Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 17,566,962 $ 2,193,573
Restricted cash 105,000 105,000
Accounts receivable, net of allowance for doubtful accounts of $115,630 and $99,233 at March 31, 2025 and December 31, 2024, respectively 104,399 88,247
Inventory and inventory deposits 1,193,176 1,646,633
Prepaid expenses and other current assets 1,482,544 1,032,699
Total current assets 20,452,081 5,066,152
Long-term assets:    
Property, equipment, and intangible asset, net 442,098 221,836
Other long-term assets 199,281 199,281
Right-of-use assets - operating leases 635,379 739,234
Total assets 21,728,839 6,226,503
Current liabilities:    
Accounts payable 221,357 385,326
Accrued liabilities 1,238,856 1,379,191
Vendor settlements - short-term 1,967,188 2,092,975
Current portion of notes payable 7,389 7,181
Warrant liabilities 83,226 111,658
Right-of-use operating lease liabilities - short-term 456,063 443,950
Customer deposits 47,488 216,522
Total current liabilities 4,021,567 4,636,803
Notes payable, net of current portion 26,606 28,533
Vendor settlements - long-term 728,839 1,189,184
Right-of-use operating lease liabilities - long-term 212,607 331,222
Total liabilities 4,989,619 6,185,742
COMMITMENTS AND CONTINGENCIES
Stockholders’ equity:    
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 25,000 shares designated, no shares issued and outstanding as of March 31, 2025 and December 31, 2024 0 0
Common stock: $0.00001 par value, 250,000,000 shares authorized, 3,850,824 shares issued and outstanding as of March 31, 2025 and 630,865 shares issued and outstanding as of December 31, 2024 42 7
Treasury stock (401,806) 0
Additional paid-in capital 185,917,861 166,357,201
Accumulated deficit (168,776,877) (166,316,447)
Total stockholders’ equity 16,739,220 40,761
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 21,728,839 $ 6,226,503