Restatement of Previously Reported Fiscal 2023 Interim Financial Statements (Unaudited)

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Reported Fiscal 2023 Interim Financial Statements (Unaudited)

11. Restatement of Previously Reported Fiscal 2023 Interim Financial Statements (Unaudited)

As discussed in Note 10. Restatement of Previously Reported Financial Statements, the Company identified a Classification Error in its previously issued financial statements. In addition to the annual period ended December 31, 2023, the Company's previously issued unaudited quarterly balance sheets for the quarters ended June 30, 2023, and September 30, 2023 were also impacted by the Classification Error.

The following table presents the effect of correcting the error on the Company’s interim balance sheets as of June 30, 2023, and September 30, 2023:

	June 30, 2023									September, 2023
	As Previously Reported			Restatement Impact			As Restated			As Previously Reported			Restatement Impact			As Restated
Assets
Current Assets:
Cash and cash equivalents	$	7,006,431		$	—		$	7,006,431		$	5,964,826		$	—		$	5,964,826
Accounts receivable, net		1,023,813			—			1,023,813			1,233,904			—			1,233,904
Prepaid expenses		371,348			—			371,348			37,855			—			37,855
Inventory		513,712			—			513,712			504,925			—			504,925
Other current assets		11,551			—			11,551			98,094			—			98,094
Total current assets		8,926,855			—			8,926,855			7,839,604			—			7,839,604
Operating lease right-of-use asset		52,842			—			52,842			13,370			—			13,370
Total assets	$	8,979,697		$	—		$	8,979,697		$	7,852,974		$	—		$	7,852,974
Liabilities and stockholders' equity (deficit)
Current Liabilities:
Accounts payable and accrued expenses	$	1,415,309		$	—		$	1,415,309		$	1,397,442		$	—		$	1,397,442
Accrued compensation		612,932			—			612,932			829,669			—			829,669
Note payable		—			5,000,000			5,000,000			—			5,000,000			5,000,000
Accrued interest payable		—			1,360,240			1,360,240			—			1,486,268			1,486,268
Operating lease liability		52,842			—			52,842			13,370			—			13,370
Total current liabilities		2,081,083			6,360,240			8,441,323			2,240,481			6,486,268			8,726,749
Long-term liabilities
Note payable		5,000,000			(5,000,000	)		—			5,000,000			(5,000,000	)		—
Accrued interest payable		1,360,240			(1,360,240	)		—			1,486,268			(1,486,268	)		—
Total long-term liabilities		6,360,240			(6,360,240	)		—			6,486,268			(6,486,268	)		—
Total liabilities		8,441,323			—			8,441,323			8,726,749			—			8,726,749
Commitments and contingencies
Stockholders' equity (deficit:)
Preferred stock, $0.0001 par value;     authorized shares - 5,000,000;     issued and outstanding shares     - 0 at June 30, 2023 and     September 30, 2023		—			—			—			—			—			—
Common stock, $0.0001 par value;    authorized shares - 50,000,000;    issued and outstanding shares     - 3,343,070 at June 30, 2023 and    September 30, 2023		334			—			334			334			—			334
Additional paid-in capital		120,296,170			—			120,296,170			120,577,928			—			120,577,928
Accumulated deficit		(119,758,130	)		—			(119,758,130	)		(121,452,037	)		—			(121,452,037	)
Total stockholders' equity (deficit)		538,374			—			538,374			(873,775	)		—			(873,775	)
Total liabilities and stockholders' equity (deficit)	$	8,979,697		$	—		$	8,979,697		$	7,852,974		$	—		$	7,852,974