Summary of Significant Accounting Policies and New Accounting Standards (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| 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 and cash equivalents, June 30, 2026 | | $ | 45,663,782 | | | $ | 45,663,782 | | | $ | -
| | | $ | - | |
| Cash and cash equivalents, December 31, 2025 | | $ | 55,158,939 | | | $ | 55,158,939 | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Public warrant liabilities, June 30, 2026 | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
| Representative warrant liabilities, June 30, 2026 | | $ | 32,341 | | | $ | - | | | $ | - | | | $ | 32,341 | |
| | | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Public warrant liabilities, December 31, 2025 | | $ | 3,842,857 | | | $ | 3,842,857 | | | $ | - | | | $ | - | |
| Representative warrant liabilities, December 31, 2025 | | $ | 46,871 | | | $ | - | | | $ | - | | | $ | 46,871 | |
|
| Schedule of Reconciliation of the Level 3 Representative Warrant Liabilities |
The following table presents a reconciliation of the Level 3 Representative Warrant liabilities:
| | | Three Months Ended
June 30, | |
| | | 2026 | | | 2025 | |
| Representative warrant liabilities, April 1 | | $ | 52,964 | | | $ | 5,224 | |
| Issuances | | | - | | | | - | |
| Exercises | | | - | | | | - | |
| Change in fair value | | | (20,623 | ) | | | 517 | |
| Representative warrant liabilities, June 30 | | $ | 32,341 | | | $ | 5,741 | |
| | | Six Months Ended
June 30, | |
| | | 2026 | | | 2025 | |
| Representative warrant liabilities, January 1 | | $ | 46,871 | | | $ | 9,932 | |
| Issuances | | | - | | | | - | |
| Exercises | | | - | | | | - | |
| Change in fair value | | | (14,530 | ) | | | (4,191 | ) |
| Representative warrant liabilities, June 30 | | $ | 32,341 | | | $ | 5,741 | |
The following table presents a reconciliation of the Level 3 Derivative Warrant liabilities:
| | | Six Months Ended
June 30, | |
| | | 2026 | | | 2025 | |
| Derivative warrant liabilities, January 1 | | $ | 3,842,857 | | | $ | - | |
| Issuances | | | - | | | | - | |
| Exercises | | | - | | | | - | |
| Change in fair value | | | (1,548,226 | ) | | | - | |
| Reclassification to equity | | | (2,294,631 | ) | | | - | |
| Derivative warrant liabilities, June 30 | | $ | - | | | $ | - | |
|
| Schedule of Net Loss Per Share |
The following outstanding shares of common stock issuable upon exercise of stock options and warrants 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:
| | | Six Months Ended
June 30, | |
| | | 2026 | | | 2025 | |
| Stock options | | | 7,551,013 | | | | 151,318 | |
| Warrants | | | 11,885,607 | | | | 9,772,262 | |
|
| Schedule of Relevant Translation Rates |
The relevant translation rates are as follows:
| | | As of
June 30, | | | As of
December 31, | |
| | | 2026 | | | 2025 | |
| Closing rate, British Pound (GBP) to $USD at period end | | | N/A | | | | N/A | |
| Average rate, GBP to $USD for the period ended | | | N/A | | | | N/A | |
| Closing rate, Euro (EUR) to $USD at period end | | | N/A | | | | N/A | |
| Average rate, EUR to $USD for the period ended | | | N/A | | | | N/A | |
| Closing rate, Australian Dollar (AUD) to $USD at period end | | | 0.7018 | | | | 0.6669 | |
| Average rate, Australian Dollar to $USD for the period of subsidiary inception to period end | | | 0.6917 | | | | 0.6450 | |
|