v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,841,422 $ 417,353
Accounts receivable 23 22
Inventory, net 315,643 295,565
Other current assets 362,527 425,859
Total current assets 3,519,615 1,138,799
Intangible assets, net 18,110,834 19,226,003
Property and equipment, net 290,078 343,281
Other assets 161,056 163,025
Total assets 22,081,583 20,871,108
Current liabilities:    
Contract liabilities (including amounts of related party of $350,000 as of March 31, 2026, and December 31, 2025, respectively) 350,000 350,000
Convertible notes payable - Related parties - current 2,000,000
Loan payable to related parties 2,812,940
Accrued expenses and others current liabilities 1,183,539 728,683
Total current liabilities 6,346,479 1,078,683
Convertible notes payable - Related parties - noncurrent 9,000,000 11,000,000
Other long-term liabilities 1,043,158 1,229,843
Total liabilities 16,389,637 13,308,526
Commitments and contingencies  
Stockholders’ equity:    
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025
Common stock, $0.01 par value; 300,000,000 shares authorized as of March 31, 2026 and December 31, 2025, 7,266,011 and 6,982,675 shares issued and 6,106,011 and 5,822,675 shares outstanding as of March 31, 2026, and December 31, 2025, respectively 72,660 69,827
Treasury stock, at cost (1,160,000 shares held as of March 31, 2026 and December 31, 2025) (1,972,000) (1,972,000)
Additional paid-in capital 77,833,141 77,234,374
Accumulated deficit (69,980,128) (67,520,328)
Accumulated other comprehensive loss (261,727) (249,291)
Total stockholders’ equity 5,691,946 7,562,582
Total liabilities and stockholders’ equity $ 22,081,583 $ 20,871,108