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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues $ 1,970,209 $ 3,284,984 $ 9,817,180 $ 10,571,969
Cost of sales 1,211,232 1,650,717 4,584,507 5,428,705
Gross Profit 758,977 1,634,267 5,232,673 5,143,264
Operating expenses:        
General and administrative 2,229,820 1,889,733 6,736,799 6,931,496
Research and development 1,012,354 969,402 2,559,755 3,181,638
Sales and marketing 671,579 636,292 2,161,066 1,825,645
Total operating expenses 3,913,753 3,495,427 11,457,620 11,938,779
Loss from operations (3,154,776) (1,861,160) (6,224,947) (6,795,515)
Other income (expense):        
Interest expense (27,483) (1,563,817) (134,871) (5,698,269)
Loss on debt extinguishment 0 0 (125,242) 0
Gain on change in fair value of warrant liabilities 5,000 0 8,511,000 0
Gain (loss) on disposal of fixed assets 0 11,000 0 (2,988)
Other income (expense), net 562,096 (45,777) 1,138,560 (208,277)
Total other income (expense), net 539,613 (1,598,594) 9,389,447 (5,909,534)
Net income (loss) before provision for income taxes (2,615,163) (3,459,754) 3,164,500 (12,705,049)
Provision for income taxes 0 0 0 0
Net income (loss) (2,615,163) (3,459,754) 3,164,500 (12,705,049)
Accrued dividends on Series F Preferred Stock (36,112) (47,879) (155,800) (158,862)
Deemed dividends on Series F Preferred Stock and Warrants (208,526) (1,450,232) (4,942,669) (6,707,687)
Numerator for basic EPS - net income (loss) available to common stockholders $ (2,859,801) $ (4,957,865) $ (1,933,969) $ (19,571,598)
Net loss per common share - basic (in dollars per share) $ (0.09) $ (16.03) $ (0.1) $ (81.44)
Net loss per common share - diluted (in dollars per share) $ (0.09) $ (16.03) $ (0.46) $ (81.44)
Denominator for basic EPS - weighted average shares (in shares) [1] 32,171,261 309,350 19,888,046 240,309
Weighted average number of shares outstanding during the period – Diluted (in shares) [1] 32,171,261 309,350 22,199,793 240,309
Comprehensive income (loss):        
Net income (loss) $ (2,615,163) $ (3,459,754) $ 3,164,500 $ (12,705,049)
Amortization of unrecognized periodic pension costs (7,377) 0 100,188 0
Foreign currency cumulative translation adjustment 24,812 140,349 216,425 (12,146)
Total comprehensive income (loss), net of tax $ (2,597,728) $ (3,319,405) $ 3,481,113 $ (12,717,195)
[1] Adjusted for the effect of a 1 to 50 reverse stock split that became effective on October 14, 2024 (see Note 1)