   $660 

 

 

The following table presents as of December 31, 2024 the Company’s assets and liabilities subject to measurement at fair value on a recurring basis (in thousands):

 

   Fair Value Measurements as of December 31, 2024 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Cash equivalents  $192   $-   $-   $192 
Total Assets  $192   $-   $-   $192 
                     
Liabilities:                    
Convertible notes payable at fair value  $-   $-   $5,856   $5,856 
Liability Classified Warrants   -    -    138    138 
Total Liabilities  $-   $-   $5,994   $5,994 
Schedule of Additional Information About the Financial Liabilities Subject To Measurement at Fair Value

The following table presents additional information about the Convertible Notes Payable subject to measurement at fair value on a recurring basis and warrant liabilities, for which the Company used significant unobservable inputs (Level 3) (in thousands):

 

  

Convertible

Notes Payable

 
Balance as of December 31, 2025  $             660 
Fair value at issuance   1,606 
Conversion of convertible notes   (681)
Interest expense   126 
Cash repayment   (186)
Change in fair value   (388)
Balance as of June 30, 2026  $1,137 

The following table presents additional information about the Convertible Notes Payable subject to measurement at fair value on a recurring basis and warrant liabilities, for which the Company used unobservable inputs (Level 3) (in thousands):

 

  

Convertible Notes

Payable

   Liability Classified Warrants 
Balance as of December 31, 2023  $-   $- 
Fair value at Issuance   7,899    229 
Conversion of convertible notes   (92)   - 
Change in fair value   (1,951)   (91)
Balance as of December 31, 2024  $5,856   $138 
Conversion of convertible notes   (4,530)   - 
Interest expense   277    - 
Change in fair value   (815)   (138)
Gain on settlement of convertible note   (128)   

-

 
Balance as of December 31, 2025  $660   $- 
Fair Value, Inputs, Level 3 [Member]    
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]    
Schedule of Fair Value of Assumptions  

The measurement of the A.G.P. 2024 Warrants is classified as Level 3 due to the use of an option-pricing model that utilizes unobservable inputs and requires significant judgement. The Company estimated the fair value of the warrants issued as the issuance date, October 29, 2024, as of December 31, 2024 and as of December 31, 2025, using a Black-Scholes option-pricing model utilizing the following assumptions:

 

   December 31, 2025   December 31, 2024    October 29, 2024  
Closing stock price  $320   $205,790    $ 314,384  
Contractual exercise price  $300,000   $300,000    $ 300,000  
Risk-free rate   3.73%   4.38%     4.11 %
Estimated volatility   99.3%   98.6%     98.4 %
Time period to expiration (in years)   4.0    5.0      5.2  
August Two Thousand Twenty Four Note [Member]    
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]    
Schedule of Fair Value of Assumptions  

The following table outlines the range of significant unobservable inputs used in calculating the fair value of the August 2024 Nirland Note as of the dates noted below:

 

   

October 31,

2024

    

November 22,

2024

    

December 31,

2024

  
Stock Price   $ 272,986     $ 311,984     $ 205,790  
Term (years)     0.8       0.7       0.6  
Corporate bond yield     9.1 %     8.7 %     11.4 %
Credit Spread     15.9 %     15.9 %     15.9 %
Probability of Default     40 %     40 %     40 %
Recovery upon default     20 %     20 %     20 %
Volatility     103.2 %     96.5 %     123.7 %
AGP Convertible Note [Member]    
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]    
Schedule of Fair Value of Assumptions

The following table outlines the range of significant unobservable inputs used in calculating the fair value of the A.G.P. Convertible Note as of May 29, 2026, when the note was paid off in full, and December 31, 2025:

 

   May 29, 2026   December 31, 2025 
Stock Price  $10.40   $320 
Term (years)   0.15    0.40 
Corporate bond yield   16.3%   5.5%
Credit Spread   26.2%   26.2%
Probability of default   70%   70%
Recovery upon default   0%   0%
Volatility   194%   135%

The following table outlines the range of significant unobservable inputs used in calculating the fair value of the A.G.P. Convertible Note as of the dates noted below:

 

  

November 25,

2024

  

December 31,

2024

  

December 31,

2025

 
Stock Price  $272,986   $205,790   $320 
Term (years)   1    0.9    0.4 
Corporate bond yield   8.8%   9.0%   5.5%
Credit Spread   26.2%   26.2%   26.2%
Probability of Default   40%   40%   70%
Recovery upon default   0%   0%   0%
Volatility   108.7%   101.6%   135%
JJ Ascent Note [Member]    
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]    
Schedule of Fair Value of Assumptions

Due to the close proximity between the inception of the J.J. Astor Note and June 30, 2026, the Company believes the fair value of the J.J. Astor Note on June 11, 2026 approximates the fair of the J.J. Astor Note on June 30, 2026. As such, the Company did not obtain an additional valuation on June 30, 2026. The following table outlines the range of significant unobservable inputs used in calculating the fair value of the J.J. Astor Note as of June 11, 2026:

 

   June 11, 2026 
Stock Price  $              7.20 
Term (years)   .52 
Market yield   30.56%
Probability of default   57.5%
Recovery upon default   20%
Volatility   172%