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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 209,337 $ 2,148,700
Accounts receivable 0 482,279
Inventories, net of reserve of $1,161,469 and $1,133,457 as of December 31, 2024 and 2023, respectively 1,526,467 1,456,275
Deferred financing costs   50,000
Prepaid expenses and other current assets 162,749 156,255
Total current assets 1,898,553 4,293,509
Property and equipment, net 4,834,729 5,650,976
Operating lease right-of-use assets 202,411 586,164
Other assets 34,359 34,359
TOTAL ASSETS 6,970,052 10,565,008
Current liabilities    
Accounts payable 6,301,310 4,744,606
Accrued expenses 4,301,195 2,499,657
Current portion of operating lease liability 237,369 355,385
Contract liabilities 24,000 30,400
Shareholder advances 644,936  
Current portion of notes payable 9,242,183 2,147,992
Convertible note derivative liability 37,900  
Total current liabilities 20,788,893 9,778,040
Operating lease liability, net of current portion   237,369
Convertible notes payable   6,967,951
Warrant liabilities 128,615 2,238,519
TOTAL LIABILITIES 20,917,508 19,221,879
Commitments and Contingencies (Note 6)
Convertible preferred stock, $0.0001 par value; 50,000,000 shares authorized; 2,388,905 shares issued and outstanding at December 31, 2024 and 2023 23,889,050 23,889,050
Stockholders' Deficit    
Common stock, $0.0001 par value; 250,000,000 shares authorized; 20,274,238 and 922,362 shares issued and outstanding at December 31, 2024 and 2023, respectively [1] 2,028 92
Additional paid-in capital [1] 93,968,071 64,744,838
Accumulated deficit (131,806,605) (97,290,851)
Total Stockholders' Deficit (37,836,506) (32,545,921)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT $ 6,970,052 $ 10,565,008
[1] Amount presented as of December 31, 2023 is adjusted to reflect the 1-for-40 reverse stock split on July 23, 2024. See Note 2 – Summary of Significant Accounting Policies for additional information.