v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents (includes restricted cash of $1,000,000 and $1,258,826 at June 30, 2025 and December 31, 2024) $ 3,257,427 $ 4,301,842
Accounts receivable 121,139 164,700
Inventories 2,021,395 4,116,180
Prepaid expenses and other current assets 368,871 63,210
Total current assets 5,768,832 8,645,932
Property and equipment, net 766,904 1,089,984
Operating lease right of use asset, net 1,250,518 1,406,242
Deposits 68,189 65,556
Intangible assets, net 3,640,517 4,268,332
Goodwill 20,007,670 20,007,670
Total assets 31,502,630 35,483,716
Current liabilities:    
Accounts payable 1,619,833 1,966,616
Accrued expenses 1,772,419 1,768,607
Customer deposits 153 95,000
Deferred revenue 107,504 77,051
Secured revolving line of credit 1,715,897 3,805,080
Convertible promissory notes 44,637 43,137
Secured notes payable — related party, net of debt discount of $0 and $4,000, at June 30, 2025 and December 31, 2024, respectively 2,060,274
Notes payable, current portion, net of debt discount of $8,570 and $0, at June 30, 2025 and December 31, 2024, respectively 1,881,668 1,717,632
Operating lease liability, current portion 337,195 316,612
Total current liabilities 7,479,306 11,850,009
Notes payable, net of current portion 664,500 615,000
Deferred income taxes 829,284 1,123,000
Operating lease liability, net of current portion 960,386 1,133,371
Total liabilities 9,933,476 14,721,380
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.001 par value, 10,000,000 shares authorized;
Common stock, $0.001 par value, 750,000,000 shares authorized; 30,154,612 and 27,021,423 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 30,155 27,015
Additional paid-in-capital 115,289,884 108,679,065
Common stock issuable, 350,843 and 350,843 shares, respectively 350,843 350,843
Accumulated deficit (94,101,728) (88,294,587)
Total stockholders’ equity 21,569,154 20,762,336
Total liabilities and stockholders’ equity $ 31,502,630 $ 35,483,716