| Schedule of Fair Value Hierarchy |
In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring and non-recurring basis and the related activity for periods presented:
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Fair Value as of December 31, 2024 |
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Fair Value as of December 31, 2023 |
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Carrying Value |
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Level 1 |
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Level 2 |
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Level 3 |
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Carrying Value |
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Level 1 |
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Level 2 |
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Level 3 |
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| Financial liabilities: |
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November 2024 Debentures |
$ |
2,583,832 |
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$ |
- |
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$ |
- |
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$ |
2,583,832 |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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| Public Warrants |
9,080 |
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9,080 |
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- |
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- |
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451,088 |
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451,088 |
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- |
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- |
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| Private Warrants |
7,884 |
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- |
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- |
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7,884 |
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380,531 |
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- |
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- |
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380,531 |
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| SPA Warrants |
164,949 |
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- |
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- |
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164,949 |
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17,544,561 |
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- |
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- |
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17,544,561 |
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Total warrant liability |
$ |
181,913 |
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$ |
9,080 |
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$ |
- |
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$ |
172,833 |
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$ |
18,376,180 |
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$ |
451,088 |
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$ |
- |
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$ |
17,925,092 |
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Non-recurring fair value instruments: |
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Series A Preferred Stock |
$ |
110,300,391 |
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$ |
- |
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$ |
- |
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$ |
110,300,391 |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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| Schedule of Changes in Fair Value of Financial Liabilities |
The following table sets forth a summary of the changes in fair value of the Company’s financial liabilities categorized within Level 3:
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New Convertible Debentures |
November 2024 Debentures |
Warrant
Liability |
| Balance, December 31, 2023 |
$ |
- |
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$ |
- |
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$ |
17,925,092 |
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| Fair value on issuance |
99,195,791 |
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2,107,000 |
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- |
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| Exercise of warrants |
- |
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- |
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(4,635,257) |
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| Fair value conversion of new convertible debentures to common stock |
(29,741,859) |
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- |
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- |
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| Change in fair value of new convertible debentures |
(7,989,948) |
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435,864 |
- |
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| Change in fair value of warrant liabilities |
- |
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- |
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(13,117,002) |
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Exchange of New Convertible Debentures to Series A Preferred Stock |
(61,429,200) |
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- |
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- |
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Other |
(34,784) |
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40,968 |
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— |
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| Balance, December 31, 2024 |
$ |
- |
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$ |
2,583,832 |
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$ |
172,833 |
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