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Convertible Promissory Notes (Tables)
12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Convertible Notes Issued (including Accrued Interest) Outstanding, and Converted

Convertible notes issued (including accrued interest) outstanding, and converted are as follows:

 

 

 

Convertible notes
payable

 

Balance as of January 1, 2023

 

$

-

 

Issuance of convertible notes payable

 

 

2,685,000

 

Interest expense

 

 

13,564

 

Balance as of December 31, 2023

 

$

2,698,564

 

Issuance of convertible notes payable

 

 

28,568,000

 

Interest expense

 

 

2,859,878

 

Converted to common stock

 

 

(34,126,442

)

Balance as of December 31, 2024

 

$

-

 

Summary of Debt Discount Related to Convertible Notes

Debt discount related to the convertible notes are as follows:

 

 

 

Debt discount

 

Balance as of January 1, 2023

 

$

-

 

Debt issue costs

 

 

(242,530

)

Debt discount associated with make-whole features recognized

 

 

(137,000

)

Amortized to interest expense

 

 

5,124

 

Balance as of December 31, 2023

 

$

(374,406

)

Debt issue costs

 

 

(1,218,525

)

Debt discount associated with make-whole features recognized

 

 

(2,402,228

)

Debt discount associated with warrants recognized

 

 

(6,520,058

)

Amortized to interest expense

 

 

1,278,424

 

Reclassified to additional paid-in capital upon conversion of convertible notes payable

 

 

9,236,793

 

Balance as of December 31, 2024

 

$

-