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Convertible Debentures and Conversion Feature Liability (Tables)
 9 Months Ended
Sep. 30, 2024
Convertible Debentures and Conversion Feature Liability [Abstract]  
Schedule of Convertible Debentures and Conversion Feature Liability The following table summarizes the activity for the convertible debentures and conversion feature liability as of September 30, 2024:
 

Convertible
Debentures
$

  

Conversion
Feature
Liability
$

  

Warrant
Liabilities
$

  

Total
$

Balance, December 31, 2023

  

—

 

  

—

 

  
 

 

  

—

 

Proceeds

  

4,545,000

 

  

—

 

  

—

 

  

4,545,000

 

Allocation of proceeds to conversion feature liability

  

(1,590,195

)

  

1,590,195

 

  

—

 

  

—

 

Allocation of proceeds to warranty liabilities

  

(1,920,179

)

  

—

 

  

1,920,179

 

  

—

 

Accretion

  

64,101

 

  

—

 

  

—

 

  

64,101

 

Accrued interest

  

8,716

 

  

—

 

  

—

 

  

8,716

 

Debt issuance costs

  

(104,569

)

  

—

 

  

—

 

  

(104,569

)

Revaluation of conversion feature liability

  

—

 

  

(174,930

)

  

—

 

  

(174,930

)

Revaluation of warrant liabilities

  

—

 

  

—

 

  

(124,155

)

  

(124,155

)

Balance, September 30, 2024

  

1,002,874

 

  

1,415,265

 

  

1,796,024

 

  

4,214,163

 
Schedule of Fair Value of the Conversion Feature Liability for the SPAs The initial fair value of the conversion feature liability for the SPAs was determined to be $1,590,195 using the Black-Scholes Option Pricing model with the following assumptions:

Risk-free interest rate

 

3.49 – 4.78%

Dividend yield

 

—

Expected life

 

0.14 – 2.0 years

Volatility

 

79 – 91%

Probability of automatic conversion under qualified offering

 

70%

Probability of automatic conversion under accelerated offering

 

15%

Probability of voluntary conversion

 

15%
As of September 30, 2024, the fair value of the conversion feature liability for the SPAs was determined to be $1,415,265 using the Black-Scholes Option Pricing model with the following assumptions:

Risk-free interest rate

  

3.66 – 4.93%

Dividend yield

  

—

Expected life

  

0.13 – 1.98 years

Volatility

  

72 – 90%

Probability of automatic conversion under qualified offering

  

70%

Probability of automatic conversion under accelerated offering

  

15%

Probability of voluntary conversion

  

15%