Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Cash $ 29,958,106 $ 14,979,436
Restricted cash 41,215 42,564
Accounts receivable, net 5,223,182 3,429,974
Inventory, net 9,821,692 2,186,646
Other current assets 2,476,356 2,967,619
Total current assets 47,520,551 23,606,239
Property and equipment, net 2,586,691 4,175,958
Other Assets:    
Goodwill, net of accumulated impairment charges 27,751,921 27,751,921
Intangible assets, net 27,178,057 31,329,182
Deposits and other assets 663,073 599,517
Operating lease right of use assets 3,921,995 4,701,865
Total other assets 59,515,046 64,382,485
Total assets 109,622,288 92,164,682
Current Liabilities:    
Accounts payable 5,659,643 5,177,022
Operating lease liabilities 1,121,565 685,099
Accrued expenses and other current liabilities 4,719,214 3,587,877
Notes payable, net of unamortized debt discount and issuance costs of $226,785 and $0, respectively, related party 1,273,215
Convertible note payable, net of debt discount and issuance cost of $5,236,362 and $1,968,411, respectively 31,947,445 25,692,505
Deferred revenue 329,025 276,944
Government grant liability 388,752 520,657
Total current liabilities 50,576,622 35,940,104
Long-Term Liabilities:    
Notes payable 300,000 300,000
Convertible notes payable, net of current, net of unamortized debt discount and issuance cost of $1,681,784 and $391,718, respectively 15,568,216 2,812,156
Accrued interest 20,041 26,844
Government grant liability net of current 2,168,430 2,229,047
Operating lease liabilities, net of current 4,961,967 5,800,710
Other liabilities 82,500
Total long-term liabilities 23,101,154 11,168,757
Total liabilities 73,677,776 47,108,861
Commitments and Contingencies (Note 14)
Temporary Equity    
Redeemable noncontrolling interest 19,361,205 11,920,694
Stockholders’ Equity    
Preferred stock value
Common stock – par value $0.0001; 300,000,000 shares authorized at December 31, 2024 and 2023; 93,173,191 and 61,940,878 issued and outstanding, at December 31, 2024 and December 31, 2023, respectively 9,317 6,194
Additional paid in capital 252,941,813 231,488,999
Accumulated deficit (236,367,823) (198,360,066)
Total stockholders’ equity 16,583,307 33,135,127
Total liabilities and stockholders’ equity 109,622,288 92,164,682
Related Party    
Current Liabilities:    
Convertible note payable, net of unamortized debt discount and issuance cost of $362,237 and $0, respectively, related party 5,137,763
Series A Preferred Stock    
Stockholders’ Equity    
Preferred stock value