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BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2024

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS

4. BALANCE SHEET COMPONENTS

Inventories

The Company had the following major classes of inventory:

​

​	​	​	​	​	​	​
​		December 31,
​	​	2024			2023
​		​		​	As Restated*
Raw Materials	​	$	569,824	​	$	685,801
Work in Process	​		502,525	​		838,871
Finished Goods	​		1,964,870	​		1,851,145
Inventories	​	$	3,037,219	​	$	3,375,817

* See Note 12 – Restatement of Previously Issued financial information for details.

​

Property and equipment - net

​

The Company’s Property and equipment - net, consist of the following:

​

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	Depreciation/
​	​	December 31					​	Amortization
​		2024			2023			Period
​	​	​	​	​	​	​	​	​
Furniture and fixtures	​	$	1,453,623	​	$	1,462,778		7 years
Equipment and computers	​		5,491,048	​		5,404,743		3 to 7 years
Leasehold improvements	​		6,282,710	​		6,224,863		Lesser of term of lease or estimated useful life
​	​		13,227,381	​		13,092,384
Less accumulated depreciation and amortization	​		4,224,998	​		3,036,030
Property and Equipment, Net	​	$	9,002,383	​	$	10,056,354

​

Depreciation expense for the years ended December 31, 2024 and 2023, amounted to $1,341,262 and $1,239,600, respectively.

Other assets

​

Other assets consist of the following:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2024			2023
​	​	​	​	​	​	​
Patent applications pending	​	$	1,612,118	​	$	1,945,532
Patents issued	​	​	3,390,768	​	​	2,982,253
Less accumulated amortization of patents issued	​		(1,254,850)	​		(1,021,233)
Patents, net	​		3,748,036	​		3,906,552
Other	​		22,644	​		52,051
Other Assets	​	$	3,770,680	​	$	3,958,603

​

Patent amortization expense amounted to $235,146, and $222,836 for the years ended December 31, 2024 and 2023, respectively.

​

Patent amortization expense for the next five years and thereafter is scheduled as follows:

​

​	​	​	​
2025		$	253,622
2026	​		252,481
2027	​		246,956
2028	​		234,087
2029	​		234,087
Thereafter	​	​	914,685
Scheduled amortization of patents issued	​	$	2,135,918

​

Accrued expenses and other current liabilities

​

Accrued expenses and other current liabilities consist of the following:

​

​	​	​	​	​	​	​
​	​	December 31,
​	​	2024			2023
​		​		​	As Restated
Accrued salaries and commissions	​	$	3,387,675	​	$	3,344,080
Professional fees	​	​	769,577	​	​	956,432
Clinical studies	​		589,577	​		686,908
Deferred revenue	​		419,331	​		1,380,821
Other	​		865,510	​		991,545
Accrued expenses and other current liabilities	​	$	6,031,670	​	$	7,359,786

* See Note 12 – Restatement of Previously Issued financial information for details.

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- Definition

The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/210/tableOfContent

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