Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Inventory |
Inventory consists of the
following:
| |
|
June 30,
2025 |
|
|
December 31,
2024 |
|
| Raw Material |
|
$ |
4,427,625 |
|
|
$ |
4,354,121 |
|
| Work in Process |
|
|
2,595,017 |
|
|
|
306,016 |
|
| Finished Goods |
|
|
4,389,365 |
|
|
|
5,382,599 |
|
| Less Inventory Reserves |
|
|
(221,044 |
) |
|
|
(221,044 |
) |
| Total Inventory, net |
|
$ |
11,190,963 |
|
|
$ |
9,821,692 |
|
|
| 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 December 31, 2024 |
|
$ |
2,557,182 |
|
| Repayment on liability |
|
|
(7,000 |
) |
| Government grant proceeds received, adjusted to fair value |
|
|
208,383 |
|
| Net loss on change in fair value of liability |
|
|
267,374 |
|
| Balance as of June 30, 2025 |
|
$ |
3,025,939 |
|
|
| Schedule of Disaggregated Revenues |
The following tables present
our disaggregated revenues by type of revenue, timing of revenue, and revenue by country:
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| Type of Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
| Product revenue |
|
$ |
3,605,020 |
|
|
$ |
22,484 |
|
|
$ |
6,828,993 |
|
|
$ |
24,758 |
|
| Service and subscription revenue |
|
|
2,495,927 |
|
|
|
298,553 |
|
|
|
3,304,768 |
|
|
|
608,140 |
|
| Development revenue |
|
|
172,441 |
|
|
|
636,814 |
|
|
|
387,809 |
|
|
|
949,962 |
|
| Total revenue |
|
$ |
6,273,388 |
|
|
$ |
957,851 |
|
|
$ |
10,521,570 |
|
|
$ |
1,582,860 |
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| Timing of Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue recognized point in time |
|
$ |
6,020,926 |
|
|
$ |
165,331 |
|
|
$ |
10,004,648 |
|
|
$ |
291,965 |
|
| Revenue recognized over time |
|
|
252,462 |
|
|
|
792,520 |
|
|
|
516,922 |
|
|
|
1,290,895 |
|
| Total revenue |
|
$ |
6,273,388 |
|
|
$ |
957,851 |
|
|
$ |
10,521,570 |
|
|
$ |
1,582,860 |
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| Geographic Region of Revenue, based on location services were provided or product was shipped to: |
|
|
|
|
|
|
|
|
|
|
|
|
| United States |
|
$ |
139,079 |
|
|
$ |
557,714 |
|
|
$ |
355,453 |
|
|
$ |
751,747 |
|
| United Arab Emirates |
|
|
1,723,424 |
|
|
|
122,043 |
|
|
|
3,256,815 |
|
|
|
252,087 |
|
| Europe |
|
|
3,111,388 |
|
|
|
101,584 |
|
|
|
3,111,388 |
|
|
|
265,883 |
|
| Israel |
|
|
1,259,117 |
|
|
|
176,510 |
|
|
|
3,746,842 |
|
|
|
303,143 |
|
| India |
|
|
40,380 |
|
|
|
- |
|
|
|
51,072 |
|
|
|
10,000 |
|
| Total revenue |
|
$ |
6,273,388 |
|
|
$ |
957,851 |
|
|
$ |
10,521,570 |
|
|
$ |
1,582,860 |
|
|
| Schedule of Contract Assets and Contract Liabilities |
The table
below details the activity in our contract assets during the six months ended June 30, 2025 and the year ended December 31, 2024. Contract
assets are included in Other current assets on the Condensed Consolidated Balance Sheets.
| |
|
Six Months Ended
June 30,
2025 |
|
|
Year Ended
December 31,
2024 |
|
| Balance at beginning of period |
|
$ |
205,911 |
|
|
$ |
819,107 |
|
| Contract assets recognized |
|
|
3,593,452 |
|
|
|
322,888 |
|
| Reclassification to Accounts receivable, net |
|
|
(1,551,788 |
) |
|
|
(936,084 |
) |
| Balance at end of period |
|
$ |
2,247,575 |
|
|
$ |
205,911 |
|
The table below details the activity in
our contract liabilities during the six months ended June 30, 2025 and the year ended December 31, 2024.
