Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Marketable Securities |
The
following is a description of the valuation methodologies used for assets measured at fair value as of December 31, 2025 and December
31, 2024.
Schedule of Marketable Securities
Marketable
Securities: Valued using quoted prices in active markets for identical assets.
| |
|
Quoted Prices in Active Markets for
Identical Assets or Liabilities
(Level 1) |
|
|
Quoted Prices for Similar Assets or
Liabilities in Active Markets (Level 2) |
|
|
Significant Unobservable Inputs (Level
3) |
|
| Marketable securities at December 31, 2025 |
|
$ |
14,801,267 |
|
|
$ |
-
|
|
|
$ |
-
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Marketable securities at December 31, 2024 |
|
$ |
8,345,081 |
|
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Fair Value Hierarchy of the Valuation Inputs |
Schedule of Fair Value Hierarchy of the Valuation Inputs
| |
|
|
|
|
As of December 31, |
|
| Description |
|
Level |
|
|
2025 |
|
|
2024 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Warrant Liabilities |
|
3 |
|
|
$ |
- |
|
|
$ |
- |
|
| Derivative Liabilities |
|
3 |
|
|
|
2,157,000 |
|
|
|
1,282,000 |
|
| Contingent Consideration Payable |
|
3 |
|
|
$ |
10,909,000 |
|
|
$ |
- |
|
|
| Summary of Change in Fair Value of Warrant Liabilities |
The
following table sets forth a summary of the change in the fair value of the warrant liabilities that are measured at fair value on a recurring
basis for the years ended December 31, 2025 and 2024:
Summary of Change in Fair Value of Warrant Liabilities
| |
|
As of December 31, |
|
| Description |
|
2025 |
|
|
2024 |
|
| Balance on December 31, 2024 and 2023 |
|
$ |
- |
|
|
$ |
867,000 |
|
| Issuance of warrants reported at fair value |
|
|
- |
|
|
|
21,992,000 |
|
| Changes in fair value of warrant liabilities |
|
|
- |
|
|
|
4,410,000 |
|
| Reclassification of warrant liability to equity upon warrant modification |
|
|
- |
|
|
|
(27,269,000 |
) |
| Balance on December 31, |
|
$ |
- |
|
|
$ |
- |
|
|
| Summary of Change in Fair Value of Derivative Liabilities |
The
following table sets forth a summary of the change in the fair value of the derivative liabilities that are measured at fair value on
a recurring basis for the years ended December 31, 2025 and 2024:
Summary of Change in Fair Value of Derivative Liabilities
| |
|
As of December 31, |
|
| Description |
|
2025 |
|
|
2024 |
|
| Balance on December 31, 2024 and 2023 |
|
$ |
1,303,000 |
|
|
$ |
61,000 |
|
| Issuance of derivatives reported at fair value |
|
|
1,837,000 |
|
|
|
854,000 |
|
| Changes in fair value of derivative liabilities |
|
|
(983,000 |
) |
|
|
(388,000 |
) |
| Balance on December 31, |
|
$ |
2,157,000 |
|
|
$ |
1,303,000 |
|
|
| Schedule of Change in Fair Value of Contingent Consideration |
The following table sets
forth a summary of the change in the fair value of the contingent consideration payable that is measured at fair value on a recurring
basis for the years ended December 31, 2025 and 2024:
Schedule of Change in
Fair Value of Contingent Consideration
| |
|
As of December 31, |
|
| Description |
|
2025 |
|
|
2024 |
|
| Balance on December 31, 2024 and 2023 |
|
$ |
- |
|
|
|
- |
|
| Issuance of Contingent Consideration |
|
|
9,380,000 |
|
|
|
- |
|
| Change in the fair value of Contingent Consideration |
|
|
1,529,000 |
|
|
|
|
|
| Balance on December 31, |
|
$ |
10,909,000 |
|
|
|
- |
|
|
| Schedule of Estimated Useful Lives of Property Plant and Equipment |
The
estimated useful lives for the current and comparative periods are as follows:
Schedule of Estimated Useful Lives of Property Plant and Equipment
| |
|
Useful
Life |
| |
|
(in
years) |
| Plant
and equipment |
|
5-12 |
| Furniture
and fixtures |
|
5-10 |
| Computer
equipment & software |
|
3-5 |
| Leasehold
Improvements |
|
Shorter
of the remaining lease or estimated useful life |
|
| Schedule of Estimated Useful Lives of Intangible Assets |
Amortization
is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that
they are available for use. The estimated useful lives for the current and comparative periods are as follows:
Schedule of Estimated Useful Lives of Intangible Assets
| |
|
Useful
Life |
| |
|
(in
years) |
| Patents
and trademarks |
|
12-17 |
|
| Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease |
Lease
expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis
over the lease term.
