XML 53 R33.htm IDEA: XBRL DOCUMENT
v3.26.1

Capital Structure (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Capital Structure [Abstract] |
Schedule of Securities Warrants are Convertible | In addition, on March 31, 2025, the Company reclassified the Series A warrants from liability to equity upon determining that the warrants no longer required liability classification.
Securities into which warrants are convertible |  | Warrants outstanding |  |  | Exercise Price |  |  | Expiration Date |  | Fair value |
Common stock (Initial Public Offering) |  |  | 9 |  |  | $ | 40,650 |  |  | October 2026 |  | $ | 170,397 |
Common stock (Private Placement) |  |  | 426 |  |  | $ | 140,625 |  |  | April 2027 |  |  | 6,071,114 |
Common stock (Series A) |  |  | 517,598 |  |  | $ | 48.30 |  |  | January 2030 |  |  | 7,634,428 |
Total |  |  | 518,033 |  |  |  |  |  |  |  |  | $ | 13,875,939 |
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) |  |  | 9 |  |  | $ | 40,650 |  |  | October 2026 |  | $ | 170,397 |
Common stock (Private Placement) |  |  | 426 |  |  | $ | 140,625 |  |  | April 2027 |  |  | 6,071,114 |
Common stock (Series A) |  |  | 277,778 |  |  | $ | 90 |  |  | January 2030 |  |  | 6,581,789 |
Common stock (Series B) |  |  | 82,816 |  |  | $ | 301.875 |  |  | July 2027 |  |  | 21,122,138 |
Total |  |  | 361,029 |  |  |  |  |  |  |  |  | $ | 33,945,438 |
Schedule of Fair Value of Warrants | The Company used the following assumptions for December 31, 2025 and 2024:
|  | Initial Public Offering Warrants (Oct 2021) |  |  | Private Placement Warrants (Apr 2022) |
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 | %
As such, the Series A warrants were reclassified to equity and remeasured utilizing the Black Scholes model with the following assumptions:
|  | Series A Warrants |
Fair value of underlying securities |  | $ | 14.75 |
Expected volatility |  |  | 183.38 | %
Expected term (in years) |  |  | 4.96 |
Risk-free interest rate |  |  | 4.30 | %
The fair value of the Series B warrants were re-measured prior to exercise using the Black-Scholes model, now that the exercise price has been fixed, based on the following assumptions:
|  | Series B Warrants |
Fair value of underlying securities |  | $ | 6.01 – 32.19 |
Expected volatility |  |  | 162.99 – 190.53 | %
Expected term (in years) |  |  | 2.46 – 2.49 |
Risk-free interest rate |  |  | 4.18 – 4.30 | %
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 | %

X
- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
Name: | us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration