Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Inventory |
Inventory consists of the following:
| |
|
March 31,
2025 |
|
|
December 31,
2024 |
|
| Raw Material |
|
$ |
5,663,678 |
|
|
$ |
4,354,121 |
|
| Work in Process |
|
|
333,501 |
|
|
|
306,016 |
|
| Finished Goods |
|
|
4,772,720 |
|
|
|
5,382,599 |
|
| Less Inventory Reserves |
|
|
(221,044 |
) |
|
|
(221,044 |
) |
| Total Inventory, Net |
|
$ |
10,548,855 |
|
|
$ |
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 |
|
|
208,382 |
|
| Net loss on change in fair value of liability |
|
|
124,025 |
|
| Balance as of March 31, 2025 |
|
$ |
2,882,589 |
|
|
| Schedule of Disaggregated Revenues |
The following tables present our disaggregated revenues
by Type of Revenue and Timing of Revenue.
| |
|
Three Months Ended
March 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Type of Revenue |
|
|
|
|
|
|
| Product revenue |
|
$ |
3,223,973 |
|
|
$ |
2,274 |
|
| Service and subscription revenue |
|
|
808,841 |
|
|
|
309,587 |
|
| Development revenue |
|
|
215,368 |
|
|
|
313,148 |
|
| Total revenue |
|
$ |
4,248,182 |
|
|
$ |
625,009 |
|
| |
|
Three Months Ended
March 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Timing of Revenue |
|
|
|
|
|
|
| Revenue recognized point in time |
|
$ |
3,983,722 |
|
|
$ |
126,634 |
|
| Revenue recognized over time |
|
|
264,460 |
|
|
|
498,375 |
|
| Total revenue |
|
$ |
4,248,182 |
|
|
$ |
625,009 |
|
| |
|
Three Months Ended
March 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Country of Revenue, based on location services were provided or product was shipped to: |
|
|
|
|
|
|
| United States |
|
$ |
216,374 |
|
|
$ |
194,033 |
|
| United Arab Emirates |
|
|
1,533,391 |
|
|
|
130,044 |
|
| United Kingdom |
|
|
- |
|
|
|
164,299 |
|
| Israel |
|
|
2,487,725 |
|
|
|
126,633 |
|
| India |
|
|
10,692 |
|
|
|
10,000 |
|
| Total revenue |
|
$ |
4,248,182 |
|
|
$ |
625,009 |
|
|
| Schedule of Contract Assets and Contract Liabilities |
The table below details the activity in our contract assets during the three months ended March 31, 2025 and the
year ended December 31, 2024. Contract assets are included in Other current assets on the Condensed Consolidated Balance Sheets.
| |
|
Three Months
Ended
March 31,
2025 |
|
|
Year Ended
December 31,
2024 |
|
| Balance at beginning of period |
|
$ |
205,911 |
|
|
$ |
819,107 |
|
| Contract assets recognized |
|
|
1,738,065 |
|
|
|
322,888 |
|
| Reclassification to Accounts receivable, net |
|
|
(18,631 |
) |
|
|
(936,084 |
) |
| Balance at end of period |
|
$ |
1,925,345 |
|
|
$ |
205,911 |
|
The table below details the activity in
our contract liabilities during the three months ended March 31, 2025 and the year ended December 31, 2024.
| |
|
Three Months
Ended
March 31,
2025 |
|
|
Year Ended
December 31,
2024 |
|
| Balance, beginning of period |
|
$ |
329,025 |
|
|
$ |
276,944 |
|
| Additions |
|
|
2,320,754 |
|
|
|
1,596,155 |
|
| Transfer to revenue |
|
|
(11,698 |
) |
|
|
(1,439,074 |
) |
| Transfer to general and administrative expense |
|
|
- |
|
|
|
(105,000 |
) |
| Balance, end of period |
|
$ |
2,638,081 |
|
|
$ |
329,025 |
|
|
| Schedule of Lease Costs, ROU Assets and Lease Liabilities and Other Leases Information |
| |
|
Three Months Ended
March 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Components of total lease costs: |
|
|
|
|
|
|
| Operating lease expense |
|
$ |
352,156 |
|
|
$ |
382,219 |
|
| Common area maintenance expense |
|
|
114,471 |
|
|
|
146,090 |
|
| Short-term lease costs (1) |
|
|
16,572 |
|
|
|
281,101 |
|
| Sublease income |
|
|
(105,563 |
) |
|
|
(104,738 |
) |
| Total lease costs |
|
$ |
377,636 |
|
|
$ |
704,672 |
|
| (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 Condensed Consolidated Balance Sheets as follows:
| |
|
March 31,
2025 |
|
|
December 31,
2024 |
|
| Assets: |
|
|
|
|
|
|
| Operating lease assets |
|
$ |
4,040,390 |
|
|
$ |
3,921,995 |
|
| Total lease assets |
|
$ |
4,040,390 |
|
|
$ |
3,921,995 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Operating lease liabilities, current |
|
$ |
1,243,084 |
|
|
$ |
1,121,565 |
|
| Operating lease liabilities, net of current |
|
|
4,892,704 |
|
|
|
4,961,967 |
|
| Total lease liabilities |
|
$ |
6,135,788 |
|
|
$ |
6,083,532 |
|
Other Leases Information
| |
| Three Months Ended
March 31, |
|
| |
| 2025 |
|
| 2024 |
|
| Operating cash flows for operating leases |
| $ |
427,322 |
|
| $ |
236,102 |
|
| |
| |
|
|
| |
|
|
| Weighted average remaining lease term (in years)- operating lease |
| |
4.23 |
|
| |
5.01 |
|
| Weighted average discount rate – operating lease |
| |
9.30 |
% |
| |
10.00 |
% |
|
| Schedule of Future Lease Payments |
Future lease payments included
in the measurement of lease liabilities on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025, as follows:
| Years ending December 31,(1) |
|
|
|
| 2025 (9 months) |
|
$ |
1,296,279 |
|
| 2026 |
|
|
1,743,914 |
|
| 2027 |
|
|
1,673,060 |
|
| 2028 |
|
|
1,713,844 |
|
| 2029 |
|
|
999,203 |
|
| Total future minimum lease payments |
|
$ |
7,426,300 |
|
| Lease imputed interest |
|
|
(1,290,512 |
) |
| Total |
|
$ |
6,135,788 |
|
| (1) | Remaining non-cancellable sublease proceeds for the years ending December 31, 2025, 2026 - 2028, and 2029 of $352,920, $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 months ended March 31, 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 Months Ended
March 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Warrants to purchase common stock |
|
|
25,384,610 |
|
|
|
15,581,092 |
|
| Options to purchase common stock |
|
|
9,349,311 |
|
|
|
4,519,171 |
|
| Potential shares issuable under 2022 Convertible Exchange Notes |
|
|
19,502,416 |
|
|
|
62,551,576 |
|
| Potential shares issuable under 2023 Additional Notes |
|
|
30,237,267 |
|
|
|
29,344,721 |
|
| Potential shares issuable under 2024 Additional Notes |
|
|
42,348,142 |
|
|
|
- |
|
| Restricted stock units |
|
|
1,458,600 |
|
|
|
408,047 |
|
| Total potentially dilutive securities |
|
|
128,280,346 |
|
|
|
112,404,607 |
|
|