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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenues $ 3,284,984 $ 3,483,932 $ 10,571,969 $ 10,819,213
Cost of sales 1,650,717 2,269,858 5,428,705 6,594,973
Gross Profit 1,634,267 1,214,074 5,143,264 4,224,240
Operating expenses:        
General and administrative 1,889,733 3,357,550 6,931,496 10,435,834
Research and development 969,402 1,368,394 3,181,638 4,320,216
Sales and marketing 636,292 978,243 1,825,645 2,911,963
Impairment charge 1,500,000 1,579,287
Total operating expenses 3,495,427 7,204,187 11,938,779 19,247,300
Loss from operations (1,861,160) (5,990,113) (6,795,515) (15,023,060)
Other income (expense):        
Interest expense (1,563,817) (399,651) (5,698,269) (994,751)
Loss on debt extinguishment (1,523,867) (1,523,867)
Gain/loss on disposal of fixed assets 11,000 (2,988)
Other expense, net (45,777) (106,497) (208,277) (368,532)
Total other expense, net (1,598,594) (2,030,015) (5,909,534) (2,887,150)
Net loss before provision for income taxes (3,459,754) (8,020,128) (12,705,049) (17,910,210)
Provision for income taxes
Net loss (3,459,754) (8,020,128) (12,705,049) (17,910,210)
Accrued dividends on Series F Preferred Stock (47,879) (49,122) (158,862) (170,277)
Deemed dividends on Series F Preferred Stock and Warrants (1,450,232) (6,707,687) (4,910,894)
Net loss attributable to common stockholders $ (4,957,865) $ (8,069,250) $ (19,571,598) $ (22,991,381)
Net loss per common share - basic $ (16.03) $ (72.64) $ (81.44) $ (232.29)
Net loss per common share - diluted $ (16.03) $ (72.64) $ (81.44) $ (232.29)
Weighted average number of shares outstanding during the period - Basic 309,350 [1] 111,083 [2] 240,309 [1] 98,976 [2]
Weighted average number of shares outstanding during the period - Diluted 309,350 [1] 111,083 [2] 240,309 [1] 98,976 [2]
Comprehensive loss:        
Amortization of unrecognized periodic pension costs $ (742) $ 43,302
Foreign currency cumulative translation adjustment 140,349 (7,027) (12,146) 116,757
Total comprehensive loss , net of tax $ (3,319,405) $ (8,027,897) $ (12,717,195) $ (17,750,151)
[1] Adjusted for the effect of a 1 to 50 reverse stock split that became effective on October 14, 2024 (see Note 13) for the three- and nine-months periods ended September 30, 2024.
[2] Adjusted for the effect of a 1 to 50 reverse stock split that became effective on October 14, 2024 (see Note 13) and adjusted for the effect of 1 to 20 reverse stock split that became effective on February 9, 2024.