BALANCE SHEET COMPONENTS

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BALANCE SHEET COMPONENTS

(4) BALANCE SHEET COMPONENTS

Inventories

Inventories, net consists of the following:

	June 30, 2024		December 31, 2023
Materials	$	-	$	210,318
Work in process		-		1,640,347
Finished goods		-		8,101,982
Total	$	-	$	9,952,647

The Company did not have consigned inventory held by our customers or in-transit inventory at June 30, 2024 and December 31, 2023. The Company reviews inventory for obsolete and slow-moving products each quarter and makes provisions based on its estimate of the probability that the material will not be consumed or that it will be sold below cost. The inventory reserves were $0 million and $1.7 million as of June 30, 2024 and December 31, 2023, respectively.

Accrued expenses

Accrued expenses consist of the following:

	June 30, 2024		December 31, 2023
Payroll & related benefits	$	283,113	$	-
Professional fees		134,944		229,950
Board of director fees		248,000		-
Sales allowances		26,905		697,884
Sales and use tax		150,009		150,009
Vendor contingent payments (Note 7)		251,235		-
Total accrued other expenses	$	1,094,206	$	1,077,843