| 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 basis and the related activity for the periods presented:
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Fair Value as of June 30, 2025 |
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Fair Value as of December 31, 2024 |
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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 |
| Financial liabilities: |
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| November 2024 Debentures |
$ |
3,119,892 |
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$ |
- |
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$ |
- |
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$ |
3,119,892 |
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$ |
2,583,832 |
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$ |
- |
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$ |
- |
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$ |
2,583,832 |
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| Public Warrants |
$ |
31,778 |
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$ |
31,778 |
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$ |
- |
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$ |
- |
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$ |
9,080 |
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$ |
9,080 |
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$ |
- |
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$ |
- |
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| Private Warrants |
11,682 |
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- |
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- |
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11,682 |
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7,884 |
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- |
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- |
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7,884 |
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| SPA Warrants |
96,322 |
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- |
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- |
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96,322 |
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164,949 |
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- |
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- |
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164,949 |
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| Total warrant liability |
$ |
139,782 |
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$ |
31,778 |
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$ |
- |
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$ |
108,004 |
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$ |
181,913 |
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$ |
9,080 |
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$ |
- |
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$ |
172,833 |
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| Non-recurring fair value instruments: |
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| Series A Preferred Stock |
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$ |
110,300,391 |
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$ |
- |
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$ |
- |
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$ |
110,300,391 |
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Fair Value as of March 20, 2025 |
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Fair Value as of December 31, 2024 |
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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 |
| SeaTrepid Acquisition: |
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| Land |
$ |
444,435 |
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$ |
- |
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$ |
444,435 |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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| Buildings |
$ |
970,904 |
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$ |
- |
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$ |
970,904 |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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| Machinery and equipment |
$ |
4,753,964 |
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$ |
- |
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$ |
- |
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$ |
4,753,964 |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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| Earnout shares |
$ |
6,864,729 |
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$ |
- |
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$ |
- |
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$ |
6,864,729 |
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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 |
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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November 2024 Debentures |
Warrant
Liability |
| Balance, December 31, 2024 |
$ |
2,583,832 |
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$ |
172,833 |
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| Change in fair value of November 2024 Debentures |
536,060 |
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- |
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| Change in fair value of warrant liabilities |
- |
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(64,829) |
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| Balance, June 30, 2025 |
$ |
3,119,892 |
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$ |
108,004 |
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