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Organization and Basis of Presentation (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
Schedule of Effect of the Private Placements on Common and Preferred Stock as well Warrants to Purchase the Company's Stock | The following tables summarize the effect of the Private Placements on the Company's shares of common and preferred stock as well warrants to purchase the Company's stock.
Effect of Private Placements on Common Stock |  | Number of Shares |
Common stock |  |  |
Shares issued on April 3, 2024 and June 13, 2024 |  |  | 3,690,000 |
Shares of Series B Preferred Stock converted into common stock on June 28, 2024 (1) |  |  | 50,232,000 |
Shares of Series C Preferred Stock exchanged for common stock on November 7, 2024 (1) |  |  | 10,928,000 |
Increase in shares of common stock |  |  | 64,850,000 |
Warrants issued to purchase common stock, after conversion (2) |  |  | 31,959,999 |
(1) The conversion rate for Series B Preferred Stock and Series C Preferred Stock into common stock was 4,000 common shares per preferred share. |
(2) The conversion rate for warrants of Series B Preferred Stock and Series C Preferred Stock into warrants for common stock was 4,000 common shares per preferred share. |
|  | Number of Shares |
Effect of Private Placements on Preferred Stock |  | Series B |  |  | Series C |
Preferred stock |  |  |  |  |  |
Shares issued on April 3, 2024 and June 13, 2024 |  |  | 12,558 |  |  |  | 2,732 |
Shares of preferred stock that converted into common stock on June 28, 2024 (1) |  |  | (12,558 | ) |  |  | — |
Shares of preferred stock exchanged for common stock on November 7, 2024 (1) |  |  | — |  |  |  | (2,732 | )
Shares of preferred stock outstanding as of December 31, 2024 |  |  | — |  |  |  | — |
Warrants, preferred stock |  |  |  |  |  |
Warrants issued issued on April 3, 2024 and June 13, 2024 |  |  | 6,549 |  |  |  | 1,441 |
Warrants for preferred stock that converted into warrants for common stock on June 28, 2024 (2) |  |  | (6,549 | ) |  |  | — |
Warrants for preferred stock that converted into warrants for common stock November 7, 2024 (2) |  |  | — |  |  |  | (1,441 | )
Warrants for preferred stock outstanding as of December 31, 2024 |  |  | — |  |  |  | — |
(1) The conversion rate for preferred stock into common stock was 4,000 common shares per preferred share. |
(2) The conversion rate for warrants for Series B Preferred Stock and Series C Preferred Stock into warrants for common stock was for 4,000 common shares per preferred share. |
Schedule of Fair Value of Warrants Issued in Connection with the Private Placements | The following table presents the assumptions used in the calculation of the fair value of the warrants issued in connection with the Private Placements.
|  | Warrants to Purchase Company Stock |
Facts and assumptions |  | Issued April 3, 2024 | Issued June 13, 2024 |
Number of warrants (1) |  |  | 29,531,999 |  |  |  | 2,428,000 |
Fair value per warrant (1) |  | $ | 1.34 |  |  | $ | 1.49 |
Stock price per share (1) |  | $ | 2.76 |  |  | $ | 2.99 |
Strike price per share (1) |  | $ | 2.50 |  |  | $ | 2.39 |
Risk-free interest rate |  |  | 4.40 | % |  |  | 4.30 | %
Term (years) |  |  | 5.00 |  |  |  | 4.81 |
Expected volatility |  |  | 45.00 | % |  |  | 45.00 | %
(1) Presented on a common share equivalent basis. |

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