v3.25.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurements  
Schedule of Assets and Liabilities that are Measured at Fair value on a Recurring Basis

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities-

 

 

 

 

 

 

 

 

 

 

 

 

Earnout liability

 

$257,481

 

 

$-

 

 

$2,363,452

 

 

$2,620,933

 

Warrant liability (Public Warrants)

 

 

12,916,006

 

 

 

-

 

 

 

-

 

 

 

12,916,006

 

Warrant liability (Private Warrants)

 

 

-

 

 

 

412,000

 

 

 

-

 

 

 

412,000

 

Total liabilities measured at fair value

 

$13,173,487

 

 

$412,000

 

 

$2,363,452

 

 

$15,948,939

 

 

 

 

 

December 31, 2024

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities-

 

 

 

 

 

 

 

 

 

 

 

 

Earnout liability

 

$7,825,000

 

 

$-

 

 

$15,479,808

 

 

$23,304,808

 

Warrant liability (Public Warrants)

 

 

33,124,868

 

 

 

-

 

 

 

-

 

 

 

33,124,868

 

Warrant liability (Private Warrants)

 

 

-

 

 

 

1,055,750

 

 

 

-

 

 

 

1,055,750

 

Total liabilities measured at fair value

 

$40,949,868

 

 

$1,055,750

 

 

$15,479,808

 

 

$57,485,426

 

Schedule of the estimated fair value of the Senior Secured Convertible Promissory Notes

 

 

Level 3

 

 

 

Beginning Balance

 

 

Unrealized and

 

 

Conversions /

 

 

Transfers out

 

 

Ending Balance as of

 

 

 

January 1, 2025

 

 

Realized Gain

 

 

Settlements (a)

 

 

of Level 3

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities-

 

$15,479,808

 

 

$(13,116,356)

 

$-

 

 

$-

 

 

$2,363,452

 

 

 

$15,479,808

 

 

$(13,116,356)

 

$-

 

 

$-

 

 

$2,363,452

 

 

 

Level 3

 

 

 

Beginning Balance

 

 

 Unrealized and

 

 

Conversions /

 

 

Transfers out

 

 

Ending Balance as of

 

 

 

January 1, 2024

 

 

Realized Gain

 

 

Settlements (a)

 

 

of Level 3

 

 

December 31, 2024

 

Liabilities-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnout liability

 

$5,133,428

 

 

$13,746,380

 

 

$-

 

 

$(3,400,000)

 

$15,479,808

 

Senior Secured Convertible Promissory Notes

 

 

2,825,366

 

 

 

141,636

 

 

 

(2,967,002)

 

 

-

 

 

 

-

 

 

 

$7,958,794

 

 

$13,888,016

 

 

$(2,967,002)

 

$(3,400,000)

 

$15,479,808

 

Schedule of the liabilities measured at fair value

 

 

December 31,

2025

 

 

December 31,

2024

 

Stock price

 

$2.89

 

 

$6.26

 

Risk-free interest rate

 

 

3.55%

 

 

4.33%

Expected term (in years)

 

 

3

 

 

 

4

 

Expected volatility

 

 

55.8%

 

 

57.1%

Dividend yield

 

 

0%

 

 

0%