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Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 3,892,919 $ 1,885,628
Accounts receivable 56 455
Inventory, net 143,756 167,593
Other current assets 301,077 419,521
Total current assets 4,337,808 2,473,197
Intangible assets, net 23,748,328 28,283,208
Property and equipment, net 559,645 876,572
Other assets 174,418 208,827
Total assets 28,820,199 31,841,804
Current liabilities:    
Contract liabilities 106,329 112,555
Convertible notes payable (including amounts of related party of $2,000,000 and nil as of December 31, 2024 and 2023, respectively) 3,000,000
Other notes payable, related party 42,000
Accrued expenses and other current liabilities 848,615 1,182,283
Total current liabilities 3,954,944 1,336,838
Senior secured convertible notes measured at fair value 2,651,556
Convertible notes payable - noncurrent (including amounts of related party of $9,000,000 and $2,000,000 as of December 31, 2024 and 2023, respectively) 9,000,000 3,000,000
Other notes payable, related party - noncurrent 270,000
Other long-term liabilities 348,945 135,829
Total liabilities 13,303,889 7,394,223
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.01 par value; 50,000,000 shares authorized as of December 31, 2024 and 2023, respectively; none issued and outstanding
Common stock, $0.01 par value; 300,000,000 shares authorized as of December 31, 2024 and 2023; 15,427,385 shares and 4,677,787 shares issued and outstanding as of December 31, 2024 and 2023, respectively 154,274 46,778
Common stock to be issued, nil and 162,337 shares as of December 31, 2024 and 2023, respectively 1,623
Additional paid-in capital 68,520,881 62,555,808
Accumulated deficit (52,749,316) (37,886,155)
Accumulated other comprehensive loss - translation adjustment (409,529) (270,473)
Total stockholders’ equity 15,516,310 24,447,581
Total liabilities and stockholders’ equity $ 28,820,199 $ 31,841,804