Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Marketable Securities |
The
following is a description of the valuation methodologies used for assets measured at fair value as of March 31, 2025 and December 31,
2024.
Schedule
of Marketable Securities
Marketable
Securities: Valued using quoted prices in active markets for identical assets.
| |
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1) |
|
|
Quoted Prices
for Similar
Assets or
Liabilities in
Active Markets
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
| Marketable securities at March 31, 2025 |
|
$ |
5,805,331 |
|
|
$ |
-
|
|
|
$ |
-
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Marketable securities at December 31, 2024 |
|
$ |
8,345,081 |
|
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Fair Value Hierarchy of the Valuation Inputs |
Schedule of Fair Value Hierarchy of the Valuation Inputs
| |
|
|
|
|
As of |
|
| Description |
|
Level |
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant Liabilities |
|
|
3 |
|
|
$ |
- |
|
|
$ |
- |
|
| Derivative Liabilities |
|
|
3 |
|
|
$ |
19,000 |
|
|
$ |
1,303,000 |
|
|
| Summary of Change in Fair Value of Warrant Liabilities |
The
following table sets forth a summary of the change in the fair value of the warrant liabilities that is measured at fair value on a recurring
basis for the three months ended March 31, 2025 and March 31, 2024, respectively:
Summary of Change in Fair Value of Warrant Liabilities
| Description |
|
2025 |
|
|
2024 |
|
| Balance on December 31, 2024 and 2023 |
|
$ |
- |
|
|
$ |
867,000 |
|
| Issuance of warrants reported at fair value |
|
|
- |
|
|
|
- |
|
| Change in fair value of warrant liabilities |
|
|
- |
|
|
|
7,064,000 |
|
| Reclassification of warrant liability to equity upon warrant modification |
|
|
- |
|
|
|
(7,091,000 |
) |
| Balance on March 31, |
|
$ |
- |
|
|
|
- |
|
|
| Summary of Change in Fair Value of Derivative Liabilities |
The
following table sets forth a summary of the change in the fair value of the derivative liabilities that is measured at fair value on
a recurring basis for the three months ended March 31, 2025 and March 31, 2024, respectively:
Summary of Change in Fair Value of Derivative Liabilities
| Description |
|
2025 |
|
|
2024 |
|
| Balance on December 31, 2024 and 2023 |
|
$ |
1,303,000 |
|
|
$ |
61,000 |
|
| Issuance of convertible preferred stock with derivative liabilities |
|
|
- |
|
|
|
- |
|
| Change in fair value of derivative liabilities |
|
|
(1,284,000 |
) |
|
|
(61,000 |
) |
| Balance on March 31, |
|
$ |
19,000 |
|
|
$ |
- |
|
|
| Schedule of Estimated Useful Lives of Property Plant and Equipment |
The
estimated useful lives for the current and comparative periods are as follows:
Schedule of Estimated Useful Lives of Property Plant and Equipment
| |
|
Useful Life |
| |
|
(in
years) |
| Plant and equipment |
|
5-12 |
| Furniture and fixtures |
|
5-10 |
| Computer equipment & software |
|
3-5 |
| Leasehold Improvements |
|
Shorter of the remaining
lease or estimated useful life |
|
| Schedule of Estimated Useful Lives of Intangible Assets |
Amortization
is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that
they are available for use. The estimated useful lives for the current and comparative periods are as follows:
Schedule of Estimated Useful Lives of Intangible Assets
| |
|
Useful Life |
| |
|
(in
years) |
| Patents and trademarks |
|
12-17 |
|
| Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease |
Lease
expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis
over the lease term.
The
Company’s operating leases are comprised of the 2021 Baltimore Lease and the 2024 Baltimore Lease on the Condensed Consolidated Balance
Sheets. The information related to these leases are presented below:
Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease
| Balance
Sheet Location |
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Total |
|
| |
|
As
of March 31, 2025 |
|
|
As
of December 31, 2024 |
|
| |
|
2024
Baltimore |
|
|
|
|
|
2021
Baltimore |
|
|
|
|
| Balance
Sheet Location |
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Total |
|
| Operating Lease |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease
Right of Use |
|
$ |
2,678 |
|
|
$ |
2,678 |
|
|
$ |
10,579 |
|
|
$ |
10,579 |
|
| Lease
Payable, current |
|
|
2,678 |
|
|
|
2,678 |
|
|
|
10,579 |
|
|
|
10,579 |
|
| Lease
Payable - net of current |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
| Schedule of Lease Expense |
The
following provides details of the Company’s lease expense:
Schedule of Lease Expense
| Lease
Expenses |
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Total |
|
| |
|
For
the Three Months Ended March 31, 2025 |
|
|
For
the Three Months Ended March 31, 2024 |
|
| |
|
2024
Baltimore |
|
|
|
|
|
2021
Baltimore |
|
|
|
|
| Lease
Expenses |
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease
Costs |
|
$ |
8,100 |
|
|
$ |
8,100 |
|
|
$ |
13,600 |
|
|
$ |
13,600 |
|
|
| Schedule of Other Information Related to Leases |
Other
information as of March 31, 2025 related to leases is presented below:
Schedule of Other Information Related to Leases
| |
|
2024
Baltimore |
|
|
|
|
| Other
Information |
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
| Operating
cash used |
|
$ |
8,100 |
|
|
$ |
8,100 |
|
| Average
remaining lease term |
|
|
1 |
|
|
|
4 |
|
| Average
discount rate |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
| Schedule of Operating Lease Minimum Lease Payments |
As
of March 31, 2025, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:
Schedule
of Operating Lease Minimum Lease Payments
| |
|
2024
Baltimore |
|
|
|
|
| |
|
Lease |
|
|
Total |
|
| For
Years Ending December 31, 2025 |
|
$ |
2,700 |
|
|
$ |
2,700 |
|
| Total future minimum lease
payments, undiscounted |
|
$ |
2,700 |
|
|
$ |
2,700 |
|
| Less:
Imputed interest |
|
|
- |
|
|
|
- |
|
| Present
value of future minimum lease payments |
|
$ |
2,700 |
|
|
$ |
2,700 |
|
|
| Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
As
of March 31, 2025 and 2024, the following securities are excluded from
the calculation of weighted average dilutive Common Stock because their inclusion would have been anti-dilutive:
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
|
2025 |
|
|
2024 |
|
| |
|
For the Three Months Ended
March 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Stock Options |
|
|
41,892 |
|
|
|
47,286 |
|
| Unvested Restricted Stock Units |
|
|
48,334 |
|
|
|
88,668 |
|
| Warrants to purchase Common Stock |
|
|
118,348,587 |
|
|
|
4,933,622 |
|
| Series C Convertible Preferred Warrants |
|
|
- |
|
|
|
918 |
|
| Series D Convertible Preferred Stock |
|
|
1,217 |
|
|
|
1,217 |
|
| Series F Convertible Preferred Stock |
|
|
10,549,451 |
|
|
|
1,568,553 |
|
| Series F-1 Convertible Preferred Stock |
|
|
7,543,956 |
|
|
|
- |
|
| Series G Convertible Preferred Stock |
|
|
25,332,418 |
|
|
|
- |
|
| Total potentially dilutive shares |
|
|
161,865,855 |
|
|
|
6,640,264 |
|
|