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Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Summary of the Warrants | Summary of the Warrants
|  | Number of shares |  |  | Exercise price |  |  | Expiration date
Dragasac Warrants (1) (4) |  |  | 652,981 |  |  | $ | 2.4898 |  |  | March 16, 2025
Public Warrants (2) |  |  | 1,437,447 |  |  | $ | 115.00 |  |  | July 16, 2026
Sponsor Warrants (2) |  |  | 849,999 |  |  | $ | 115.00 |  |  | July 16, 2026
May 2022 PIPE Warrants |  |  | 405,405 |  |  | $ | 3.50 |  |  | October 10, 2028
March 2023 PIPE Warrants |  |  | 208,485 |  |  | $ | 30.00 |  |  | March 27, 2028
March 2023 PIPE Warrants (modified) |  |  | 729,698 |  |  | $ | 10.00 |  |  | March 27, 2028
March 2023 Loan Warrants |  |  | 75,000 |  |  | $ | 5.8950 |  |  | March 17, 2028
April 2023 Registered Direct Warrants |  |  | 435,625 |  |  | $ | 7.50 |  |  | October 10, 2028
April 2023 Registered Direct Warrants (modified) |  |  | 487,451 |  |  | $ | 3.50 |  |  | October 10, 2028
May 2023 PIPE Warrants |  |  | 581,394 |  |  | $ | 10.00 |  |  | May 17, 2028
June 2023 Warrants (3) |  |  | 50,000 |  |  | $ | 5.8950 |  |  | June 20, 2028
June 2023 Loan Warrants |  |  | 300,000 |  |  | $ | 8.10 |  |  | June 20, 2028
July 2023 Registered Direct Warrants |  |  | 857,142 |  |  | $ | 3.50 |  |  | January 31, 2029
January 2024 PIPE Warrants (4) |  |  | 535,274 |  |  | $ | 2.4898 |  |  | January 16, 2029
January 2024 Bridge Loan - Tranche #1 Warrants |  |  | 1,650,000 |  |  | $ | 2.4898 |  |  | January 16, 2029
January 2024 Bridge Loan - Tranche #2 Warrants |  |  | 1,350,000 |  |  | $ | 2.9880 |  |  | July 15, 2029
March 2024 RWI Forbearance Warrants |  |  | 300,000 |  |  | $ | 5.8958 |  |  | June 20, 2028
November 2024 Purchaser Warrants |  |  | 263,156 |  |  | $ | 2.85 |  |  | November 25, 2029 - December 3, 2029
November 2024 Placement Agent Warrants |  |  | 52,500 |  |  | $ | 3.56 |  |  | November 25, 2029 - December 3, 2029
|  |  | 11,221,557 |  |  |  |  |  |  |
| (1) | In connection with the execution of the January 2024 PIPE described above, the Company agreed to reprice 652,981 legacy warrants held by Dragasac with a previous exercise price of $67.70 to a new exercise price of $2.4898. The term of the warrants was unchanged.
| (2) | The number of Public Warrants and Sponsor Warrants outstanding was not adjusted for the reverse stock split. There are 14,374,478 Public Warrants and 8,499,999 Sponsor Warrants outstanding. After the reverse stock split, the number of warrants outstanding remains the same. However, each outstanding warrant is now exercisable for one-tenth of a share of Class A common stock, and the exercise price per share was adjusted to $115.00 as a result of the split.
| (3) | In connection with the execution of the Starr Forbearance Agreement on March 13, 2024, described above under Warrant Modification and further in Note 10, the Company agreed to reprice 75,000 warrants with a previous exercise price of $7.10 and 50,000 warrants with a previous exercise price of $8.10 held by C.V. Starr to a new exercise price of $5.895. The term of the warrants was unchanged.
| (4) | On January 24, 2025, the Company agreed to reduce the exercise price of the Dragasac warrants and the January 2024 PIPE warrants from $2.49 per share to $2.07 per share. As a result of the price reduction, the holder agreed to immediately exercise the warrants in full and to purchase an aggregate 1,188,255 shares of the Company’s Class A common stock for gross proceeds to the Company of approximately $2.5 million.

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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