Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 13,905,173 $ 23,288,607
Prepaid expenses and other current assets 987,495 961,665
Total current assets 14,892,668 24,250,272
Property, plant & equipment, net 700,826 757,121
Operating lease right-of-use asset 418,916 436,874
Other long-term assets 29,780 29,780
TOTAL ASSETS 16,042,190 25,474,047
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 3,874,429 7,585,340
Warrant liability 2,058,000 1,718,000
Lease liability, current 88,146 84,417
Total current liabilities 6,020,575 9,387,757
Lease liability, net of current portion 386,203 409,586
TOTAL LIABILITIES 6,406,778 9,797,343
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS' EQUITY (DEFICIT):    
Common stock, $0.00001 par value; 170,000,000 shares authorized; 46,079,875 shares issued and outstanding as of March 31, 2025 and December 31, 2024 461 461
Additional paid-in capital 261,678,642 261,115,905
Accumulated deficit (253,946,492) (247,342,463)
Total stockholders' equity (deficit) 8,253,389 14,294,681
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 16,042,190 25,474,047
Series D Convertible Preferred Stock    
MEZZANINE EQUITY:    
Series D preferred stock, 111.11 shares authorized, issued and outstanding as of March 31, 2025 and December 31, 2024 1,382,023 1,382,023
Series E-2 Preferred Stock    
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock $ 520,778 $ 520,778