Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash $ 2,052,175 $ 7,983,346
Restricted cash 105,000 210,000
Accounts receivable, net of allowance for doubtful accounts of $53,295 and $70,359 at June 30, 2024 and December 31, 2023, respectively 301,845 203,303
Inventory 9,586,328 8,973,134
Inventory deposits 1,015,847 258,316
Prepaid expenses and other current assets 963,253 1,904,197
Total current assets 14,024,448 19,532,296
Long term assets:    
Property and equipment, net 625,166 1,258,607
Other long-term assets 199,281 199,281
Right-of-use assets - operating leases 941,303 1,136,213
Total assets 15,790,198 22,126,397
Current liabilities:    
Accounts payable 962,390 831,184
Accrued liabilities 1,735,981 3,128,906
Vendor settlements - short-term 1,833,937 0
Current portion of notes payable 6,784 15,278
Convertible notes, net of discount and issuance costs 0 30,149,579
May 2024 Notes 1,416,470 0
Warrant liabilities 70,970 5,971,067
Right-of-use operating lease liabilities, short-term 421,034 399,611
Customer deposits 169,777 417,485
Total current liabilities 6,617,343 40,913,110
Notes payable, net of current portion 32,226 69,138
Vendor settlements - long-term 683,493 0
Right-of-use operating lease liabilities, long-term 559,749 775,170
Total liabilities 7,892,811 41,757,418
COMMITMENTS AND CONTINGENCIES
Stockholders' equity (deficit):    
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 25,000 shares designated, 6,375 shares outstanding as of June 30, 2024 and no shares issued and outstanding as of December 31, 2023. 0 0
Common stock: $0.00001 par value, 250,000,000 shares authorized, 1,642,685 shares issued and outstanding as of June 30, 2024 and 10,305 shares issued and outstanding as of December 31, 2023 16 0
Additional paid-in capital 155,357,971 101,175,117
Accumulated deficit (147,460,600) (120,806,138)
Total stockholders’ equity (deficit) 7,897,387 (19,631,021)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 15,790,198 $ 22,126,397