The
Company’s operating leases are comprised of the 2024 Baltimore Lease and the 2021 Baltimore Lease on
the Consolidated Balance Sheets. The information related to these leases are presented below:
Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease
| Balance Sheet Location |
|
Lease |
|
|
Lease |
|
| |
|
As of December 31, 2025 |
|
As of December 31, 2024 |
|
| |
|
2024 Baltimore |
|
|
2024 Baltimore |
|
| Balance Sheet Location |
|
Lease |
|
|
Lease |
|
| Operating Lease |
|
|
|
|
|
|
|
|
| Lease Right of Use |
|
$ |
- |
|
|
$ |
10,579 |
|
| Lease Payable, current |
|
|
- |
|
|
|
10,579 |
|
| Lease Payable - net of current |
|
|
- |
|
|
|
- |
|
|
| Schedule of Lease Expense |
The
following provides details of the Company’s lease expense:
Schedule of Lease Expense
| Lease Expenses |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| |
For the Years Ended
December 31, 2025
|
|
|
For the Years Ended
December 31, 2024
|
|
| |
|
2021 Baltimore |
|
|
2024 Baltimore |
|
|
|
|
|
2021 Baltimore |
|
|
2024 Baltimore |
|
|
|
|
| Lease Expenses |
|
Lease |
|
|
Lease |
|
|
Total |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease Costs |
|
$ |
-
|
|
|
$ |
10,800 |
|
|
$ |
10,800 |
|
|
$ |
18,672 |
|
|
$ |
21,600 |
|
|
$ |
40,272 |
|
|
| Schedule of Other Lease Information |
Other information as of December 31, 2024 related
to leases is presented below:
Schedule of Other Lease Information
| Other Information |
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| |
|
Other Lease Information |
|
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
2024 Baltimore |
|
|
|
|
| Other Information |
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| Operating Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating cash used |
|
$ |
- |
|
|
$ |
18,672 |
|
|
$ |
21,600 |
|
|
$ |
40,272 |
|
| Average remaining lease term |
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
4 |
|
| Average discount rate |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
|
10.0 |
% |
|
| Schedule of Operating Lease Minimum Lease Payments |
As of December 31, 2024, the annual minimum lease
payments of the Company’s operating lease liabilities were as follows:
Schedule
of Operating Lease Minimum Lease Payments
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
2024 Baltimore |
|
|
|
|
| |
|
Annual Minimum Lease Payments |
|
| |
|
Platt Street |
|
|
2021 Baltimore |
|
|
2024 Baltimore |
|
|
|
|
| |
|
Lease |
|
|
Lease |
|
|
Lease |
|
|
Total |
|
| For Years Ending December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
- |
|
| 2025 |
|
|
- |
|
|
|
- |
|
|
|
10,800 |
|
|
|
10,800 |
|
| Total future minimum lease payments, undiscounted |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
10,800 |
|
|
$ |
10,800 |
|
| Less: Imputed interest |
|
|
- |
|
|
|
- |
|
|
|
221 |
|
|
|
221 |
|
| Present value of future minimum lease payments |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
10,579 |
|
|
$ |
10,579 |
|
|
| Schedule of Weighted Average Number of Shares Outstanding Earnings Per Share |
As
of December 31, 2025 and 2024, the following securities are excluded from the calculation of weighted average dilutive common stock because
their inclusion would have been anti-dilutive:
Schedule of Weighted Average Number of Shares Outstanding Earnings Per Share
| |
|
2025 |
|
|
2024 |
|
| |
|
For the Years Ended
December 31,
|
|
| |
|
2025 |
|
|
2024*
|
|
| Stock Options |
|
|
11,538 |
|
|
|
1,216 |
|
| Unvested Restricted Stock Units |
|
|
41,452 |
|
|
|
686 |
|
| Warrants to purchase Common Stock |
|
|
5,198,756 |
|
|
|
224,956 |
|
| Series C Preferred Convertible Warrants |
|
|
- |
|
|
|
- |
|
| Series D Preferred Convertible Stock |
|
|
13 |
|
|
|
13 |
|
| Series F Preferred Convertible Stock |
|
|
- |
|
|
|
3,239,231 |
|
| Series F-1 Convertible Preferred Stock |
|
|
- |
|
|
|
3,651,539 |
|
| Series G Convertible Preferred Stock |
|
|
2,601,964 |
|
|
|
4,173,077 |
|
| Series H Convertible Preferred Stock |
|
|
586,718 |
|
|
|
- |
|
| Series I Convertible Preferred Stock |
|
|
188,130 |
|
|
|
- |
|
| Total potentially antidilutive shares |
|
|
8,628,571 |
|
|
|
11,290,718 |
|
| * |
2024 values reflect the
reverse split values. |
|