v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Current assets      
Cash and cash equivalents $ 111,090 $ 209,337 $ 2,148,700
Accounts receivable 0 0 482,279
Inventories, net of reserve 0 1,526,467 1,456,275
Deposit on acquisition - related party 600,000 0  
Deferred financing costs     50,000
Prepaid expenses and other current assets 1,019,563 162,749 156,255
Total current assets 1,730,653 1,898,553 4,293,509
Property and equipment, net 0 4,834,729 5,650,976
Operating lease right-of-use assets 0 202,411 586,164
Convertible note receivable 748,600 0  
Other assets 0 34,359 34,359
TOTAL ASSETS 2,479,253 6,970,052 10,565,008
Current liabilities      
Accounts payable 5,127,709 6,301,310 4,744,606
Accrued expenses 5,663,216 4,301,195 2,499,657
Current portion of operating lease liability 0 237,369 355,385
Contract liabilities 24,000 24,000 30,400
Shareholder advances 99,936 644,936  
Current portion of notes payable 11,108,841 9,242,183 2,147,992
Convertible note derivative liability 0 37,900  
Preferred stock liability 21,889,050 0  
Total current liabilities 43,912,752 20,788,893 9,778,040
Operating lease liability, net of current portion     237,369
Convertible notes payable     6,967,951
SEPA liability 3,297,922 0  
Warrant liabilities 18,301 128,615 2,238,519
TOTAL LIABILITIES 47,228,975 20,917,508 19,221,879
Commitments and Contingencies (Note 6)
Convertible preferred stock 0 23,889,050 23,889,050
Stockholders' Deficit      
Common Stock 10,912 2,028 [1] 92 [1]
Additional paid-in capital 105,484,321 93,968,071 [1] 64,744,838 [1]
Accumulated deficit (150,244,955) (131,806,605) (97,290,851)
Total Stockholders' Deficit (44,749,722) (37,836,506) (32,545,921)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT $ 2,479,253 $ 6,970,052 $ 10,565,008
[1] Amount presented as of December 31, 2023 is adjusted to reflect the 1-for-40 reverse stock split on July 23, 2024. See Note 2 – Summary of Significant Accounting Policies for additional information.