Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements (Tables)

v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
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:
Fair Value as of December 31, 2025 Fair Value as of December 31, 2024
Carrying Value Level 1 Level 2 Level 3 Carrying Value Level 1 Level 2 Level 3
Financial liabilities:
November Convertible Debentures 163,672  -  -  163,672  2,583,832  -  -  2,583,832 
Warrant liability - Public Warrants 1,612  1,612  -  9,080  9,080  -  - 
Warrant liability - Private Warrants 589  -  -  589  7,884  -  -  7,884 
Warrant liability - SPA Warrants 9,080  -  -  9,080  164,949  -  -  164,949 
Total warrant liability $ 11,281  $ 1,612  $ -  $ 9,669  $ 181,913  $ 9,080  $ -  $ 172,833 
Non-recurring fair value instruments:
Series A Preferred Stock $ -  $ -  $ -  $ -  $ 110,300,391  $ -  $ -  $ 110,300,391 
Series C Preferred Stock at December 3, 2025 $ 10,185,929  $ -  $ -  $ 10,185,929  $ -  $ -  $ -  $ - 
Series A Preferred Stock - strike price $0.5942 at December 3, 2025
 $ 25,448,502  $ -  $ -  $ 25,448,502  $ -  $ -  $ -  $ - 
Series A Preferred Stock - strike price $8.26 at December 3, 2025
 $ 9,775,304  $ -  $ -  $ 9,775,304  $ -  $ -  $ -  $ - 
Series B Preferred Stock - strike price $0.5942 at December 3, 2025
 $ 13,509,764  $ -  $ -  $ 13,509,764  $ -  $ -  $ -  $ - 
Series B Preferred Stock - strike price $8.26 at December 3, 2025
 $ 5,243,192  $ -  $ -  $ 5,243,192  $ -  $ -  $ -  $ - 
Series A Preferred Stock - strike price $8.26 at August 6, 2025
 $ 31,365,924  $ -  $ -  $ 31,365,924  $ -  $ -  $ -  $ - 
Series A Preferred Stock - strike price $11.07 at August 6, 2025
 $ 27,318,339  $ -  $ -  $ 27,318,339  $ -  $ -  $ -  $ - 
Fair Value as of March 20, 2025 Fair Value as of December 31, 2024
Carrying Value Level 1 Level 2 Level 3 Carrying Value Level 1 Level 2 Level 3
SeaTrepid Acquisition:
Land $ 444,435  $ -  $ 444,435  $ -  $ -  $ -  $ -  $ - 
Buildings $ 970,904  $ -  $ 970,904  $ -  $ -  $ -  $ -  $ - 
Machinery and equipment $ 4,753,964  $ -  $ -  $ 4,753,964  $ -  $ -  $ -  $ - 
Intangible assets $ 1,429,400  $ -  $ -  $ 1,429,400  $ -  $ -  $ -  $ - 
Earnout shares $ 6,864,729  $ -  $ -  $ 6,864,729  $ -  $ -  $ -  $ - 
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:
Warrant Liability November 2024 Debentures New Convertible Debentures
Balance, December 31, 2023 $ 17,925,092  $ -  $ - 
Fair value on issuance -  2,107,000  99,195,791 
Exercise of warrants (4,635,257) -  - 
Fair value conversion of new convertible debentures to common stock (29,741,859)
Change in fair value of new convertible debentures -  435,864  (7,989,948)
Change in fair value of warrant liabilities (13,117,002) -  - 
Exchange of New Convertible Debentures to Series A Preferred Stock (61,429,200)
Other -  40,968  (34,784)
Balance, December 31, 2024 172,833  2,583,832  - 
Change in fair value of November 2024 Debentures -  2,247,848  - 
Fair value conversion of November 2024 Debentures to Common Stock -  (4,668,008) - 
Change in fair value of warrant liabilities (163,164) -  - 
Balance, December 2025 $ 9,669  $ 163,672  $ -