Convertible Notes with Warrants (November 2023 Financing) (Tables)

12 Months Ended

Dec. 31, 2024

Convertible Notes with Warrants (November 2023 Financing) [Abstract]

Fair Value Warrant and Black-Scholes Warrant Assumptions

The Series A and Series B Warrants were valued using the relative fair value method and the following Black-Scholes assumptions:

	Series A Warrants			Series B Warrants
Expected term (in years)		5			1
Risk‑free interest rate		4.55	%		5.24	%
Dividend yield		—	%		—	%
Expected volatility		104.89	%		113.84	%
Exercise price	$	1.18		$	1.48
Stock price	$	0.95		$	0.95
Black-Scholes value	$	0.55		$	0.28

Convertible Note Payable

The Notes and accrued interest, net of unamortized discount costs was $5,406,228 and $4,258,179 as of December 31, 2024 and 2023, respectively. The fair value of the convertible notes at December 31, 2024 and 2023, calculated using a discounted cash flow analysis using Level 3 inputs, was $6,493,720 and $6,126,151, respectively.

	Stated Interest Rate		2024			2023
Convertible Notes		6%	$	6,850,000		$	6,850,000
Accrued and unpaid interest				—			44,525
Less unamortized discount and debt issuance costs				(1,443,772	)		(2,636,346	)
Total Convertible Notes Payable			$	5,406,228		$	4,258,179