Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash $ 25,363,853 $ 29,958,106
Restricted cash 46,121 41,215
Accounts receivable, net 1,913,771 5,223,182
Inventory, net 10,548,855 9,821,692
Other current assets 5,523,951 2,476,356
Total current assets 43,396,551 47,520,551
Property and equipment, net 2,576,849 2,586,691
Other Assets:    
Goodwill, net of accumulated impairment charges 27,751,921 27,751,921
Intangible assets, net 26,140,340 27,178,057
Deposits and other assets 694,588 663,073
Operating lease right of use assets 4,040,390 3,921,995
Total other assets 58,627,239 59,515,046
Total assets 104,600,639 109,622,288
Current Liabilities:    
Accounts payable 4,498,886 5,659,643
Operating lease liabilities 1,243,084 1,121,565
Accrued expenses and other current liabilities 5,483,927 4,719,214
Notes payable, net of unamortized debt discount and issuance costs of $0 and $226,785, respectively, related party 1,500,000 1,273,215
Convertible notes payable, net of unamortized debt discount and issuance cost of $3,612,956 and $5,236,362, respectively 29,151,834 31,947,445
Deferred revenue 2,638,081 329,025
Government grant liability 643,057 388,752
Total current liabilities 50,417,322 50,576,622
Long-Term Liabilities:    
Notes payable 300,000 300,000
Convertible notes payable, net of current, net of unamortized debt discount and issuance cost of $0 and $1,681,784, respectively 15,568,216
Accrued interest 18,962 20,041
Government grant liability net of current 2,239,532 2,168,430
Operating lease liabilities, net of current 4,892,704 4,961,967
Other liabilities 82,500 82,500
Total long-term liabilities 7,533,698 23,101,154
Total liabilities 57,951,020 73,677,776
Commitments and Contingencies (Note 12)
Temporary Equity    
Redeemable noncontrolling interest 20,568,332 19,361,205
Stockholders’ Equity    
Preferred stock value
Common stock – par value $0.0001; 300,000,000 shares authorized at March 31, 2025 and December 31, 2024; 127,724,799 and 93,173,191 issued and outstanding, at March 31, 2025 and December 31, 2024, respectively 12,772 9,317
Additional paid in capital 276,572,688 252,941,813
Accumulated deficit (250,504,173) (236,367,823)
Total stockholders’ equity 26,081,287 16,583,307
Total liabilities and stockholders’ equity 104,600,639 109,622,288
Series A Preferred Stock    
Stockholders’ Equity    
Preferred stock value
Related Party    
Current Liabilities:    
Convertible notes payable, net of unamortized debt discount and issuance cost of $241,547 and $362,237, respectively, related party $ 5,258,453 $ 5,137,763