Annual report pursuant to Section 13 and 15(d)

RESTATED CONSOLIDATED BALANCE SHEETS

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RESTATED CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:                  
Cash and cash equivalents $ 9,564,988 $ 18,986,443 $ 5,152,972 $ 12,682,691 $ 19,866,358 $ 17,785,322 $ 24,805,565 $ 30,634,122  
Prepaid expenses and other current assets 888,225 1,123,467 456,679 1,163,745 663,243 975,936 479,668 760,420  
Total current assets 10,453,213 20,109,910 5,609,651 13,846,436 20,529,601 18,761,258 25,285,233 31,394,542  
Property, plant & equipment, net 1,090,304 893,509 337,434 376,084 418,641 338,944 364,838 331,144  
Operating lease right-of-use asset 502,283 517,566 532,300 546,505 560,334 138,097 161,111 183,286  
Other long-term assets 29,780 29,780 29,780 69,431 81,214 81,214 81,214 81,214  
TOTAL ASSETS 12,075,580 21,550,765 6,509,165 14,838,456 21,589,790 19,319,513 25,892,396 31,990,186  
CURRENT LIABILITIES:                  
Accounts payable and accrued liabilities 9,178,645 7,814,590 6,391,673 6,904,545 5,478,443 6,367,035 5,462,267 4,511,716  
Warrant liability 16,120,898 21,965,401 6,538,873 4,581,455 5,972,252 600,000 900,000 2,700,000  
Lease liability, current 58,979 56,263 53,640 51,106 50,847 148,200 143,843 139,594  
Total current liabilities 25,358,522 29,836,254 12,984,186 11,537,106 11,501,542 7,115,235 6,506,110 7,351,310  
Lease liability, net of current portion 494,003 512,750 530,856 548,344 552,981 53,769 92,214 129,714  
TOTAL LIABILITIES 25,852,525 30,349,004 13,515,042 12,085,450 12,054,523 7,169,004 6,598,324 7,481,024  
COMMITMENTS AND CONTINGENCIES (Note 10)  
MEZZANINE EQUITY:                  
Series D convertible preferred stock, 111.11 shares authorized; 111.11 shares issued and outstanding as of December 31, 2023 and 2022 1,382,023 19,202,023     1,382,023 1,382,023      
STOCKHOLDERS' (DEFICIT) EQUITY:                  
Common stock, $0.00001 par value; 170,000,000 shares authorized; 20,744,110 and 9,385,272 shares issued and outstanding as of December 31, 2023 and 2022, respectively 207 99 97 97 94 61 61 61  
Additional paid-in capital 182,924,210 166,879,534 168,971,520 168,551,763 168,143,557 158,352,376 157,984,617 157,564,664  
Accumulated deficit (202,761,017) (194,879,895) (177,359,517) (167,180,877) (159,990,407) (147,583,951) (140,072,629) (134,437,586)  
Total stockholders' (deficit) equity (15,158,968) (28,000,262) (8,387,900) 1,370,983 8,153,244 10,768,486 17,912,049 23,127,139 $ 29,063,131
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY 12,075,580 $ 21,550,765 6,509,165 14,838,456 21,589,790 $ 19,319,513 25,892,396 31,990,186  
Series D Convertible Preferred Stock                  
MEZZANINE EQUITY:                  
Series D convertible preferred stock, 111.11 shares authorized; 111.11 shares issued and outstanding as of December 31, 2023 and 2022 1,382,023   $ 1,382,023 $ 1,382,023 $ 1,382,023   $ 1,382,023 $ 1,382,023  
Series E-2 Preferred Stock                  
STOCKHOLDERS' (DEFICIT) EQUITY:                  
Series E-2 preferred stock, 1,225.00 shares authorized; 319.76 and 0.00 shares issued and outstanding as of December 31, 2023 and 2022, respectively $ 4,677,632