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FAIR VALUE MEASUREMENT

6 Months Ended

Jun. 30, 2025

Investments, All Other Investments [Abstract]

FAIR VALUE MEASUREMENT

NOTE 5 – FAIR VALUE MEASUREMENT

On June 30, 2025, the Company estimated the aggregate fair value of warrants that are accounted for as warrant liabilities to be $2,580,379 using the Black-Scholes option price model (Level 3 inputs) and, accordingly, recognized a gain on the change in fair value of these warrant liabilities of $574,591 and a loss on the change in fair value of these warrant liabilities of $59,528 for the three and six months ended June 30, 2025, respectively. The following table shows the detail of the valuation assumptions used:

		June 30, 2025
Risk free interest rate			3.71%-3.89	%
Expected term (years)			1.36 - 3.61
Expected volatility			82% - 98	%
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 six months ended June 30, 2025:


Balance, January 1, 2025		$	2,520,851
Change in fair value of warrant liability			59,528
Balance, June 30, 2025		$	2,580,379

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 June 30, 2025		$	5,825,685			$	-			$	-			$	5,825,685
Marketable securities as of December 31, 2024		$	10,184,701			$	-			$	-			$	10,184,701

Liabilities:
Warrant liabilities as of June 30, 2025		$	-			$	-			$	2,580,379			$	2,580,379
Warrant liabilities as of December 31, 2024		$	-			$	-			$	2,520,851			$	2,520,851