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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following are the liabilities measured at fair value on the condensed consolidated balance sheet at June 30, 2025 and December 31, 2024 using quoted price in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):
Level 1:
Quoted Prices
in Active
Markets for Identical
Assets		Level 2:
Significant
Other
Observable
Inputs		Level 3:
Significant
Unobservable
Inputs		Total at June 30,
2025		Total Gains (Losses) For The Three Months Ended June 30, 2025Total Gains (Losses) For The Six Months Ended June 30, 2025
Recurring fair value measurements
2024 February Institutional/Accredited Investor warrants$— $— $91,712 $91,712 $(18,042)$199,854 
2024 October Institutional/Accredited Investor Warrants$— $— $6,974 $6,974 $20,082 $285,260 
Senior Convertible Notes - October 2024$— $— $152,909 $152,909 $972,245 $(118,761)
Additional Investment Rights - October 2024$— $— $10,333 $10,333 $672,334 $(4,383)
2024 December Institutional/Accredited Investor Warrants$— $— $48,708 $48,708 $(8,396)$60,629 
2025 March Institutional/Accredited Investor Warrants$— $— $36,257 $36,257 $70,287 $70,287 
2025 April Institutional/Accredited Investor Warrants$— $— $31,683 $31,683 $— $— 
2025 May Institutional/Accredited Investor Warrants$— $— $139,917 $139,917 $— $— 
Senior Convertible Notes - May 2025$— $— $2,135,181 $2,135,181 $— $— 
Total recurring fair value measurements$— $— $2,653,674 $2,653,674 $1,708,510 $492,886 
Level 1:
Quoted Prices
in Active
Markets for Identical
Assets		Level 2:
Significant
Other
Observable
Inputs		Level 3:
Significant
Unobservable
Inputs		Total at December 31,
2024		Total Gains (Losses) For The Three Months Ended June 30, 2024Total Gains (Losses) For The Six Months Ended June 30, 2024
Recurring fair value measurements
2022 July Institutional/Accredited Investor Warrants$— $— $— $— $3 4,621 
2024 February Institutional/Accredited Investor warrants$— $— $291,566 $291,566 $1,584,770 $2,307,813 
2024 October Institutional/Accredited Investor Warrants$— $— $292,234 $292,234 $— $— 
Senior Convertible Notes - October 2024$— $— $2,475,162 $2,475,162 $— $— 
Additional Investment Rights - October 2024$— $— $5,950 $5,950 $— $— 
2024 December Institutional/Accredited Investor Warrants$— $— $109,337 $109,337 $— $— 
Derivative liability - non-controlling redeemable preferred shares$— $— $— $— $7,907 $(3,626)
Total recurring fair value measurements$— $— $3,174,249 $3,174,249 $1,592,680 $2,308,808 
The following is a reconciliation of the opening and closing balances for the liabilities related to the warrants (Note 11) and derivative liability - non-controlling redeemable preferred shares measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2025:
2024 February Institutional/Accredited Investor warrants2024 October Institutional/Accredited Investor WarrantsSenior Convertible Notes - October 2024Additional Investment Rights - October 20242024 December Institutional/Accredited Investor Warrants2025 March Institutional/Accredited Investor WarrantsSenior Convertible Notes - March 20252025 April Institutional/Accredited Investor Warrants2025 May Institutional/Accredited Investor WarrantsSenior Convertible Notes - May 2025
Balance at December 31, 2024$291,566 $292,234 $2,475,162 $5,950 $109,337 $— $— $— $— $— 
Initial fair value— — — — — 106,544 1,393,456 — — — 
Conversion of Convertible Notes— — (3,058,031)— — — — — — — 
Total (gains) losses for period included in earnings(217,896)(265,178)1,091,006 676,717 (69,025)— — — — — 
Balance at March 31, 202573,670 27,056 508,137 682,667 40,312 106,544 1,393,456 — — — 
Initial fair value— 31,683 139,917 2,135,181 
Conversion of Convertible Notes— — 617,017 — — — (1,393,456)— — — 
Total (gains) losses for period included in earnings18,042 (20,082)(972,245)(672,334)8,396 (70,287)— — — — 
Balance at June 30, 2025$91,712 $6,974 $152,909 $10,333 $48,708 $36,257 $— $31,683 $139,917 $2,135,181 

The fair value of the level 3 2022 July Institutional/Accredited Investor warrants was estimated at December 31, 2024 using the Black-Scholes model which used the following inputs: term of 3.00 years, risk free rate of 4.47%, no dividends, volatility of 57.0%, common stock price of $3.12, and strike price of $1,500.00.

The fair value of the level 3 2024 February Institutional/Accredited Investor warrants was estimated at June 30, 2025 using the Black-Scholes model which used the following inputs: term of 3.85 years, risk free rate of 3.92%, no dividends, volatility of 78.0%, common stock price of $1.51, and strike price of $20.00.

