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Convertible Notes and Convertible Notes - Related Parties (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Convertible Notes and Convertible Notes - Related Parties    
Schedule of roll forward of convertible notes and convertible notes - related party

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Convertible Notes – 

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Convertible Notes

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Related Party

Balance at January 1, 2024

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$

7,918,528

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$

2,032,017

2024 Bridge Round Offering proceeds

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6,563,000

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650,000

Loss on extinguishment of debt

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1,183,289

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202,204

Recognition of debt discount

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(2,173,509)

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(514,827)

Foreign currency translation adjustment

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(369,323)

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(130,898)

Amortization of debt discount

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586,847

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133,498

Balance at December 31, 2024

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13,708,832

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2,371,994

February 2025 Bridge Round Offering proceeds

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9,335,000

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1,650,000

Recognition of debt discount

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(2,323,073)

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(271,458)

Amortization of debt discount

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304,616

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212,160

Balance at March 31, 2025

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21,025,375

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3,962,696

Amortization of debt discount

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593,114

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106,078

Balance at June 30, 2025

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21,618,489

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4,068,774

Amortization of debt discount

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599,633

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107,243

Balance at September 30, 2025

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$

22,218,122

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$

4,176,017

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Convertible

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Convertible

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Notes – Related

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Notes

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Party

Balance at January 1, 2023

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$

—

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$

—

May 2023 Offering proceeds

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1,945,000

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1,065,000

Recognition of debt discount

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(633,822)

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(345,411)

September 2023 Offering proceeds

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6,070,000

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1,065,000

Adjustment for troubled debt restructuring

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229,129

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170,550

Foreign currency translation adjustment

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267,340

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64,386

Amortization of debt discount

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40,881

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12,492

Balance at December 31, 2023

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7,918,528

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2,032,017

Bridge Round Offering proceeds

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6,563,000

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650,000

Loss on extinguishment of debt

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1,183,289

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202,204

Recognition of debt discount

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(2,173,509)

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(514,827)

Foreign currency translation adjustment

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(369,323)

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(130,898)

Amortization of debt discount

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586,847

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133,498

Balance at December 31, 2024

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$

13,708,832

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$

2,371,994

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May 2023 Offering    
Convertible Notes and Convertible Notes - Related Parties    
Summary of inputs used in valuation techniques for warrants issued with convertible notes

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May 2023 Offering

 

Stock price

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$

51.12

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Exercise (Strike) price

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Variable

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Time to maturity (years)

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3.5

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Annualized risk-free rate

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4.6

%

Annualized volatility

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50.0

%

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May 2023

 

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Offering

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Stock price

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$

51.12

 

Exercise (Strike) price

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Variable

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Time to maturity (years)

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3.5

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Annualized risk-free rate

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4.6

%

Annualized volatility

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50.0

%

September 2023 Offering    
Convertible Notes and Convertible Notes - Related Parties    
Summary of inputs used in valuation techniques for warrants issued with convertible notes

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September 2023 Offering

 

Stock price

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$

51.14

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Exercise (Strike) price

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$

200

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Time to maturity (years)

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4.9

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Annualized risk-free rate

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4.4

%

Annualized volatility

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60.0

%

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September 2023

 

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Offering

 

Stock price

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$

51.14

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Exercise (Strike) price

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$

200

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Time to maturity (years)

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4.9

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Annualized risk-free rate

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4.4

%

Annualized volatility

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60.0

%

Bridge Round Offering    
Convertible Notes and Convertible Notes - Related Parties    
Summary of inputs used in valuation techniques for warrants issued with convertible notes  

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Bridge Round

 

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Offering

 

Stock price

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$

52.06

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Exercise (Strike) price

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$

100

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Time to maturity (years)

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4.1

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Annualized risk-free rate

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4.3

%

Annualized volatility

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63.0

%