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Condensed Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,223,184 $ 3,892,919
Accounts receivable 187 56
Inventory, net 160,057 143,756
Other current assets 350,549 301,077
Total current assets 1,733,977 4,337,808
Intangible assets, net 21,505,821 23,748,328
Property and equipment, net 495,109 559,645
Other assets 187,269 174,418
Total assets 23,922,176 28,820,199
Current liabilities:    
Contract liabilities 106,329
Convertible notes payable (including amounts of related party of nil and $2,000,000 as of June 30, 2025, and December 31, 2024, respectively) 3,000,000
Accrued expenses and others current liabilities 602,782 848,615
Total current liabilities 602,782 3,954,944
Convertible notes payable - noncurrent (including amounts of related party of $11,000,000 and $9,000,000 as of June 30, 2025 and December 31, 2024, respectively) 11,000,000 9,000,000
Other long-term liabilities 876,608 348,945
Total liabilities 12,479,390 13,303,889
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued and outstanding as of June 30, 2025, and December 31, 2024, respectively
Common stock, $0.01 par value; 300,000,000 shares authorized as of June 30, 2025, and December 31, 2024, 4,267,990 and 3,085,477 shares issued and outstanding as of June 30, 2025, and December 31, 2024, respectively [1] 42,680 30,854
Additional paid-in capital 71,668,502 68,644,301
Accumulated deficit (60,120,328) (52,749,316)
Accumulated other comprehensive loss (148,068) (409,529)
Total stockholders’ equity 11,442,786 15,516,310
Total liabilities and stockholders’ equity $ 23,922,176 $ 28,820,199
[1] The Company effected a reverse stock split of its outstanding shares of common stock on June 30,2025, where every five shares of its common stock issued and outstanding was converted into one share of common stock. Any fractional post-split shares as a result of the reverse split were rounded down to the nearest whole post-split share. Shareholders of the Company previously authorized the Board of Directors to approve a reverse stock split at the annual meeting on 2025. All share amounts and per share amounts disclosed in this Quarterly Report on Form 10-Q have been adjusted to reflect the reverse stock split on a retroactive basis in all periods presented.