| |
|
Six Months Ended
June 30,
2025 |
|
|
Year Ended
December 31,
2024 |
|
| Balance at beginning of period |
|
$ |
329,025 |
|
|
$ |
276,944 |
|
| Additions |
|
|
3,094,605 |
|
|
|
1,596,155 |
|
| Transfer to revenue |
|
|
(59,097 |
) |
|
|
(1,439,074 |
) |
| Transfer to general and administrative expense |
|
|
- |
|
|
|
(105,000 |
) |
| Balance at end of period |
|
$ |
3,364,533 |
|
|
$ |
329,025 |
|
|
| Schedule of Lease Costs, ROU Assets and Lease Liabilities and Other Leases Information |
Lease Costs
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| Components of total lease costs: |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating lease expense |
|
$ |
315,931 |
|
|
$ |
261,831 |
|
|
$ |
562,524 |
|
|
$ |
539,312 |
|
| Common area maintenance expense |
|
|
32,830 |
|
|
|
149,193 |
|
|
|
147,301 |
|
|
|
295,283 |
|
| Short-term lease costs (1) |
|
|
20,836 |
|
|
|
286,221 |
|
|
|
37,408 |
|
|
|
567,322 |
|
| Total lease costs |
|
$ |
369,597 |
|
|
$ |
697,245 |
|
|
$ |
747,233 |
|
|
$ |
1,401,917 |
|
| | (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 unaudited condensed consolidated balance sheet as follows:
| |
|
June 30,
2025 |
|
|
December 31,
2024 |
|
| Assets: |
|
|
|
|
|
|
| Operating lease assets |
|
$ |
4,715,310 |
|
|
$ |
3,921,995 |
|
| Total lease assets |
|
$ |
4,715,310 |
|
|
$ |
3,921,995 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Operating lease liabilities, current |
|
$ |
1,522,279 |
|
|
$ |
1,121,565 |
|
| Operating lease liabilities, net of current |
|
|
5,314,694 |
|
|
|
4,961,967 |
|
| Total lease liabilities |
|
$ |
6,836,973 |
|
|
$ |
6,083,532 |
|
Other Leases Information
| |
| Six Months Ended
June 30, |
|
| |
| 2025 |
|
| 2024 |
|
| Operating cash flows for operating leases |
| $ |
903,349 |
|
| $ |
458,824 |
|
| |
| |
|
|
| |
|
|
| Weighted average remaining lease term (in years) – operating lease |
| |
3.96 |
|
| |
4.80 |
|
| Weighted average discount rate – operating lease |
| |
8.57 |
% |
| |
9.98 |
% |
|
| Schedule of Future Lease Payments |
Future lease payments included in the measurement of lease liabilities
on the unaudited condensed consolidated balance sheet as of June 30, 2025, for the following five years and thereafter are as follows:
| Years ending December 31, (1) |
|
|
|
| 2025 (6 months) |
|
$ |
1,009,055 |
|
| 2026 |
|
|
2,024,007 |
|
| 2027 |
|
|
1,941,023 |
|
| 2028 |
|
|
1,978,504 |
|
| 2029 |
|
|
1,087,203 |
|
| Total future minimum lease payments |
|
$ |
8,039,792 |
|
| Less imputed interest |
|
|
(1,202,819 |
) |
| Total |
|
$ |
6,836,973 |
|
|
(1) |
Remaining
non-cancellable sublease proceeds for the years ending December 31, 2025, 2026 - 2028, and 2029 of $247,500, $495,000, and $144,375,
respectively, are not included in the table above. |
|
| Schedule of Dilutive Securities Excluded from Diluted Net Loss Per Share |
The following potentially
dilutive securities for the three and six months ended June 30, 2025 and 2024 have been excluded from the computation of diluted net loss
per share because the effect of their inclusion would have been anti-dilutive.
| |
|
Three and Six Months Ended
June
30, |
|
| |
|
2025 |
|
|
2024 |
|
| Warrants to purchase Common Stock |
|
|
14,028,689 |
|
|
|
15,831,998 |
|
| Options to purchase Common Stock |
|
|
17,482,554 |
|
|
|
4,949,407 |
|
| Potential shares issuable under 2022 Convertible Promissory Notes |
|
|
- |
|
|
|
62,236,724 |
|
| Potential shares issuable under 2023 Additional Notes |
|
|
- |
|
|
|
29,565,356 |
|
| Potential shares issuable under 2024 Additional Notes |
|
|
30,549,398 |
|
|
|
- |
|
| Restricted stock units |
|
|
3,740,238 |
|
|
|
282,672 |
|
| Total potentially dilutive securities |
|
|
65,800,879 |
|
|
|
112,866,157 |
|
|