v3.26.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2026
Fair Value Measurements [Abstract]  
Schedule of Company’s Liabilities that are Measured at Fair Value

The following table presents information about the Company’s liabilities that are measured at fair value as of September 30, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

          September 30,     December 31,  
Description:   Level     2026     2025  
Derivative Liabilities:                        
Forward purchase agreement     3     $ —     $ 1,388,700  
Warrants – Series A     3     $ 565,700     $ 3,383,900  
Schedule of Fair Value Measurement of the FPA

The fair value measurement of the FPA at September 22, 2026 and December 31, 2025 was calculated using the following assumptions:

 

    September 22,     December 31,  
    2026     2025  
Risk-free interest rate     4.20 %     3.48 %
Stock price   $ 6.86     $ 7.09  
Expected life     0.4 years       1.1 years  
Expected volatility of underlying stock     235.0 %     175.0 %
Dividends     0 %     0 %
Schedule of Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table presents the changes in the fair value of the derivative liability associated with the Forward Purchase Agreement, measured at fair value on a recurring basis using significant unobservable inputs (Level 3), for the three and nine months ended September 30, 2026:

 

    Fair Value  
    Measurement  
    Using 
Level 3
 
Forward Purchase Agreement   Inputs Total  
Balance, December 31, 2025   $ 1,388,700  
Change in fair value     (174,600 )
Balance, March 31, 2026     1,214,100  
Change in fair value     542,600  
Balance, June 30, 2026     1,756,700  
Change in fair value     (459,100 )
Derecognition upon termination of the FPA     (1,297,600 )
Balance, September 30, 2026     —  

The following table presents the changes in the fair value of the derivative liability associated with the Series A Warrants, measured at fair value on a recurring basis using significant unobservable inputs (Level 3), for the three and nine months ended September 30, 2026:

 

    Fair Value  
    Measurement  
    Using
Level 3
 
Warrants – Series A   Inputs Total  
Balance, December 31, 2025   $ 3,383,900  
Change in fair value     (386,750 )
Balance, March 31, 2026     2,997,150  
Change in fair value     375,182  
Reclassification to additional paid-in capital upon exercise of warrants     (357,141)  
Balance, June 30, 2026     3,015,191  
Change in fair value     (782,143 )
Reclassification to additional paid-in capital upon exercise of warrants       (1,667,348)  
Balance, September 30, 2026     565,700  
Schedule of Determine the Fair Value

The Company utilized a Black-Scholes option pricing model to determine the fair value of the Series A Warrants at September 30, 2026, using the following assumptions:

 

    Series A
Warrants
 
Expected term     3.2 years  
Stock price   $ 6.46  
Risk free rate     5.0 %
Expected volatility     183.3 %
Expected dividend rate     0.0 %
Exercise Price   $ 3.10