| Schedule of Impact of the Restatement |
The restatement has resulted in the following adjustments:
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As Previously Reported (Unaudited) |
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Adjustments |
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As Restated |
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| Condensed Consolidated Balance Sheets: |
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| As of September 30, 2024 |
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| Accrued liabilities |
$ |
7,269,833 |
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$ |
(3,197,205) |
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$ |
4,072,628 |
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| Total Current Liabilities |
$ |
13,135,564 |
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$ |
(3,197,205) |
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$ |
9,938,359 |
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| Notes payable - long-term, fair value option (related party) |
$ |
- |
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$ |
53,222,499 |
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$ |
53,222,499 |
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| Notes payable - long-term, net of discount (related party) |
$ |
46,148,307 |
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$ |
(32,765,943) |
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$ |
13,382,364 |
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| Notes payable - long-term, net of discount |
$ |
- |
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$ |
12,783,774 |
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$ |
12,783,774 |
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| Total Liabilities |
$ |
61,493,781 |
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$ |
30,043,125 |
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$ |
91,536,906 |
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| Additional paid-in capital (As adjusted, see Note 12) |
$ |
98,628,931 |
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$ |
4,006,345 |
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$ |
102,635,276 |
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| Accumulated deficit |
$ |
(135,108,367) |
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$ |
(34,049,470) |
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$ |
(169,157,837) |
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| Total Stockholders’ Deficit |
$ |
(36,505,856) |
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$ |
(30,043,125) |
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$ |
(66,548,981) |
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| Condensed Consolidated Statements of Operations: |
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| Three Months ended September 30, 2024 |
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| Other (income) expense, net |
$ |
2,278,909 |
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$ |
(2,135,336) |
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$ |
143,573 |
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| Change in fair value of new convertible debentures |
$ |
- |
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$ |
(24,199,071) |
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$ |
(24,199,071) |
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| Interest expense, net |
$ |
4,111,844 |
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$ |
(2,954,376) |
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$ |
1,157,468 |
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| Total other (income) expense, net |
$ |
(5,787,081) |
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$ |
(17,714,621) |
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$ |
(23,501,702) |
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| Net income (loss) |
$ |
(11,356,956) |
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$ |
29,288,783 |
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$ |
17,931,827 |
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| Basic earnings (loss) per share |
$ |
(4.24) |
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$ |
10.94 |
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$ |
6.70 |
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| Diluted earnings (loss) per share |
$ |
(4.24) |
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$ |
3.88 |
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$ |
(0.36) |
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| Diluted weighted average shares outstanding |
2,676,003 |
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12,613,160 |
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15,289,163 |
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| Nine Months ended September 30, 2024 |
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| Other (income) expense, net |
$ |
2,300,710 |
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$ |
(2,135,336) |
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$ |
165,374 |
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| Loss on extinguishment of debt |
$ |
- |
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$ |
78,734,949 |
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$ |
78,734,949 |
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| Change in fair value of new convertible debentures |
$ |
- |
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$ |
(36,113,800) |
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$ |
(36,113,800) |
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| Interest expense, net |
$ |
10,234,639 |
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$ |
(6,436,343) |
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$ |
3,798,296 |
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| Total other (income) expense, net |
$ |
(815,101) |
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$ |
34,049,470 |
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$ |
33,234,369 |
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| Net (loss) |
$ |
(16,316,664) |
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$ |
(34,049,470) |
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$ |
(50,366,134) |
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| Basic earnings (loss) per share |
$ |
(8.54) |
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$ |
(17.82) |
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$ |
(26.36) |
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| Diluted earnings (loss) per share |
$ |
(8.54) |
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$ |
(17.82) |
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$ |
(26.36) |
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| Condensed Consolidated Statements of Comprehensive Income: |
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| Three Months ended September 30, 2024 |
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| Net income (loss) |
$ |
(11,356,956) |
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$ |
29,288,783 |
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$ |
17,931,827 |
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| Comprehensive income (loss) |
$ |
(11,383,939) |
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$ |
29,288,783 |
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$ |
17,904,844 |
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| Nine Months ended September 30, 2024 |
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| Net income (loss) |
$ |
(16,316,664) |
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$ |
(34,049,470) |
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$ |
(50,366,134) |
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| Comprehensive loss |
$ |
(16,343,647) |
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$ |
(34,049,470) |
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$ |
(50,393,117) |
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| Condensed Consolidated Statements of Changes of Stockholders' Deficit: |
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| Three Months ended September 30, 2024 |
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| Additional Paid-In Capital |
$ |
98,628,931 |
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$ |
4,006,345 |
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$ |
102,635,276 |
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| Accumulated deficit |
$ |
(135,108,367) |
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$ |
(34,049,470) |
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$ |
(169,157,837) |
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| Net income (loss) |
$ |
(11,356,956) |
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$ |
29,288,783 |
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$ |
17,931,827 |
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| Balance at September 30, 2024 |
$ |
(36,505,856) |
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$ |
(30,043,125) |
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$ |
(66,548,981) |
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| Nine Months ended September 30, 2024 |
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| Additional Paid-In Capital |
$ |
98,628,931 |
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$ |
4,006,345 |
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$ |
102,635,276 |
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| Accumulated deficit |
$ |
(135,108,367) |
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$ |
(34,049,470) |
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$ |
(169,157,837) |
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| Net income (loss) |
$ |
(16,316,664) |
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$ |
(34,049,470) |
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$ |
(50,366,134) |
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| Balance at September 30, 2024 |
$ |
(36,505,856) |
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$ |
(30,043,125) |
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$ |
(66,548,981) |
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| Condensed Consolidated Statements of Cash Flows: |
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| Nine Months ended September 30, 2024 |
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| Net income (loss) |
$ |
(16,316,664) |
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$ |
(34,049,470) |
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$ |
(50,366,134) |
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| Amortization of debt discount |
$ |
5,694,378 |
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$ |
(5,292,768) |
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$ |
401,610 |
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| Loss on extinguishment of debt |
$ |
- |
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$ |
78,734,949 |
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$ |
78,734,949 |
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| Change in fair value of new convertible debentures |
$ |
- |
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$ |
(36,113,800) |
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$ |
(36,113,800) |
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| Changes in accounts payable and accrued liabilities |
$ |
(1,072,317) |
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$ |
(3,184,547) |
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$ |
(4,256,864) |
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| Non-cash investing and financing activities: |
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| Conversion of convertible secured debentures to common stock |
$ |
5,758,926 |
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$ |
4,006,346 |
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$ |
9,765,272 |
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