Annual report [Section 13 and 15(d), not S-K Item 405]

Summary of Significant Accounting Policies and New Accounting Standards (Tables)

v3.25.1
Summary of Significant Accounting Policies and New Accounting Standards (Tables)
12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies and New Accounting Standards [Abstract]  
Schedule of Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

          Fair value measurements at
reporting date using:
 
    Fair value     Quoted
prices in
active
markets for
identical
liabilities
(Level 1)
    Significant other
observable inputs
(Level 2)
    Significant
unobservable
inputs
(Level 3)
 
Assets:                        
Cash equivalents, December 31, 2024   $ 6,093,044     $ 6,093,044     $
            -
    $
-
 
Cash equivalents, December 31, 2023   $ 13,419,860     $ 13,419,860     $
-
    $
-
 
                                 
Liabilities:                                
Public warrant liabilities, December 31, 2024   $ 152,240     $ 152,240     $
-
    $
-
 
Representative warrant liabilities, December 31, 2024   $ 9,932     $
-
    $
-
    $ 9,932  
                                 
Liabilities:                                
Public warrant liabilities, December 31, 2023   $ 79,200     $ 79,200     $
-
    $
-
 
Representative warrant liabilities, December 31, 2023   $ 5,166     $
-
    $
-
    $ 5,166  
Schedule of Reconciliation of the Level 3 Representative Warrant Liabilities

The following table presents a reconciliation of the Level 3 Representative Warrants liabilities:

 

    Year ended December 31,  
    2024     2023  
Representative warrant liabilities, January 1   $ 5,166     $ 8,611  
Issuances    
-
     
-
 
Exercises    
-
     
-
 
Change in fair value     4,766       (3,445 )
Representative warrant liabilities, December 31   $ 9,932     $ 5,166  
Schedule of Outstanding Shares Issuable that are Excluded from Computation of Diluted Net Loss Per Share The following outstanding shares issuable upon exercise of stock options and warrants and vesting of restricted stock units were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect:
    Year ended December 31,  
    2024     2023  
Stock options     182,034       99,000  
Warrants     3,293,692       767,800  
Restricted stock units    
-
      4,168  
Schedule of Relevant Translation Rates

The relevant translation rates are as follows:

 

    As of December 31,  
    2024     2023  
Closing rate, British Pound (GBP) to $USD at period end     1.2529       1.2747  
Average rate, GBP to $USD for the period ended     1.2783       1.2434  
Closing rate, Euro (EUR) to $USD at period end     1.0355       0.9052  
Average rate, EUR to $USD for the period ended     1.0818       0.9251