Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Current Assets:      
Cash and cash equivalents $ 5,285,230 $ 7,016,610 $ 10,054,304
Restricted cash 602,796 600,342 52,640
Accounts receivable, net 0 378,683  
Prepaid expenses 1,511,810 1,055,324  
Other current assets 190,533 203,025  
Total Current Assets 7,590,369 9,253,984  
Property and equipment, net 21,251,878 21,827,769  
Operating lease right-of-use assets, net 467,140 559,005  
Other assets 71,290 91,276  
Goodwill 9,600,745 9,600,745  
Intangible assets, net 1,228,016 1,276,916  
Total Assets 40,209,438 42,609,695  
Current Liabilities:      
Accounts payable 1,158,759 3,128,459  
Accrued liabilities 9,667,067 9,807,668  
Operating lease liabilities - current 446,572 434,200  
Notes payable - current 2,873,598 2,628,234  
Other liabilities 178,188   160,110
Total Current Liabilities 35,350,189 35,375,461  
Warrant liabilities 8,262 11,281  
Operating lease liabilities - long-term 87,925 203,547  
Derivative liability 515,827 0  
Total Liabilities 35,962,203 35,590,289  
Stockholders’ Equity:      
Common stock, $0.0001 par value; 625,000,000 shares authorized and 4,291,998 and 3,601,400 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively.* [1] 429 360  
Additional paid-in capital 337,266,475 330,581,384  
Accumulated other comprehensive income (42,229) (42,229)  
Accumulated deficit (332,977,441) (323,520,110)  
Total Stockholders’ Equity 4,247,235 7,019,406 $ 1,521,502
Total Liabilities and Stockholders’ Equity 40,209,438 42,609,695  
Series A Preferred Stock      
Stockholders’ Equity:      
Convertible Preferred Stock 1 1  
Series B Preferred Stock      
Stockholders’ Equity:      
Convertible Preferred Stock 0 0  
Series C Preferred Stock      
Stockholders’ Equity:      
Convertible Preferred Stock 0 0  
Related Party      
Current Liabilities:      
Accounts payable 40,000 45,000  
November 2024 Debentures - current, fair value option (related party) 1,298,728 163,672  
Senior Secured Convertible Term Loan - current, net of discount 14,752,299 14,113,871  
Nonrelated Party      
Current Liabilities:      
Senior Secured Convertible Term Loan - current, net of discount $ 4,974,978 $ 4,939,247  
[1] Reflects the 1-for-9 reverse split effected September 5, 2025 and the 1-for-8 effected April 21, 2026.