v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 677,473 $ 1,476,850
Accounts receivable, net 157,194 45,022
Inventories 10,439,696 11,181,806
Prepaid and other current assets 458,098 239,864
Total current assets 11,732,461 12,943,542
Goodwill 1,291,098 1,291,098
Property and equipment, net 460,764 483,878
Intangible asset, net 9,750 12,000
Right-of-use assets 3,312,207 3,404,983
Deposit 60,200 60,200
TOTAL ASSETS 16,866,480 18,195,701
Current liabilities:    
Accounts payable 2,220,510 2,494,664
Accrued expenses 961,500 1,686,598
Deferred revenue 10,488,363 11,802,825
Lease liability, current 356,942 353,612
Floor plan payable 660,000 1,212,000
Other payable 1,202,481 1,364,222
Note payable 1,363,806
Total current liabilities 17,253,602 18,913,921
Lease liability, non-current 3,284,728 3,373,571
Convertible notes, net of debt discount 17,238,921 14,085,932
Warrant liabilities, at fair value 43,333 486,559
Conversion option, at fair value 89,729 313,191
Total liabilities 37,910,313 37,173,174
Commitments and contingencies (Note 14)
Redeemable preferred stock, $0.0001 par value, 20,000,000 authorized shares; 25,000 and 6,500 shares issued and outstanding as of March 31, 2025 and December 31, 2023, respectively 3 1
Stockholders’ deficit:    
Common stock, $0.0001 par value, 1,000,000,000 authorized shares; 35,385,662 shares and 36,499,662 shares issued and outstanding as of March 31, 2025 and December 31, 2023, respectively 3,539 3,650
Additional paid-in capital 3,264,321 2,576,498
Other comprehensive income (10,453) (6,696)
Accumulated deficit (24,301,243) (21,550,926)
Total Stockholders’ Deficit (21,043,836) (18,977,474)
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT $ 16,866,480 $ 18,195,701