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Condensed Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,628,286 $ 3,892,919
Accounts receivable 91 56
Inventory, net 141,831 143,756
Other current assets 280,784 301,077
Total current assets 3,050,992 4,337,808
Intangible assets, net 22,633,161 23,748,328
Property and equipment, net 494,387 559,645
Other assets 174,536 174,418
Total assets 26,353,076 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 March 31, 2025, and December 31, 2024, respectively) 1,000,000 3,000,000
Accrued expenses and others current liabilities 523,467 848,615
Total current liabilities 1,523,467 3,954,944
Convertible notes payable - noncurrent (including amounts of related party of $11,000,000 and $9,000,000 as of March 31,2025 and December 31, 2024, respectively) 11,000,000 9,000,000
Other long-term liabilities 707,957 348,945
Total liabilities 13,231,424 13,303,889
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued and outstanding
Common stock, $0.01 par value; 300,000,000 shares authorized as of March 31, 2025, and December 31, 2024, 17,215,164 and 15,427,385 shares issued and outstanding as of March 31, 2025, and December 31, 2024, respectively 172,152 154,274
Additional paid-in capital 69,435,008 68,520,881
Accumulated deficit (56,035,338) (52,749,316)
Accumulated other comprehensive loss - translation adjustment (450,170) (409,529)
Total stockholders’ equity 13,121,652 15,516,310
Total liabilities and stockholders’ equity $ 26,353,076 $ 28,820,199