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

Significant Accounting Policies (Tables)

v3.25.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
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 December 31, 2024 and December 31, 2023.

 

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 December 31, 2024   $ 8,345,081     $          -     $       -  
                         
Marketable securities at December 31, 2023   $ 2,242,106     $ -     $ -  
Schedule of Fair Value Hierarchy of the Valuation Inputs

 

          As of December 31,  
Description   Level     2024     2023  
Liabilities                        
Warrant Liabilities     3     $ -     $ 867,000  
Derivative Liabilities     3     $ 1,282,000     $ 61,000  
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 years ended December 31, 2024 and 2023:

 

    As of December 31,  
Description   2024     2023  
Balance on December 31, 2023 and 2022   $ 867,000     $ -  
Issuance of warrants reported at fair value     -       10,623,000  
Changes in fair value of warrant liabilities     7,094,000       (1,175,000 )
Reclassification of warrant liability to equity upon warrant modification     (7,961,000 )        
Balance on March 31,     -       9,448,000  
Issuance of warrants reported at fair value     21,992,000       -  
Changes in fair value of warrant liabilities     (2,701,000 )     (1,635,000 )
Balance on June 30,     19,291,000       7,813,000  
Changes in fair value of warrant liabilities     17,000       (5,356,000 )
Reclassification of warrant liability to equity upon warrant modification     (19,308,000 )     -  
Balance on September 30,     -       2,457,000  
Changes in fair value of warrant liabilities     -       (1,590,000 )
Balance on December 31,   $ -     $ 867,000  
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 years ended December 31, 2024 and 2023:

 

    As of December 31,  
Description   2024     2023  
Balance on December 31, 2023 and 2022   $ 61,000     $ -  
Issuance of derivatives reported at fair value     -       3,149,800  
Changes in fair value of derivative liabilities     (61,000 )     120,700  
Balance on March 31,     -       3,270,500  
Issuance of derivatives reported at fair value     854,000       -  
Changes in fair value of derivative liabilities     72,000       194,500  
Balance on June 30,     926,000       3,465,000  
Changes in fair value of derivative liabilities     356,000       (2,566,900 )
Balance on September 30,     1,282,000       898,100  
Changes in fair value of derivative liabilities     21,000       (837,100 )
Balance on December 31,   $ 1,303,000     $ 61,000  
Schedule of Estimated Useful Lives of Property Plant and Equipment

The estimated useful lives for the current and comparative periods are as follows:

 

    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:

 

    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 2024 Baltimore Lease, the 2021 Baltimore Lease and the Platt Street Lease on the Consolidated Balance Sheets. The information related to these leases are presented below:

 

Balance Sheet Location   Lease     Lease     Lease     Total     Lease     Lease     Total  
    As of December 31, 2024     As of December 31, 2023  
    Platt Street     2021 Baltimore     2024 Baltimore           Platt Street     2021 Baltimore        
Balance Sheet Location   Lease     Lease     Lease     Total     Lease     Lease     Total  
Operating Lease                                                        
Lease Right of Use   $ -     $ -     $ 10,579     $ 10,579     $ -     $ 47,389     $ 47,389  
Lease Payable, current     -       -       10,579       10,579       -       48,870       48,870  
Lease Payable - net of current     -       -       -       -       -       -       -  
Schedule of Lease Expense

The following provides details of the Company’s lease expense:

 

Lease Expenses   Lease     Lease     Lease     Total     Lease     Lease     Total  
    For the Years Ended December 31, 2024     For the Years Ended December 31, 2023  
    Platt Street     2021 Baltimore     2024 Baltimore           Platt Street     2021 Baltimore        
Lease Expenses   Lease     Lease     Lease     Total     Lease     Lease     Total  
Operating Leases                                                        
Lease Costs   $ -     $ 18,672     $ 21,600     $ 40,272     $ 18,868     $ 54,400     $ 73,268  
Schedule of Other Information Related to Leases

Other information as of December 31, 2024 related to leases is presented below:

 

    Other Lease Information
    Platt Street     2021 Baltimore     2024 Baltimore        
Other Information   Lease     Lease     Lease     Total  
Operating Leases                                
Operating cash used   $ -     $ 18,672     $ 21,600     $ 40,272  
Average remaining lease term     -       -       4       4  
Average discount rate     10.0 %     10.0 %     10.0 %     10.0 %
Schedule of Operating Lease Minimum Lease Payments

As of December 31, 2024, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:

 

    Platt Street     2021 Baltimore     2024 Baltimore        
    Annual Minimum Lease Payments
    Platt Street     2021 Baltimore     2024 Baltimore        
    Lease     Lease     Lease     Total  
For Years Ending December 31,                                
2024     -       -       -     $ -  
2025     -       -       10,800       10,800  
Total future minimum lease payments, undiscounted   $ -     $ -     $ 10,800     $ 10,800  
Less: Imputed interest     -       -       221       221  
Present value of future minimum lease payments   $ -     $ -     $ 10,579     $ 10,579  
Schedule of Weighted Average Number of Shares Outstanding Earnings Per Share

As of December 31, 2024 and 2023, the following securities are excluded from the calculation of weighted average dilutive common stock because their inclusion would have been anti-dilutive:

 

    2024     2023  
    For the Years Ended
December 31,		  
    2024     2023  
Stock Options     45,226       47,286  
Unvested Restricted Stock Units     48,334       88,668  
Warrants to purchase Common Stock     33,293,640       4,933,622  
Series C Preferred Convertible Warrants     -       918  
Series D Preferred Convertible Stock     1,217       1,217  
Series F Preferred Convertible Stock     3,239,231       3,318,626  
Series F-1 Convertible Preferred Stock     3,651,538       -  
Series G Convertible Preferred Stock     6,833,846       -  
Total potentially dilutive shares     47,113,032       8,390,337