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Capital Structure (Tables)

12 Months Ended

Dec. 31, 2024

Capital Structure [Abstract]

Schedule of Common Stock or Capital Structure

As a part of the securities purchase agreement on December 20, 2024, the following warrants were issued, all of which contain standard anti-dilution protections in the event of subsequent rights offerings, stock splits, stock dividends or other extraordinary dividends, or other similar changes in the Company’s common stock or capital structure, and none of which have any participating rights for any losses⁽²⁾: 

Securities into which warrants are convertible		Warrants outstanding				Exercise Price				Expiration Date		Fair value
Series A			82,816			$	301.88			January 2030		$	5,268,691
Series B			82,816			$	301.88			July 2027			17,075,456
Total			165,632									$	22,344,147

Schedule of Fair Value of Warrants

The Company used the following assumptions:

		Series A Warrants				Series B Warrants
Fair value of underlying securities		$	0.4689			$	0.4689
Expected volatility			159.8	%			159.8	%
Expected term (in years)			5.0				5.0
Risk-free interest rate			4.28	%			4.28	%

The Company used the following assumptions:

		Initial Public Offering Warrants				Private Placement Warrants
Fair value of underlying securities		$	2.88			$	1.37
Expected volatility			51.0	%			45.0	%
Expected term (in years)			5.0				5.0
Risk-free interest rate			1.13	%			2.92	%

The Company used the following assumptions:

		Series A Warrants				Series B Warrants
Fair value of underlying securities		$	0.85			$	0.85
Expected volatility			161.78	%			161.78	%
Expected term (in years)			5.0				5.0
Risk-free interest rate			4.29	%			4.29	%

Schedule of Securities Warrants are Convertible

The following warrants were outstanding as of December 31, 2024, all of which contain standard anti-dilution protections in the event of subsequent rights offerings, stock splits, stock dividends or other extraordinary dividends, or other similar changes in the Company’s common stock or capital structure, and none of which have any participating rights for any losses:

Securities into which warrants are convertible		Warrants outstanding				Exercise Price				Expiration Date		Fair value
Common stock (Initial Public Offering)(1)			9			$	40,650			October 2026		$	170,397
Common stock (Private Placement)(1)			426			$	140,625			April 2027			6,071,114
Common stock (Series A)(2)			277,778			$	90			January 2030			6,581,789
Common stock (Series B)(2)			82,816			$	301.88			July 2027			21,122,138
Total			361,029									$	33,945,438

Securities into which warrants are convertible		Warrants outstanding				Exercise Price				Expiration Date		Fair value
Common stock (Initial Public Offering)			9			$	140,625			October 2026		$	170,397
Common stock (Private Placement)			473			$	40,650			April 2027			6,745,681
Total			482									$	6,916,078

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units.

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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.

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