Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Inventory |
Inventory consists of the
following:
| |
|
December 31,
2024 |
|
|
December 31,
2023 |
|
| Raw Material |
|
$ |
4,354,121 |
|
|
$ |
1,499,727 |
|
| Work in Process |
|
|
306,016 |
|
|
|
782,770 |
|
| Finished Goods |
|
|
5,382,599 |
|
|
|
4,403 |
|
| Less Inventory Reserves |
|
|
(221,044 |
) |
|
|
(100,254 |
) |
| Total Inventory, Net |
|
$ |
9,821,692 |
|
|
$ |
2,186,646 |
|
|
| Schedule of Level 3 Government Grant Liability Measured at Fair Value Using Significant Unobservable Inputs |
The following table provides a reconciliation of the beginning and ending balances for the Level 3 government
grant liability measured at fair value using significant unobservable inputs:
| |
|
Government
Grant
Liability |
|
| Balance as of January 24, 2023 |
|
$ |
1,783,403 |
|
| Repayment on liability |
|
|
(6,576 |
) |
| Government grant liability assumed from Iron Drone asset purchase |
|
|
307,122 |
|
| Fair value adjustment to government grant liability assumed from Iron Drone asset purchase |
|
|
48,795 |
|
| Government grant proceeds received, adjusted to fair value |
|
|
128,803 |
|
| Net loss on change in fair value of liability |
|
|
488,157 |
|
| Balance as of December 31, 2023 |
|
$ |
2,749,704 |
|
| Repayment on liability |
|
|
(277,469 |
) |
| Government grant proceeds received, adjusted to fair value |
|
|
179,909 |
|
| Net gain on change in fair value of liability |
|
|
(94,962 |
) |
| Balance as of December 31, 2024 |
|
|
2,557,182 |
|
|
| Schedule of Disaggregated Revenues |
The following tables present our disaggregated
revenues by Type of Revenue and Timing of Revenue.
| |
|
Years Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Type of Revenue |
|
|
|
|
|
|
| Product revenue |
|
$ |
2,796,178 |
|
|
$ |
12,102,388 |
|
| Service and subscription revenue |
|
|
2,491,955 |
|
|
|
2,126,560 |
|
| Development revenue |
|
|
1,904,561 |
|
|
|
1,462,482 |
|
| Total revenue |
|
$ |
7,192,694 |
|
|
$ |
15,691,430 |
|
| |
|
Years Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Timing of Revenue |
|
|
|
|
|
|
| Revenue recognized point in time |
|
$ |
4,496,056 |
|
|
$ |
14,071,906 |
|
| Revenue recognized over time |
|
|
2,696,638 |
|
|
|
1,619,524 |
|
| Total revenue |
|
$ |
7,192,694 |
|
|
$ |
15,691,430 |
|
| |
|
Years Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Country of Revenue, based on location services were provided or product was shipped to: |
|
|
|
|
|
|
| United States |
|
$ |
1,827,114 |
|
|
$ |
5,717,832 |
|
| United Arab Emirates |
|
|
753,165 |
|
|
|
8,521,393 |
|
| United Kingdom |
|
|
311,214 |
|
|
|
995,357 |
|
| Israel |
|
|
4,283,637 |
|
|
|
429,107 |
|
| India |
|
|
17,564 |
|
|
|
27,741 |
|
| Total revenue |
|
$ |
7,192,694 |
|
|
$ |
15,691,430 |
|
|
| Schedule of Contract Assets |
The table below details the activity in our contract assets during the years ended December 31, 2024 and 2023.
