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FAIR VALUE MEASUREMENT

3 Months Ended

Mar. 31, 2025

Investments, All Other Investments [Abstract]

FAIR VALUE MEASUREMENT

NOTE 6 – FAIR VALUE MEASUREMENT

On March 31, 2025, the Company estimated the aggregate fair value of warrants that are accounted for as warrant liabilities to be $3,154,970 using the Black-Scholes option price model (Level 3 inputs) and, accordingly, recognized a loss on the change in fair value of these warrant liabilities of $634,119 during the three months ended March 31, 2025. The following table shows the detail of the valuation assumptions used:

		March 31, 2025
Risk free interest rate			3.91%-3.96%
Expected term (years)			1.61 - 3.86
Expected volatility			98% - 103%
Expected dividends			0.00%

The following table sets forth a summary of the changes in the fair value of Level 3 liabilities that are measured at fair value on a recurring basis during the three months ended March 31, 2025:

		March 31, 2025
Balance, January 1, 2025		$	2,520,851
Change in fair value of warrant liability			634,119
Balance, March 31, 2025		$	3,154,970

Assets and liabilities measured at fair value on a recurring basis are as follows:

		Fair value measurements at reporting date using:
		Quoted prices in active markets for identical liabilities (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Total Fair Value
Assets:
Marketable securities as of March 31, 2025		$	7,884,132			$	-			$	-			$	7,884,132
Marketable securities as of December 31, 2024		$	10,184,701			$	-			$	-			$	10,184,701

Liabilities:
Warrant liabilities as of March 31, 2025		$	-			$	-			$	3,154,970			$	3,154,970
Warrant liabilities as of December 31, 2024		$	-			$	-			$	2,520,851			$	2,520,851