| Schedule of Reconciliation of the Net Loss |
The following table shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP, to the Company’s total net loss in the condensed consolidated statements of operations:
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Three months ended June 30, |
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Six Months Ended June 30, |
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2025 |
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|
2024 |
|
|
2025 |
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|
2024 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
— |
|
|
$ |
49,278 |
|
|
$ |
— |
|
|
$ |
142,827 |
|
Cost of revenue: |
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|
|
|
|
|
|
|
|
|
|
|
Materials |
|
|
11,870 |
|
|
|
12,789 |
|
|
|
16,463 |
|
|
|
50,160 |
|
Direct labor |
|
|
(1,408 |
) |
|
|
441,762 |
|
|
|
151,708 |
|
|
|
934,658 |
|
Direct job costs |
|
|
(15,000 |
) |
|
|
148,364 |
|
|
|
(48,273 |
) |
|
|
243,748 |
|
Overhead |
|
|
— |
|
|
|
130,811 |
|
|
|
111,281 |
|
|
|
362,116 |
|
Total cost of revenue |
|
|
(4,538 |
) |
|
|
733,726 |
|
|
|
231,179 |
|
|
|
1,590,682 |
|
Gross margin |
|
|
4,538 |
|
|
|
(684,448 |
) |
|
|
(231,179 |
) |
|
|
(1,447,855 |
) |
Operating expenses: |
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|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
— |
|
|
|
683,381 |
|
|
|
184,563 |
|
|
|
1,449,876 |
|
Selling and marketing |
|
|
526,996 |
|
|
|
(73,070 |
) |
|
|
1,070,333 |
|
|
|
272,520 |
|
General and administrative |
|
|
4,095,229 |
|
|
|
1,940,448 |
|
|
|
6,174,034 |
|
|
|
4,593,243 |
|
Total operating expenses |
|
|
4,622,225 |
|
|
|
2,550,759 |
|
|
|
7,428,930 |
|
|
|
6,315,639 |
|
Other segment items (1) |
|
|
(7,607,288 |
) |
|
|
(9,403,676 |
) |
|
|
(21,176,291 |
) |
|
|
(10,580,487 |
) |
Segment net loss |
|
$ |
(12,224,975 |
) |
|
$ |
(12,638,883 |
) |
|
$ |
(28,836,400 |
) |
|
$ |
(18,343,981 |
) |
Other segment items consist of interest income, interest expense, change in fair value of warrant liabilities, change in fair value of derivative liability, change in fair value of notes payable, loss on issuance of notes payable, loss on extinguishment of notes payable, gain on sale of intellectual property intangible assets, loss on impairment of inventories, property and equipment and operating lease right-of-use asset, interest expense recognized on remeasurement of preferred stock liability and other gain (loss), net.
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The following table shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP, to the Company’s total net loss in the consolidated statements of operations:
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Year Ended
December 31, |
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|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
152,127 |
|
|
$ |
2,085,532 |
|
Cost of revenue: |
|
|
|
|
|
|
Materials |
|
|
57,867 |
|
|
|
944,615 |
|
Direct labor |
|
|
1,336,722 |
|
|
|
1,457,823 |
|
Direct job costs |
|
|
222,835 |
|
|
|
2,833,893 |
|
Overhead |
|
|
588,052 |
|
|
|
459,102 |
|
Total cost of revenue |
|
|
2,205,476 |
|
|
|
5,695,433 |
|
Gross margin |
|
|
(2,053,349 |
) |
|
|
(3,609,901 |
) |
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
1,821,816 |
|
|
|
5,462,680 |
|
Selling and marketing |
|
|
468,074 |
|
|
|
1,539,690 |
|
General and administrative |
|
|
8,807,651 |
|
|
|
11,117,525 |
|
Total operating expenses |
|
|
11,097,541 |
|
|
|
18,119,895 |
|
Other segment items (1) |
|
|
(21,364,864 |
) |
|
|
1,019,350 |
|
Segment net loss |
|
$ |
(34,515,754 |
) |
|
$ |
(20,710,446 |
) |
(1) Other segment items consist of interest income, interest expense, change in fair value of warrant liabilities, change in fair value of derivative liability, loss on extinguishment of debt and other income, net.
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