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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Fair value Assets and Liabilities Measured on Recurring Basis

The carrying amounts and estimated fair values of the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 were as follows:

 Schedule of Fair value Assets and Liabilities Measured on Recurring Basis

		September 30, 2023								December 31, 2022
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Cash and cash equivalents		$	7,241,811			$	7,241,811			$	79,845			$	79,845
Senior convertible debentures			4,863,000				4,863,000				—				—
Warrant liabilities			50,738,180				50,738,180				—				—

Schedule of Assets And Liabilities Measured at Fair Value

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 are summarized below. There were no assets and liabilities measured at fair value on a recurring basis as of December 31, 2022.

Schedule of Assets And Liabilities Measured at Fair Value 

		September 30, 2023
		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs Not Corroborated by Market Data (Level 3)				Assets (Liabilities) at Fair Value
Senior convertible debentures		$	—			$	—			$	4,863,000			$	4,863,000
Warrant liabilities			—				—				50,738,180				50,738,180

Schedule of Senior Convertible Debentures

The significant unobservable inputs used in the Level 3 fair value measurement of the senior convertible debentures as of May 3, 2023 (date of the Merger) and September 30, 2023 and their values are as follows:

Schedule of Senior Convertible Debentures

		May 3, 2023				September 30, 2023
Volatility			75	%			75	%
Yield			20.00	%			19.60	%
Fair value measurements of senior convertible debentures			20.00	%			19.60	%

Schedule of Fair Value For Level 3 Liabilities

The table below provides a summary of changes in the fair value of the Company’s Level 3 senior convertible debentures for the three and nine months ended September 30, 2023. There were no Level 3 liabilities in the period from June 7, 2022 (date of inception) through September 30, 2022.

Schedule of Fair Value For Level 3 Liabilities

		Three Months Ended September 30, 2023				Nine Months Ended September 30, 2023
Balance at beginning of period		$	2,722,000			$	—
Senior convertible debentures assumed in the Merger			—				1,981,000
Losses reported in earnings			2,141,000				2,882,000
Balance at September 30, 2023		$	4,863,000			$	4,863,000

Schedule of Valuation of Warrant Liabilities

The following table summarizes the Company’s assumptions used in the valuation of warrant liabilities for the three and nine months ended September 30, 2023:

 Schedule of Valuation of Warrant Liabilities

		At Initial Warrant Liability Classification				September 30, 2023
Stock price		$	6.71 – 14.57			$	11.86
Option exercise price		$	6.00			$	6.00
Expected term (years)			4.65 – 5.00				4.59 – 4.88
Volatility			75.0	%			75.0	%
Discount rate			4.27% - 4.39	%			4.51% - 4.54	%

Schedule of Changes in Fair Value in Warrant Liabilities

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liabilities for the three and nine months ended September 30, 2023. There were no Level 3 liabilities in the period from June 7, 2022 (date of inception) through September 30, 2022.

 Schedule of Changes in Fair Value in Warrant Liabilities

		Three Months Ended September 30, 2023				Nine Months Ended September 30, 2023
Balance at beginning of period		$	—			$	—
Reclassification to warrant liabilities			25,883,095				25,883,095
Change in estimate fair value			24,855,085				24,855,085
Balance at September 30, 2023		$	50,738,180			$	50,738,180

Schedule of Anti-dilutive Securities Excluded from Earnings Per Share

 Schedule of Anti-dilutive Securities Excluded from Earnings Per Share 

Potentially Dilutive Security		Quantity				Stated Value Per Share				Total Value or Stated Value				Assumed Conversion Price				Resulting Common Shares
Merger Options and restricted stock units(1)			8,641,176			$	—			$	—			$	—				641,176
Common stock warrants			447,855,367				—				—				—				15,674,938
AR Debentures			—				—				2,000,000				5.00				400,000
Series D preferred stock			21,799				1,000				21,799,250				5.00				4,359,850
Series E preferred stock			20,000				1,000				20,000,000				5.00				4,000,000
Total																			25,075,964

⁽¹⁾ Not exercisable or vested as of September 30, 2023 (see Notes 12 and 13).

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