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

Consolidated Balance Sheets

v3.25.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 1,186,047 $ 753,398
Restricted certificate of deposit 52,151 201,822
Accounts receivable, net 238,531 212,428
Inventories 880,594 2,198,797
Prepaid expenses 1,389,434 1,889,218
Other current assets 573,275 1,025,214
Assets held for sale 750 2,940,254
Total Current Assets 4,320,782 9,221,131
Property and equipment, net 17,115,246 15,904,845
Operating lease right-of-use assets, net 1,094,743 834,972
Other assets 154,316 187,527
Total Assets 22,685,087 26,148,475
Current Liabilities:    
Accounts payable 5,916,693 7,035,450
Accrued liabilities 5,602,721 7,339,099
Contract liability 346,279 2,767,913
Operating lease liabilities - current 435,307 244,774
Total Current Liabilities 12,301,000 17,387,236
Warrant liabilities 181,913 18,376,180
Operating lease liabilities - long-term 768,939 574,260
Other liabilities 895,118 0
Total Liabilities 43,082,500 67,935,325
Stockholders’ Deficit:    
Series A Convertible Preferred Stock $0.0001 par value; 40,000 shares authorized, 35,434 shares issued and 35,034 outstanding. 4 0
Common Stock, $0.0001 par value; 625,000,000 shares authorized, 9,761,895 and 1,389,884 shares issued, respectively, and 9,761,895 and 1,389,884 shares outstanding, respectively (As adjusted, see Note 11). 976 139
Additional paid-in capital 233,342,188 77,004,714
Accumulated other comprehensive loss (42,229) 0
Accumulated deficit (253,698,352) (118,791,703)
Total Stockholders’ Deficit (20,397,413) (41,786,850)
Total Liabilities and Stockholders’ Deficit 22,685,087 26,148,475
Related Party    
Current Assets:    
Accounts receivable, net 0 0
Current Liabilities:    
Accounts payable 160,366 95,177
Notes payable - long-term, fair value option (related party) 2,583,832 0
Notes payable - long-term, net of discount 13,820,366 23,833,848
Nonrelated Party    
Current Liabilities:    
Notes payable - long-term, net of discount $ 12,531,332 $ 7,763,801