| Schedule of Restatements for Previously Issued Financial Statements |
This restatement of the Company's previously issued unaudited interim condensed consolidated financial statements as of and for the three months ended March 31, 2025 is for the purposes of correcting misstatements for (i) certain assumptions used to calculate the fair value of the Indigo Capital Convertible Notes accounted for under the fair value option that were not appropriate and (ii) the fair value of the Indigo Capital Convertible Notes that was not adjusted to fair value upon conversion into shares of common stock. The restatement had no impact on total net cash flows from operating, investing or financing activities. Condensed Consolidated Balance Sheet
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As of March 31, 2025 |
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Originally Reported |
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Indigo Convertible Notes Restatement Adjustment |
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As
Restated |
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LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT |
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Current liabilities |
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Current portion of notes payable |
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$ |
3,655,568 |
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$ |
1,990,256 |
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$ |
5,645,824 |
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Total current liabilities |
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$ |
38,297,826 |
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$ |
1,990,256 |
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$ |
40,288,082 |
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Total liabilities |
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$ |
38,299,141 |
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$ |
1,990,256 |
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$ |
40,289,397 |
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Stockholders’ Deficit |
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Additional paid-in capital |
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$ |
98,432,170 |
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$ |
601,119 |
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$ |
99,033,289 |
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Accumulated deficit |
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$ |
(135,428,605 |
) |
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$ |
(2,591,375 |
) |
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$ |
(138,019,980 |
) |
Total Stockholders’ Deficit |
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$ |
(36,987,668 |
) |
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$ |
(1,990,256 |
) |
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$ |
(38,977,924 |
) |
Condensed Consolidated Statement of Operations
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Three Months Ended March 31, 2025 |
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Originally Reported |
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Indigo Convertible Notes Restatement Adjustment |
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As
Restated |
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Change in fair value of debt |
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$ |
28,997 |
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$ |
227,525 |
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$ |
256,522 |
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Loss on issuance of debt |
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$ |
- |
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$ |
(707,800 |
) |
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$ |
(707,800 |
) |
Loss on extinguishment of debt |
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$ |
(3,386,416 |
) |
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$ |
(2,111,100 |
) |
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$ |
(5,497,516 |
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Loss before provision for income taxes |
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$ |
(14,020,050 |
) |
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$ |
(2,591,375 |
) |
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$ |
(16,611,425 |
) |
Net loss |
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$ |
(14,020,050 |
) |
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$ |
(2,591,375 |
) |
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$ |
(16,611,425 |
) |
Net loss available to common shareholders |
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$ |
(6,698,380 |
) |
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$ |
(2,591,375 |
) |
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$ |
(9,289,755 |
) |
Net loss per common share, basic and diluted |
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$ |
(0.20 |
) |
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$ |
(0.08 |
) |
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$ |
(0.28 |
) |
Condensed Consolidated Statement of Stockholders' Deficit
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Three Months Ended March 31, 2025 |
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Originally Reported |
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Indigo Convertible Notes Restatement Adjustment |
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As
Restated |
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Issuance of Common Stock to extinguish debt - Additional paid-in capital |
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$ |
3,783,694 |
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$ |
601,119 |
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$ |
4,384,813 |
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Condensed Consolidated Statement of Cash Flows
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Three Months Ended March 31, 2025 |
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Originally Reported |
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Indigo Convertible Notes Restatement Adjustment |
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As
Restated |
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Net loss |
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$ |
(14,020,050 |
) |
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$ |
(2,591,375 |
) |
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$ |
(16,611,425 |
) |
Change in fair value of debt |
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$ |
28,997 |
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$ |
227,525 |
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$ |
256,522 |
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Loss on issuance of debt |
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$ |
- |
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$ |
(707,800 |
) |
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$ |
(707,800 |
) |
Loss on extinguishment of debt |
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$ |
(3,386,416 |
) |
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$ |
(2,111,100 |
) |
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$ |
(5,497,516 |
) |
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