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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 3. Fair Value Measurements Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:
Level 1: |  | Observable inputs such as quoted prices in active markets;
Level 2: |  | Inputs are quoted prices for similar items in active markets or inputs are quoted prices for identical or similar items in markets that are not active near the measurement date; and
Level 3: |  | Unobservable inputs due to little or no market data, which require the reporting entity to develop its own assumptions.
The carrying amount and approximate fair value of financial instruments as of December 31, 2024 and 2023, were as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |  |  |
|  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |  |  | Valuation Inputs
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | 21,501,081 |  |  | $ | 21,501,081 |  |  | $ | 782,382 |  |  | $ | 782,382 |  |  | Level 1

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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