XML 36 R26.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Restatement of Previously Reported Financial Statements (Tables)
12 Months Ended
Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
Summary of Effect of Correcting Error in Balance Sheets

The following table presents the effect of correcting this error on the Company’s balance sheet as of December 31, 2023:

 

 

 

December 31, 2023

 

 

 

 

As Previously Reported

 

Restatement Impact

 

As Restated

 

 

Assets

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,739,426

 

$

 

$

4,739,426

 

 

Accounts receivable, net

 

 

673,071

 

 

 

 

673,071

 

 

Prepaid expenses

 

 

885,040

 

 

 

 

885,040

 

 

Inventory

 

 

481,840

 

 

 

 

481,840

 

 

Other current assets

 

 

47,532

 

 

 

 

47,532

 

 

Total current assets

 

 

6,826,909

 

 

 

 

6,826,909

 

 

Deferred offering costs

 

 

241,637

 

 

 

 

241,637

 

 

Total assets

 

$

7,068,546

 

$

 

$

7,068,546

 

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders' deficit

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

1,711,778

 

$

 

$

1,711,778

 

 

Accrued compensation

 

 

1,324,010

 

 

 

 

1,324,010

 

 

Note Payable

 

 

 

 

5,000,000

 

 

5,000,000

 

 

Accrued interest payable

 

 

 

 

1,612,295

 

 

1,612,295

 

 

Total current liabilities

 

 

3,035,788

 

 

6,612,295

 

 

9,648,083

 

 

Long-term liabilities

 

 

 

 

 

 

 

 

Note payable

 

 

5,000,000

 

 

(5,000,000

)

 

 

 

Accrued interest payable

 

 

1,612,295

 

 

(1,612,295

)

 

 

 

Total long-term liabilities

 

 

6,612,295

 

 

(6,612,295

)

 

 

 

Total liabilities

 

 

9,648,083

 

 

 

 

9,648,083

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' deficit:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; authorized
  shares -
5,000,000; issued and outstanding
   shares -
0 at December 31, 2023

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value; authorized
 shares -
50,000,000; issued and outstanding
 shares -
3,343,070 at December 31, 2023

 

 

334

 

 

 

 

334

 

 

Additional paid-in capital

 

 

120,859,567

 

 

 

 

120,859,567

 

 

Accumulated deficit

 

 

(123,439,438

)

 

 

 

(123,439,438

)

 

Total stockholders' deficit

 

 

(2,579,537

)

 

 

 

(2,579,537

)

 

Total liabilities and stockholders' deficit

 

$

7,068,546

 

$

 

$

7,068,546