Contract assets are included in Other current assets on the Consolidated Balance Sheet.
| |
|
Years Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Balance at beginning of period |
|
$ |
819,107 |
|
|
$ |
- |
|
| Contract assets recognized |
|
|
322,888 |
|
|
|
928,995 |
|
| Reclassification to Accounts receivable, net |
|
|
(936,084 |
) |
|
|
(109,888 |
) |
| Balance at end of period |
|
$ |
205,911 |
|
|
$ |
819,107 |
|
The table below details the activity in
our contract liabilities during the years ended December 31, 2024 and 2023.
| |
|
Years Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Balance, beginning of year |
|
$ |
276,944 |
|
|
$ |
61,508 |
|
| Additions |
|
|
1,596,155 |
|
|
|
2,438,655 |
|
| Transfer to revenue |
|
|
(1,439,074 |
) |
|
|
(2,223,219 |
) |
| Transfer to general and administrative expense |
|
|
(105,000 |
) |
|
|
- |
|
| Balance, end of year |
|
$ |
329,025 |
|
|
$ |
276,944 |
|
|
| Schedule of ROU Lease Assets and Lease Liabilities |
| |
|
Years ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Components of total lease costs: |
|
|
|
|
|
|
| Operating lease expense |
|
$ |
1,016,734 |
|
|
$ |
1,231,198 |
|
| Common area maintenance expense |
|
|
551,660 |
|
|
|
277,865 |
|
| Short-term lease costs (1) |
|
|
827,969 |
|
|
|
813,797 |
|
| Total lease costs |
|
$ |
2,396,363 |
|
|
$ |
2,322,860 |
|
|
(1) |
Represents
short-term leases with an initial term of 12 months or less, which are immaterial. |
ROU lease assets and lease
liabilities for our operating leases were recorded in the consolidated balance sheet as follows:
| |
|
December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Assets: |
|
|
|
|
|
|
| Operating lease assets |
|
$ |
3,921,995 |
|
|
$ |
4,701,865 |
|
| Total lease assets |
|
$ |
3,921,995 |
|
|
$ |
4,701,865 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Operating lease liabilities, current |
|
$ |
1,121,565 |
|
|
$ |
685,099 |
|
| Operating lease liabilities, net of current |
|
|
4,961,967 |
|
|
|
5,800,710 |
|
| Total lease liabilities |
|
$ |
6,083,532 |
|
|
$ |
6,485,809 |
|
| |
| Years ended December 31, |
|
| |
| 2024 |
|
| 2023 |
|
| Operating cash flows for operating leases |
| $ |
1,046,541 |
|
| $ |
1,038,556 |
|
| |
| |
|
|
| |
|
|
| Weighted average remaining lease term (in years)- operating lease |
| |
4.50 |
|
| |
4.73 |
|
| Weighted average discount rate – operating lease |
| |
9.20 |
% |
| |
9.99 |
% |
|
| Schedule of Future Lease Payments |
Future lease payments included
in the measurement of lease liabilities on the consolidated balance sheet on December 31, 2024, as follows:
| Years ending December 31, |
|
|
|
| 2025 |
|
$ |
1,626,102 |
|
| 2026 |
|
|
1,641,584 |
|
| 2027 |
|
|
1,568,688 |
|
| 2028 |
|
|
1,616,022 |
|
| 2029 |
|
|
999,204 |
|
| Total future minimum lease payments |
|
$ |
7,451,600 |
|
| Lease imputed interest |
|
|
(1,368,068 |
) |
| Total |
|
$ |
6,083,532 |
|
|
| Schedule of Diluted Net Loss Per Share |
The following potentially
dilutive securities for the years ended December 31, 2024 and 2023 have been excluded from the computation of diluted net loss per share
because the effect of their inclusion would have been anti-dilutive.
| |
|
Years Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Warrants to purchase common stock |
|
|
26,490,110 |
|
|
|
12,566,092 |
|
| Options to purchase common stock |
|
|
4,289,359 |
|
|
|
4,854,507 |
|
| Potential shares issuable under 2022 Convertible Exchange Notes |
|
|
19,356,876 |
|
|
|
62,084,776 |
|
| Potential shares issuable under 2023 Additional Notes |
|
|
30,011,617 |
|
|
|
29,125,732 |
|
| Potential shares issuable under 2024 Additional Notes |
|
|
119,544,155 |
|
|
|
- |
|
| Restricted stock units |
|
|
252,417 |
|
|
|
554,466 |
|
| Total potentially dilutive securities |
|
|
199,944,534 |
|
|
|
109,185,573 |
|
|