Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2025 |
Dec. 31, 2024 |
| Accounting Policies [Abstract] |
|
|
| Schedule of Identifiable Intangible Assets Subject to Amortization |
Intangible
assets are presented at fair value, net of amortization. The fair value is determined based on the appraised value of the asset. Intangible
assets are composed of developed technology, trade names and customer lists. Intangible assets subject to amortization consist of the
following:
Schedule
of Identifiable Intangible Assets Subject to Amortization
| | |
Estimated Useful Life (years): | |
June 30, 2025 | |
| Customer relationships | |
6 - 7 | |
$ | 1,139,710 | |
| Trade name | |
10 - 15 | |
| 1,635,600 | |
| Technology | |
6 - 8 | |
| 6,425,010 | |
| Intangible assets, gross | |
| |
| 9,200,320 | |
| Less: Accumulated amortization | |
| |
| (564,493 | ) |
| Intangible assets, net | |
| |
$ | 8,635,827 | |
|
Intangible assets are presented at fair value,
net of amortization. The fair value is determined based on the appraised value of the asset. Intangible assets are composed of developed
technology, trade names and customer lists (see Note 5), video material licenses, a web domain, and patents. Intangible assets
subject to amortization consist of the following:
Schedule of Identifiable Intangible Assets Subject to Amortization
| | |
Estimated
Useful Life
(years): | |
December 31, 2024 | |
| Customer relationships | |
7 | |
$ | 588,710 | |
| Trade name | |
15 | |
| 899,600 | |
| Technology | |
6 | |
| 2,415,010 | |
| Intangible assets, gross | |
| |
| 3,903,320 | |
| Less: Accumulated amortization | |
| |
| (19,467 | ) |
| Intangible assets, net | |
| |
$ | 3,883,853 | |
|
| Schedule of Expected Amortization Expense |
Total
amortization expense related to intangible assets was $545,026 for the six months ended June 30, 2025. Expected amortization expense
is as follows:
Schedule
of Expected Amortization Expense
| | |
| | |
| Remainder of Year Ending December 31, 2025 | |
$ | 614,199 | |
| Year Ending December 31, 2026 | |
| 1,214,920 | |
| Year Ending December 31, 2027 | |
| 1,214,920 | |
| Year Ending December 31, 2028 | |
| 1,214,920 | |
| Year Ending December 31, 2029 | |
| 1,214,920 | |
| Thereafter | |
| 3,161,948 | |
| Total | |
$ | 8,635,827 | |
|
Schedule of Expected Amortization Expense
| | |
| | |
| Remainder | |
| - | |
| Year Ending December 31, 2025 | |
$ | 546,576 | |
| Year 1 | |
$ | 546,576 | |
| Year Ending December 31, 2026 | |
| 546,576 | |
| Year 2 | |
| 546,576 | |
| Year Ending December 31, 2027 | |
| 546,576 | |
| Year 3 | |
| 546,576 | |
| Year Ending December 31, 2028 | |
| 546,576 | |
| Year 4 | |
| 546,576 | |
| Thereafter | |
| - | |
| Year Ending December 31, 2029 | |
| 546,576 | |
| Year 5 | |
| 546,576 | |
| Thereafter | |
| 1,150,973 | |
| Total | |
$ | 3,883,853 | |
|
| Schedule of Basic and Diluted Net Loss Per Share |
The
calculation of basic and diluted net loss per share attributable to common stock was as follows:
Schedule
of Basic and Diluted Net Loss Per Share
| | |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| Numerator: | |
| | |
| | |
| | |
| |
| Net loss attributable to common shareholders—basic and diluted | |
$ | (7,793,756 | ) | |
$ | (3,955,328 | ) | |
$ | (11,437,235 | ) | |
$ | (8,245,459 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Denominator: | |
| | | |
| | | |
| | | |
| | |
| Weighted average shares—basic and diluted | |
| 1,911,276 | | |
| 280,675 | | |
| 1,578,814 | | |
| 270,940 | |
| Net loss per share attributable to common shareholders—basic and diluted | |
$ | (4.08 | ) | |
$ | (14.09 | ) | |
$ | (7.24 | ) | |
$ | (30.43 | ) |
|
The calculation of basic and diluted net loss
per share attributable to common stock was as follows:
Schedule of Basic and Diluted Net Loss Per Share
| | |
2024 | | |
2023 | |
| | |
For the Year Ended December 31, | |
| | |
2024 | | |
2023 | |
| Numerator: | |
| | | |
| | |
| Net loss attributable to common shareholders—basic and diluted | |
$ | (31,095,029 | ) | |
$ | (14,406,262 | ) |
| | |
| | | |
| | |
| Denominator: | |
| | | |
| | |
| Weighted average shares—basic and diluted | |
| 445,817 | | |
| 240,199 | |
| Net loss per share attributable to common shareholders—basic and diluted | |
$ | (69.75 | ) | |
$ | (59.98 | ) |
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
Securities
that were excluded from loss per share as their effect would be anti-dilutive due to the net loss position that could potentially be
dilutive in future periods are as follows:
Schedule
of Antidilutive Securities Excluded from Computation of Earnings Per Share
| | |
2025 | | |
2024 | |
| | |
As of June 30, | |
| | |
2025 | | |
2024 | |
| Options | |
| 12,542 | | |
| 3,365 | |
| RSUs | |
| 216,396 | | |
| 1,756 | |
| Public warrant shares | |
| 23,000 | | |
| 23,000 | |
| GEM warrant shares | |
| 1,657 | | |
| 1,657 | |
| Common warrant shares | |
| 560,000 | | |
| 27,778 | |
| Placement agent warrant shares | |
| 31,702 | | |
| 1,667 | |
| Total | |
| 845,297 | | |
| 59,223 | |
|
Securities that were excluded from loss per share
as their effect would be anti-dilutive due to the net loss position that could potentially be dilutive in future periods are as follows:
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
| | |
2024 | | |
2023 | |
| | |
As of December 31, | |
| | |
2024 | | |
2023 | |
| Options | |
| 2,566 | | |
| 1,496 | |
| RSUs | |
| 34,078 | | |
| — | |
| Public warrant shares | |
| 23,000 | | |
| 23,000 | |
| GEM warrant shares | |
| 1,657 | | |
| 1,657 | |
| Common warrant shares | |
| 452,761 | | |
| — | |
| Placement agent warrant shares | |
| 10,490 | | |
| — | |
| Total | |
| 524,552 | | |
| 26,153 | |
| Antidilutive Securities | |
| 524,552 | | |
| 26,153 | |
|
| Summary of Changes in Allowance for Credit Losses |
|
The following table presents changes in the allowance
for credit losses for the year ended December 31, 2024:
Summary of Changes in Allowance for Credit Losses
| | |
| | |
| Balance - December 31, 2023 | |
$ | 5,748 | |
| Change in provision for credit losses | |
| 18,462 | |
| Balance - December 31, 2024 | |
$ | 24,210 | |
|
| Summary of Capitalized Deferred Offering Costs |
|
Capitalized deferred offering costs consisted
of the following, as of December 14, 2023:
Summary of Capitalized Deferred Offering Costs
| | |
December 14, 2023 | |
| SPAC-related legal fees | |
$ | 2,973,077 | |
| Investment bank advisory services | |
| 135,000 | |
| Federal Trade Commission filing fees | |
| 125,020 | |
| Total deferred offering costs capitalized | |
$ | 3,233,097 | |
|