v3.25.1
Warrants (Tables)
 12 Months Ended
Dec. 31, 2024
Warrants [Abstract]  
Schedule of Warrants Outstanding

At December 31, 2024, warrants outstanding that have vested and are expected to vest are as follows:

 

           Weighted     
           Average     
       Weighted   Remaining     
      Average   Contractual   Aggregate 
   Number of   Exercise   Life   Intrinsic 
   Shares   Price   (in years)   Value 
Vested   4,041,321   $0.64    3.8   $1,846,047 
Expected to vest   
—
    
—
    
—
    
—
 
Total   4,041,321   $0.56    4.2   $1,846,047 
Schedule of Additional Information with Respect to Warrant Activity

Additional information with respect to warrant activity:

 

       Weighted 
      Average 
   Number of   Exercise 
   Shares   Price 
Balance — December 31, 2022   140,000   $9.29 
Granted   50,000    5.50 
Exercised   —    — 
   —    — 
Balance — December 31, 2023   190,000   $1.10 
Granted   646,253    0.38 
Grants pursuant to a ratchet provision   3,205,068   $0.38 
Balance — December 31, 2024   4,041,321   $0.56 
Schedule of Weighted Average Fair Value of Warrants Granted

The weighted average fair value of warrants granted and the assumptions used in the Black-Scholes model are set forth in the table below.

 

   December 31,   December 31, 
   2024   2023 
Weighted average fair value  $0.87   $2.96 
Dividend yield   
—
    
—
 
Expected volatility factor   72.7%   69.6%
Risk-free interest rate   4.3%   4.7%
Expected life (in years)   5.5    5.0