XML 29 R18.htm IDEA: XBRL DOCUMENT v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 12 - FAIR VALUE MEASUREMENTS

 

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, government grant receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value given the short-term nature of these instruments.

 

The carrying amounts of the Company’s notes payable approximate their fair values as they bear prevailing market interest rates.

 

Recurring Fair Value Measurements

 

The fair value of financial instruments measured on a recurring basis as of March 31, 2026 and December 31, 2025 consisted of the following:

Description  Level 1   Level 2   Level 3  

Total

March 31, 2026

 
Warrant liabilities  $-   $-   $-   $- 

 

Description  Level 1   Level 2   Level 3  

Total

December 31, 2025

 
Warrant liabilities  $-   $-   $-   $- 

 

The changes in the fair value of the warrant liabilities for the years ended March 31, 2026 and 2025 are summarized as follows:

 

Fair value at December 31, 2025  $- 
Change in fair value of warrant liabilities   - 
Fair value at March 31, 2026  $- 
      
Fair value at December 31, 2024  $45,965 
Change in fair value of warrant liabilities   5,453 
Fair value at March 31, 2025  $51,418 

 

Non-recurring Fair Value Measurements

 

Certain assets, including long-lived assets and certain financial instruments, are measured at fair value on a non-recurring basis if it is determined that impairment indicators are present using Level 3 inputs.

 

During the three months ended March 31, 2026 and 2025, the Company determined that no impairment indicators had occurred and consequently no impairments were recorded during these periods.