Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flow from operating activities:    
Net loss $ (6,360,327) $ (26,654,462)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on extinguishment of convertible notes 0 1,314,065
Loss on change in fair value of financial liabilities 34,810 14,893,051
Gain on exercise of Series B Warrants 0 (165,355)
Loss on conversion of notes to common stock 0 333,544
Stock-based compensation 1,100,670 285,829
Loss on write down of inventory and inventory deposits 73,824 57,262
Loss on sale/write off of property & equipment 0 618,738
Bad debt (recovery) expense 9,294 (16,378)
Non-cash interest expense (income) (7,083) 498,657
Amortization of right-of-use assets 209,645 194,910
Depreciation and amortization 160,503 197,237
Changes in operating assets and liabilities:    
Accounts receivable (120,878) (82,162)
Inventory and inventory deposits (219,846) (1,427,987)
Prepaid assets and other assets (11,389) 940,944
Accounts payable (193,894) 131,205
Accrued liabilities and vendor settlements (1,496,856) 1,124,505
Right-of-use liabilities - operating leases (215,423) (193,998)
Customer deposits (193,974) (247,708)
Net cash used in operating activities (7,230,924) (8,198,103)
Cash flow from investing activities:    
Purchase of property and equipment (204,927) (255,754)
Proceeds from sale of property and equipment 0 15,157
Proceeds from insurance settlement 0 58,058
Purchase of certificate of deposit (2,000,000) 0
Net cash used in investing activities (2,204,927) (182,539)
Cash flow from financing activities:    
Repayment of notes payable (3,489) (45,402)
Proceeds from issuance of common stock units and pre-funded warrant units from public offering, net of issuance costs of $1,296,118 10,703,882 0
Proceeds from the issuance of common stock issued from the At the Market Offering, net of issuance costs of $320,867 8,846,761 0
Repurchase of common stock (510,907) 0
Repurchase of fractional shares (941) 0
Proceeds from issuance of May 2024 Notes and warrants, net of issuance costs of $245,150 0 2,255,851
Proceeds from exercise of Series B Warrants 0 130,522
Proceeds from exercise of buy down warrants 0 3,500
Net cash provided by financing activities 19,035,306 2,344,471
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9,599,455 (6,036,171)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 2,298,573 8,193,346
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 11,898,028 2,157,175
Supplemental disclosure of cash flow information:    
Cash paid for interest 162,581 26,267
Cash paid for income taxes 0 0
Non-cash transactions    
Issuance of common stock for exercise of pre-funded warrants 2 0
Transfer of inventory to property & equipment 317,259 0
Conversion of Convertible Notes for common stock 0 7,414,025
Exchange of Convertible Notes for Preferred Stock 0 24,716,118
Reclassification of warrant liability to equity for cashless exercise of Series A Warrants 0 17,352,653
Reclassification of warrant liability to equity for modification of Series B Warrants 0 3,405,662
Exchange of finished goods inventory with vendor for raw materials inventory $ 0 $ 323,312