Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy
Fair Value as of March 31, 2026 Fair Value as of December 31, 2025
Carrying Value Level 1 Level 2 Level 3 Carrying Value Level 1 Level 2 Level 3
Financial liabilities:
November 2024 Debentures $ 1,298,728  $ $ $ 1,298,728  $ 163,672  $ $ $ 163,672 
Derivative liability $ 515,827  $ $ $ 515,827  $ $ $ $
Public Warrants $ 1,769  $ 1,769  $ $ $ 1,612  $ 1,612  $ $
Private Warrants $ 647  $ $ $ 647  $ 589  $ $ $ 589 
 SPA Warrants $ 5,846  $ $ $ 5,846  $ 9,080  $ $ $ 9,080 
Total warrant liability $ 8,262  $ 1,769  $ $ 6,493  $ 11,281  $ 1,612  $ $ 9,669 
Non-recurring fair value instruments:
Series C Preferred Stock at March 27, 2026 $ 3,659,502  $ $ $ 3,659,502 
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:
November 2024 Debentures Warrant
Liability
Derivative Liability
Balance, December 31, 2024 $ 2,583,832  $ 172,833  $
Change in fair value of November 2024 Debentures 723,926 
Change in fair value of warrant liabilities (62,151)
Balance March 31, 2025 $ 3,307,758  $ 110,682  $
Balance, December 31, 2025 $ 163,672  $ 9,669  $
Issuance of November 2024 Debentures 2,960,000 
Fair value conversion of November 2024 Debentures to Common Stock (283,790)
Exchange of November 2024 Debentures to Series C Preferred Stock (2,729,994)
Change in fair value of November 2024 Debentures 1,188,840 
Change in fair value of warrant liabilities (3,176)
Change in fair value of derivative liability 515,827 
Balance, March 31, 2026 $ 1,298,728  $ 6,493  $ 515,827