FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENTS

Schedule of gross holding loss and fair value of held-to-maturity securities

	Trading Securities	Level	Fair Value
December 31, 2023	Money Market Funds	1	$	1,368,637

	Trading Securities	Level	Fair Value
December 31, 2022	Money Market Funds	1	$	7,527,369

Schedule of fair value information on recurring basis

December 31, 2023	Fair Value		(Level 1)		(Level 2)		(Level 3)
Liabilities:
Extension Note – Bifurcated Derivative	$	22,872	$	—	$	—	$	22,872
ELOC	$	203,720	$	—	$	—	$	203,720
Additional Bridge Note	$	102,726	$	—	$	—	$	102,726
Exchange Note	$	2,621,558	$	—	$	—	$	2,621,558

December 31, 2022	Fair Value		(Level 1)		(Level 2)		(Level 3)
Liabilities:
PIPE Forward Contract	$	170,666	$	—	$	—	$	170,666
Bridge Note – Bifurcated Derivative	$	364,711	$	—	$	—	$	364,711

Schedule of key inputs into the Monte Carlo simulation model for Bridge Note Bifurcated Derivative

	November 21, 2023			December 31, 2022
CCC bond rates		n/a		15.09	%
Risk-free interest rate		5.38	%	n/a
Stock price	$	12.64		n/a
Volatility		0.1	%	n/a
Weighted term		0.61		n/a
Probability of early termination/repayment - business combination not completed		—	%	5	%
Probability of early termination/repayment - business combination completed, or PIPE completed		—	%	95	%
Probability of completing a business combination by March 31, 2023		—	%	50	%
Probability of completing a business combination by June 30, 2023		—	%	50	%

Schedule of changes in the fair value of the financial liabilities

			Bridge Note -		Extension Note -
	Forward		Bifurcated		Bifurcated
	Contract		Derivative		Derivative
Fair value as of December 31, 2022	$	170,666	$	364,711	$	—
Initial value of Extension Note – Bifurcated Derivative May 5, 2023		—		—		24,502
Change in valuation inputs or other assumptions		529,840		(120,267)		(1,630)
Derecognized value at termination date		(700,506)		(244,444)		—
Fair value as of December 31, 2023	$	—	$	—	$	22,872

	Exchange		Additional
	Note		Bridge Note		ELOC
Fair value as of January 1, 2023	$	—	$	—	$	—
Initial value of Extension Note, Additional Bridge Note and ELOC November 21, 2023		2,523,744		100,000		204,039
Change in valuation inputs or other assumptions		(97,814)		2,726		(318)
Fair value as of December 31, 2023	$	2,621,558	$	102,726	$	203,720

			Bridge Note -		Extension Note -
	Forward		Bifurcated		Bifurcated
	Contract		Derivative		Derivative
Fair value at October 5, 2022 (Initial measurement)	$	—	$	278,404	$	—
Fair value at October 6, 2022 (Initial measurement)		—		—		—
Change in valuation inputs or other assumptions		170,666		86,307		—
Fair value as of December 31, 2022	$	170,666	$	364,711	$	—

Extension Note - Bifurcated Derivative

FAIR VALUE MEASUREMENTS

Schedule of key inputs into the investor note bifurcated derivative, PWERM for the PIPE Forward Contracts, Additional bridge note and exchange note

	December 31, 2023		May 5, 2023
Risk-free interest rate	—	%	5.13	%
CCC bond rates	12.96	%	14.69	%
Expected term (years)	0.25		0.38
Probability of completing a business combination by August 30, 2023	—	%	25	%
Probability of completing a business combination by September 30, 2023	—	%	75	%
Probability of completing a business combination by December 31, 2023	—	%	—	%
Probability of completing a business combination by March 31, 2024	100	%	—	%

Additional Bridge Note

FAIR VALUE MEASUREMENTS

Schedule of key inputs into the investor note bifurcated derivative, PWERM for the PIPE Forward Contracts, Additional bridge note and exchange note

		December 31, 2023			November 21, 2023
Risk-free interest rate		5.40	%		5.48	%
Expected term (years)		0.25			0.36
Volatility		95	%		95	%
Stock price	$	2.00		$	2.00
Debt discount rate		39.7	%		41.5	%
Probability of early termination/repayment - business combination not completed		20	%		20	%
Probability of completing a business combination by March 31, 2024		80	%		80	%

Exchange Note

FAIR VALUE MEASUREMENTS

Schedule of key inputs into the investor note bifurcated derivative, PWERM for the PIPE Forward Contracts, Additional bridge note and exchange note

		December 31, 2023			November 21, 2023
Risk-free interest rate		5.21	%		5.48	%
Expected term (years)		0.71			0.61
Volatility		95	%		96	%
Stock price	$	2.00		$	2.00
Debt discount rate		47.54	%		49.17	%
Probability of completing a business combination by March 31, 2024		80	%		80	%

ELOC

FAIR VALUE MEASUREMENTS

Schedule of key inputs into the investor note bifurcated derivative, PWERM for the PIPE Forward Contracts, Additional bridge note and exchange note

		December 31, 2023			November 21, 2023
Risk-free interest rate		3.99	%		4.57	%
Expected term (years)		3.25			3.36
Volatility		96.4	%		96.4	%
Stock price	$	2.00		$	2.00
Probability of completing a business combination by March 31, 2024		80	%		80	%

PIPE Forward Contract

FAIR VALUE MEASUREMENTS

Schedule of key inputs into the investor note bifurcated derivative, PWERM for the PIPE Forward Contracts, Additional bridge note and exchange note

	June 30, 2023		December 31, 2022		October 6, 2022
Risk-free interest rate	5.43	%	4.76	%	4.00	%
Expected term (years)	0.23		0.37		0.61
Probability of completing a business combination	75	%	95	%	90	%