Condensed consolidated balance sheet components

3 Months Ended

Mar. 31, 2025

Consolidated Balance Sheet Components

Condensed consolidated balance sheet components

Note 6 - Condensed consolidated balance sheet components

Non-trade receivables and unbilled reimbursements, net

Non-trade receivables and unbilled reimbursements include sales of materials to contract manufacturers, reimbursements of clinical trial expenses incurred, and various other reimbursements. Non-trade receivables and unbilled reimbursements were as follows as of March 31, 2025 and December 31, 2024:

Schedule of non trade receivables
	March 31,		December 31,
	2025		2024
Non-trade receivables	$	564,004	$	433,051
Unbilled reimbursements		-		8,388
Reimbursement for leasehold improvements		185,691		-
Related party reimbursement		29,276		-
Non-trade receivables and unbilled services		778,971		441,439
Less: provision for credit losses		-		-
Non-trade receivables and unbilled services, net	$	778,971	$	441,439

As of March 31, 2025, the Company had an outstanding receivable of $29,276 from Host-Plus, a beneficial owner of more than 5% of our common stock, which consisted of certain legal fees that were paid on behalf of Host-Plus by the Company. No related party receivable was outstanding as of December 31, 2024. During the three months ended March 31, 2025 and 2024, there was no change in the provision for credit losses.

Pre-launch inventory

Pre-launch inventory consisted of the following as of March 31, 2025 and December 31, 2024:

Schedule of inventory consisted
	March 31,		December 31,
	2025		2024
Raw materials	$	1,496,493	$	2,842,540
Work in process		2,456,887		-
Finished goods		765,036		-
Pre-launch inventory	$	4,718,416	$	2,842,540
Pre-launch inventory – current	$	3,232,330	$	1,391,008
Pre-launch inventory – noncurrent	$	1,486,086	$	1,451,532

Property and equipment, net

Property and equipment consisted of the following as of March 31, 2025 and December 31, 2024:

Schedule of property and equipment, net		March 31,			December 31,
	2025			2024
Equipment	$	3,443,097		$	3,433,881
Computer software		888,706			574,780
Leasehold improvements		513,727			513,727
Construction in progress		204,822			-
Total property and equipment		5,050,352			4,522,388
Less accumulated depreciation and amortization		(3,806,615	)		(3,727,429	)
Total property and equipment, net	$	1,243,737		$	794,959

Depreciation and amortization expense for the three months ended March 31, 2025 and 2024, was $78,863 and $213,091, respectively. There were no impairments recorded during the three months ended March 31, 2025 and 2024.

Accrued expenses and other liabilities

Accrued expenses and other liabilities consisted of the following at March 31, 2025 and December 31, 2024:

Schedule of accrued expenses and other liabilities
	March 31,		December 31,
	2025		2024
Accrued compensation and related liabilities	$	2,029,422	$	3,116,301
Accrued development expenses		405,423		482,417
Accrued warranty reserves		525,901		692,404
Accrued other expenses		98,919		4,719
Accrued expenses and other liabilities	$	3,059,665	$	4,295,841

See Note 16, “Commitments and contingencies” for additional disclosure on accrued warranty reserves.