v3.26.1
Condensed Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 4,219,099 $ 1,025,987
Accounts receivable, net 201,481 199,954
Inventory 104,523 116,217
Prepaid expenses and other current assets 175,174 128,975
Total current assets 4,700,277 1,471,133
License agreement, net 265,518 271,143
Property and equipment, net 45,187 56,677
Intangible asset, net 206,801 202,264
Right-of-use assets, net 562,507 605,289
Deferred financing costs 1,507,794
Other assets 23,057 23,057
Total assets 5,803,347 4,137,357
Current liabilities:    
Accounts payable 980,486 868,545
Accrued liabilities 598,335 785,784
Accrued dividends — Series E convertible preferred stock 54,192
Deferred revenue 450,667 414,871
Derivative liability – current 143,382
Convertible note 306,716 74,611
Operating lease liability – current 189,649 175,948
Total current liabilities 2,580,045 2,463,141
Long-term liabilities:    
Convertible notes payable, net 619,355
Deferred revenue – long-term 37,055 41,816
Derivative liabilities – long-term 543,545
Operating lease liability – long term 429,122 488,725
Total long-term liabilities 466,177 1,693,441
Total liabilities 3,046,222 4,156,582
Commitments and contingencies (Note 9)
Stockholders’ equity (deficit):    
Common stock, $0.01 par value; 50,000,000 authorized; 10,442,960 and 5,442,249 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 104,430 54,422
Additional paid-in capital 37,870,511 33,126,398
Accumulated deficit (35,422,055) (33,247,219)
Total stockholders’ (deficit) equity 2,552,886 (19,225)
Total liabilities, contingently redeemable preferred stock and stockholders’ equity 5,803,347 4,137,357
Series E Convertible Preferred Stock    
Current liabilities:    
Accrued dividends — Series E convertible preferred stock 54,192  
Contingently redeemable convertible preferred stock:    
Series E convertible preferred stock, $0.01 par value; 45,000 authorized; 5,000 and 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; liquidation preference of $5,494,500 204,239
Series D preferred stock    
Stockholders’ equity (deficit):    
Preferred stock value 1,016
Series C preferred stock    
Stockholders’ equity (deficit):    
Preferred stock value 12,040
Series B preferred stock    
Stockholders’ equity (deficit):    
Preferred stock value 14,715
Series A-2 preferred stock    
Stockholders’ equity (deficit):    
Preferred stock value 4,424
Series A-1 preferred stock    
Stockholders’ equity (deficit):    
Preferred stock value 6,515
Series A preferred stock    
Stockholders’ equity (deficit):    
Preferred stock value $ 8,464