Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 23,288,607 $ 9,564,988
Prepaid expenses and other current assets 961,665 888,225
Total current assets 24,250,272 10,453,213
Property, plant & equipment, net 757,121 1,090,304
Operating lease right-of-use asset 436,874 502,283
Other long-term assets 29,780 29,780
TOTAL ASSETS 25,474,047 12,075,580
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 7,585,340 9,178,645
Warrant liability 1,718,000 16,120,898
Lease liability, current 84,417 58,979
Total current liabilities 9,387,757 25,358,522
Lease liability, net of current portion 409,586 494,003
TOTAL LIABILITIES 9,797,343 25,852,525
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' (DEFICIT) EQUITY:    
Common stock, $0.00001 par value; 170,000,000 shares authorized; 46,079,875 and 20,744,110 shares issued and outstanding as of December 31, 2024 and 2023, respectively 461 207
Additional paid-in capital 261,115,905 182,924,210
Accumulated deficit (247,342,463) (202,761,017)
Total stockholders' (deficit) equity 14,294,681 (15,158,968)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY 25,474,047 12,075,580
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, 2024 and 2023 1,382,023 1,382,023
Series E-2 Preferred Stock    
STOCKHOLDERS' (DEFICIT) EQUITY:    
Series E-2 preferred stock, 1,225.00 shares authorized; 35.60 and 319.76 shares issued and outstanding as of December 31, 2024 and 2023, respectively $ 520,778 $ 4,677,632