The fair value of the level 3 2024 February Institutional/Accredited Investor warrants was estimated at December 31, 2024 using the Black-Scholes model which used the following inputs: term of 4.09 years, risk free rate of 4.33%, no dividends, volatility of 85.0%, common stock price of $3.12, and strike price of $20.00.

The fair value of the level 3 2024 October Institutional/Accredited Investor Warrants was estimated at June 30, 2025 using the Monte Carlo Simulation model which used the following inputs: term of 4.60 years, risk free rate of 4.00%, no dividends, volatility of 50.6%, common stock price of $1.51, and strike price of $3.78.

The fair value of the level 3 2024 October Institutional/Accredited Investor Warrants was estimated at December 31, 2024 using the Monte Carlo Simulation model which used the following inputs: term of 4.80 years, risk free rate of 4.20%, no dividends, volatility of 49.6%, common stock price of $3.12, and strike price of $3.78.

The fair value of the level 3 Senior Convertible Notes - October 2024 was estimated at June 30, 2025 using the Monte Carlo Simulation model which used the following inputs: term of 1.08 years, risk free rate of 4.00%, no dividends, volatility of 50.6%, common stock price of $1.51, and strike price of $3.78.

The fair value of the level 3 Senior Convertible Notes - October 2024 was estimated at December 31, 2024 using the Monte Carlo Simulation model which used the following inputs: term of 1.33 years, risk free rate of 4.20%, no dividends, volatility of 49.6%, common stock price of $3.12, and strike price of $3.40.

The fair value of the level 3 Additional Investment Rights - October 2024 was estimated at June 30, 2025 using the Monte Carlo Simulation model which used the following inputs: term of 1.08 years, risk free rate of 4.00%, no dividends, volatility of 50.6%, common stock price of $1.51, and strike price of $3.78.

The fair value of the level 3 Additional Investment Rights - October 2024 was estimated at December 31, 2024 using the Monte Carlo Simulation model which used the following inputs: term of 1.33 years, risk free rate of 4.20%, no dividends, volatility of 49.6%, common stock price of $3.12, and strike price of $3.40.
The fair value of the level 3 2024 December Institutional/Accredited Investor Warrants was estimated at June 30, 2025 using the Black-Scholes model which used the following inputs: term of 4.90 years, risk free rate of 3.92%, no dividends, volatility of 78.0%, common stock price of $1.51, and strike price of $3.26.

The fair value of the level 3 2024 December Institutional/Accredited Investor Warrants was estimated at December 31, 2024 using the Black-Scholes model which used the following inputs: term of 5.00 years, risk free rate of 4.33%, no dividends, volatility of 85.0%, common stock price of $3.12, and strike price of $3.26.

The fair value of the level 3 2025 March Institutional/Accredited Investor Warrants was estimated at June 30, 2025 using the Monte Carlo Simulation model which used the following inputs: term of 4.30 years, risk free rate of 4.10%, no dividends, volatility of 46.8%, common stock price of $1.05, and strike price of $0.74.

The fair value of the level 3 2025 April Institutional/Accredited Investor Warrants was estimated at June 30, 2025 using the Monte Carlo Simulation model which used the following inputs: term of 4.30 years, risk free rate of 4.10%, no dividends, volatility of 46.8%, common stock price of $1.05, and strike price of $0.74.

The fair value of the level 3 2025 May Institutional/Accredited Investor Warrants was estimated at June 30, 2025 using the Monte Carlo Simulation model which used the following inputs: term of 4.30 years, risk free rate of 4.10%, no dividends, volatility of 46.8%, common stock price of $1.05, and strike price of $0.74.

The fair value of the level 3 Senior Convertible Notes - May 2025 was estimated at June 30, 2025 using the Monte Carlo Simulation model which used the following inputs: term of 0.83 years risk free rate of 4.10%, no dividends, volatility of 46.8%, common stock price of $1.05, and strike price of $0.74.

There were no transfers between Level 1 and Level 2 of the fair value hierarchy in 2025 and 2024.
Cash, accounts receivable, accounts payable, and accrued expenses are generally carried on the cost basis, which management believes approximates fair value due to the short-term maturity of these instruments.

Other Debt Obligations

The following outstanding debt obligations are reflected in the Company's condensed consolidated balance sheet at carrying value since the Company did not elect to remeasure the debt obligations to fair value at the end of each reporting period. The carrying values of these debt obligations approximate fair value due to the short-term maturity of these debt obligations.
June 30, 2025December 31, 2024
Fair ValueCarrying ValueFair ValueCarrying Value
Term loan$1,266,474 $1,266,474 $1,445,345 $1,445,345 
Promissory Notes - August 16, 2024 $901,558 $901,558 $884,676 $884,676 
Promissory Notes - August 27, 2024 $— $— $516,818 $516,818 
Promissory Notes - February 2025$276,293 $276,293 $— $— 
Senior Convertible Notes - December 2024$98,571 $98,571 $250,000 $250,000 
Promissory Notes - Fermata Energy II LLC$444,880 $444,880 $— $—