Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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 basis and the related activity for the periods presented:
Fair Value as of September 30, 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 2024 Debentures $ 2,711,954  $ -  $ -  $ 2,711,954  $ 2,583,832  $ -  $ -  $ 2,583,832 
Public Warrants $ 1,569  $ 1,569  $ -  $ -  $ 9,080  $ 9,080  $ -  $ - 
Private Warrants 572  -  -  572  7,884  -  -  7,884 
 SPA Warrants 34,034  -  -  34,034  164,949  -  -  164,949 
Total warrant liability $ 36,175  $ 1,569  $ -  $ 34,606  $ 181,913  $ 9,080  $ -  $ 172,833 
Non-recurring fair value instruments:
Series A Preferred Stock $ -  $ -  $ -  $ -  $ 110,300,391  $ -  $ -  $ 110,300,391 
Series A Preferred Stock - Strike price $8.26
$28,909,104
 $ -  $ -  $ -  $ -  $ -  $ -  $ - 
Series A Preferred Stock - Strike price $11.07
$25,481,398
 $ -  $ -  $ -  $ -  $ -  $ -  $ - 
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  $ -  $ -  $ -  $ - 
Earnout shares $ 6,864,729  $ -  $ -  $ 6,864,729  $ -  $ -  $ -  $ - 
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
Balance, December 31, 2024 $ 2,583,832  $ 172,833 
Change in fair value of November 2024 Debentures 128,122  - 
Change in fair value of warrant liabilities -  (138,227)
Balance, September 30, 2025 $ 2,711,954  $ 34,606