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Correction of Errors in Previously Reported Consolidated Financial Statements (Tables)

3 Months Ended

Mar. 31, 2025

Correction of Errors in Previously Reported Consolidated Financial Statements [Abstract]

Schedule of Restatement on the Condensed Consolidated and Combined Statements of Operations

The impact of the restatement on the condensed consolidated and combined statement of operations for the three months ended March 31, 2024 is as follows:

		March 31, 2024 (Unaudited)
		As Reported				Adjustments				As Restated
Other Income (Expense)
Change in fair value of derivative liabilities		$	(8,182,500	)		$	-			$	(8,182,500	)
Issuance of common stock and warrants			(17,820,998	)			(2,769,719	)			(20,590,717	)
Interest income			311				-				311
Interest expense			(3,739	)			-				(3,739	)
Other income (expense)			(1	)			-				(1	)
Total other income (expense)			(26,006,927	)			(2,769,719	)			(28,776,646	)

Net income (loss) before provision for income taxes			(29,766,263	)			(2,769,719	)			(32,535,982	)

Provision for income taxes			-				-				-

Net income (loss)		$	(29,766,263	)		$	(2,769,719	)		$	(32,535,982	)

Weighted average number of shares of common stock outstanding, basic			1,563,968				21,081				1,585,049
Basic net income (loss) per share of common stock		$	(19.03	)		$	(1.50	)		$	(20.53	)
Weighted average number of shares of common stock outstanding, diluted			1,563,968				21,081				1,585,049
Diluted net income (loss) per share of common stock		$	(19.03	)		$	(1.50	)		$	(20.53	)

Schedule of Restatement on the Condensed Consolidated and Combined Changes in Stockholder’s (Deficit) Equity

The impact of the restatement on the condensed consolidated and combined statement of changes in stockholders’ (deficit) equity for the three months ended March 31, 2024 is as follows:

		Three Months Ended March 31, 2024
		Additional								Stockholders’
		Paid-in				Accumulated				Equity
		Capital				Deficit				(Deficit)
As Reported
Balance at January 1, 2024, after retroactive application of recapitalization		$	28,850,985			$	(25,445,506	)		$	3,412,459
Convertible note – stock issuance loss			—				—				—
Net loss			—				(29,766,263	)			(29,766,263	)
Balance at March 31, 2024		$	79,158,563			$	(119,717,769	)		$	(40,630,758	)

Adjustments
Balance at January 1, 2024, after retroactive application of recapitalization			—				—				—
Convertible note – stock issuance loss			2,769,719				—				2,769,719
Net loss			—				(2,769,719	)			(2,769,719	)
Balance at March 31, 2024			2,769,719				(2,769,719	)			—

As Restated
Balance at January 1, 2024, after retroactive application of recapitalization			28,850,985				(25,445,506	)			3,412,459
Convertible note – stock issuance loss			2,769,719				—				2,769,719
Net loss			—				(32,535,982	)			(32,535,982	)
Balance at March 31, 2024		$	81,928,282			$	(122,487,488	)		$	(40,630,758	)

Schedule of Restatement on the Condensed Consolidated and Combined Statement of Cash Flows

The impact of the restatement on the condensed consolidated and combined statement of cash flows for the three months ended March 31, 2024 is as follows:

		March 31, 2024 (Unaudited)
		As Reported				Adjustments				As Restated
Cash Flows From Operating Activities:
Net income (loss)		$	(29,766,263	)		$	(2,769,719	)		$	(32,535,982	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization			94,392				—				94,392
Stock based compensation			1,359,000				—				1,359,000
Equity compensation expense			—				—				—
Non-cash interest expense			—				—				—
Change in fair value of derivative liabilities			8,182,500				—				8,182,500
Issuance of common stock and warrants			17,820,998				2,769,719				20,590,717