v3.25.1
Summary of Significant Accounting Policies and Liquidity and Uncertainties (Tables)
 3 Months Ended
Mar. 31, 2025
Summary of Significant Accounting Policies and Liquidity and Uncertainties [Abstract]  
Schedule of Consolidated Statement of Cash Flows

The following table is the reconciliation of the accounting standard that modifies certain aspects of the recognition, measurement, presentation and disclosure of financial instruments as shown on the Company’s consolidated statement of cash flows:

 

   March 31,
2025		   March 31,
2024		 
Cash and cash equivalents  $66,285,901   $35,180,529 
Restricted cash   105,084    179,378 
Total cash, cash equivalents and restricted cash  $66,390,985   $35,359,907 
Schedule of Amortized Cost, Unrealized Gains and Losses and the Fair Value The following table summarizes the amortized cost, unrealized gains and losses and the fair value at March 31, 2025 and December 31, 2024:
   Amortized
Cost		   Gross
Unrealized
Losses		   Gross
Unrealized
Gains		   Fair Value 
March 31, 2025:                
Money Market Funds included in Cash Equivalents  $23,296,559   $
-
   $
-
   $23,296,559 
U.S. Government Agency Securities   11,217,249    (322)   62    11,216,989 
Total March 31, 2025  $34,513,808   $(322)  $62   $34,513,548 
December 31, 2024:                    
Money Market Funds included in Cash Equivalents  $23,121,752   $
-
   $
-
   $23,121,752 
U.S. Government Agency Securities   11,032,606    
-
    4,251    11,036,857 
Total December 31, 2024  $34,154,358   $
-
   $4,251   $34,158,609 
Schedule of Carrying Value and Fair Value of Financial Assets

The following table provides the carrying value and fair value of the Company’s financial assets measured at fair value on a reoccurring basis as of March 31, 2025 and December 31, 2024:

 

   Carrying
Value		   Level 1   Level 2   Level 3 
March 31, 2025:                
Money Market Funds and Cash Equivalents  $23,296,559   $23,296,559   $
      -
   $
-
 
U.S. Government Agency Securities   11,216,989    11,216,989    
-
    
-
 
Total March 31, 2025  $34,513,548   $34,513,548   $
-
   $
-
 
December 31, 2024:                    
Money Market Funds and Cash Equivalents  $23,121,752   $23,121,752   $
-
   $
-
 
U.S. Government Agency Securities   11,036,857    11,036,857    
-
    
-
 
Total December 31, 2024  $34,158,609   $34,158,609   $
-
   $
-
 
Schedule of Inventories Inventories consist of the following:
   March 31,
2025		   December 31,
2024		 
Raw materials  $1,110,418   $1,111,409 
Work in progress   4,282,476    3,528,401 
Finished goods   2,094,814    2,959,725 
Total  $7,487,708   $7,599,535 
Schedule of Major Categories of Variable Consideration Deductions

A roll forward of the major categories of variable consideration deductions for the quarter ended March 31, 2025 is as follows:

 

   Volume
Incentive
Rebates		   Prompt Pay
and Other
Discounts		   Accrued
Returns
Allowance		 
Balance at December 31, 2024  $20,917,991   $935,286   $746,310 
Provisions related to sales recorded in the period   15,249,107    973,059    637,787 
Credits/payments issued during the period   (12,893,145)   (951,139)   
-
 
Balance at March 31, 2025  $23,273,953   $957,206   $1,384,097 
Schedule of Basic and Diluted Income (Loss) Per Common Share

A reconciliation of the Company’s basic and diluted income (loss) per common share is as follows:

 

   Three months ended March 31, 
  2025   2024 
Numerator:        
Net income (loss)  $20,643,898   $(14,466,123)
Denominator:          
Basic weighted average common shares outstanding   65,244,341    57,503,154 
Effect of potentially dilutive securities   3,731,077    
—
 
Diluted weighted average common shares outstanding   68,975,418    57,503,154 
Schedule of Computations of Diluted Weighted Average Shares Outstanding

The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be antidilutive:

 

   Three Months Ended
March 31,		 
   2025   2024 
   (Number of Shares of Common Stock Issuable) 
Series C-3 non-voting preferred stock   
-
    4,000 
Series E non-voting preferred stock   
-
    391,953 
Series G non-voting preferred stock   
-
    5,004,069 
Shares issuable for payment of deferred board compensation   
-
    48,909 
Shares underlying outstanding stock options   122,821    7,996,361 
Shares underlying restricted stock units   906,645    366,235 
Total potentially dilutive shares   1,029,466    13,811,527