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

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash $ 2,193,573 $ 7,983,346
Restricted cash 105,000 210,000
Accounts receivable, net of allowance for doubtful accounts of $99,233 and $70,359 at December 31, 2024 and December 31, 2023, respectively 88,247 203,303
Inventory 1,455,477 8,973,134
Inventory deposits 191,156 258,316
Prepaid expenses and other current assets 1,032,699 1,904,197
Total current assets 5,066,152 19,532,296
Long-term assets:    
Property and equipment, net 206,138 1,258,607
Intangible asset, net 15,698 0
Other long-term assets 199,281 199,281
Right-of-use assets - operating leases 739,234 1,136,213
Total assets 6,226,503 22,126,397
Current liabilities:    
Accounts payable 385,326 831,184
Accrued liabilities 1,379,191 3,128,906
Vendor settlements - short-term 2,092,975 0
Current portion of notes payable 7,181 15,278
Convertible notes, net of discount and issuance costs 0 30,149,579
Warrant liabilities 111,658 5,971,067
Right-of-use operating lease liabilities - short-term 443,950 399,611
Customer deposits 216,522 417,485
Total current liabilities 4,636,803 40,913,110
Notes payable, net of current portion 28,533 69,138
Vendor settlements - long-term 1,189,184 0
Right-of-use operating lease liabilities - long-term 331,222 775,170
Total liabilities 6,185,742 41,757,418
COMMITMENTS AND CONTINGENCIES  
Stockholders’ equity (deficit):    
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 25,000 shares designated, no shares issued and outstanding as of December 31, 2024 and December 31, 2023 0 0
Common stock: $0.00001 par value, 250,000,000 shares authorized, 630,865 shares issued and outstanding as of December 31,2024 and 1,291 shares issued and outstanding as of December 31, 2023 7 0
Additional paid-in capital 166,357,201 101,175,117
Accumulated deficit (166,316,447) (120,806,138)
Total stockholders’ equity (deficit) 40,761 (19,631,021)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) $ 6,226,503 $ 22,126,397