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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL INFORMATION

Summary of effect of Previously Issued Financial Information

The tables below summarize the impact of the restated amounts on the previously reported consolidated balance sheets for the impacted periods. The Consolidated Balance Sheet adjustments in the tables below that impact the line items of additional paid-in

capital, accumulated deficit, and total stockholders’ equity also reflecting the same amounts that those line items were impacted in the Consolidated Statements of Changes in Stockholders’ Equity.


											Accrued
											expenses																		Total
											and other															Total			Liabilities and
					Total Current						current			Total Current			Total			Additional paid-			Accumulated			Stockholders’			Stockholders’
		Inventories			Assets			Total Assets			liabilities			Liabilities			Liabilities			in capital*			deficit*			Equity*			Equity
As of March 31, 2023, as previously reported (Unaudited)		$	1,725,673		$	28,164,991		$	57,462,835		$	7,329,386		$	10,435,916		$	28,507,390		$	288,514,368		$	(261,323,761)		$	28,955,445		$	57,462,835
Effect of restatement			—			—			—			(982,492)			(982,492)			(982,492)			1,023,458			(40,966)			982,492			—
As of March 31, 2023, as restated (Unaudited)		$	1,725,673		$	28,164,991		$	57,462,835		$	6,346,894		$	9,453,424		$	27,524,898		$	289,537,826		$	(261,364,727)		$	29,937,937		$	57,462,835

* The restatement adjustment reflected in these balance sheet line items also reflect the restatement adjustments applicable to the statements of stockholders’ equity.


											Accrued
											expenses																		Total
											and other															Total			Liabilities and
					Total Current						current			Total Current			Total			Additional paid-			Accumulated			Stockholders’			Stockholders’
		Inventories			Assets			Total Assets			liabilities			Liabilities			Liabilities			in capital*			deficit*			Equity*			Equity
As of June 30, 2023, as previously reported (Unaudited)		$	2,045,985		$	23,643,953		$	52,444,767		$	7,400,735		$	10,351,130		$	28,350,071		$	290,199,035		$	(267,476,845)		$	24,094,696		$	52,444,767
Effect of restatement			—			—			—			(365,876)			(365,876)			(365,876)			854,971			(489,095)			365,876			—
As of June 30, 2023, as restated (Unaudited)		$	2,045,985		$	23,643,953		$	52,444,767		$	7,034,859		$	9,985,254		$	27,984,195		$	291,054,006		$	(267,965,940)		$	24,460,572		$	52,444,767

* The restatement adjustment reflected in these balance sheet line items also reflect the restatement adjustments applicable to the statements of stockholders’ equity.


											Accrued
											expenses																		Total
											and other															Total			Liabilities and
					Total Current						current			Total Current			Total			Additional paid-			Accumulated			Stockholders’			Stockholders’
		Inventories			Assets			Total Assets			liabilities			Liabilities			Liabilities			in capital*			deficit*			Equity*			Equity
As of September 30, 2023, as previously reported (Unaudited)		$	2,977,146		$	19,260,643		$	47,575,037		$	7,580,287		$	11,972,396		$	29,063,415		$	292,153,561		$	(276,670,365)		$	18,511,622		$	47,575,037
Effect of restatement			—			—			—			(299,965)			(299,965)			(299,965)			764,826			(464,861)			299,965			—
As of September 30, 2023, as restated (Unaudited)		$	2,977,146		$	19,260,643		$	47,575,037		$	7,280,322		$	11,672,431		$	28,763,450		$	292,918,387		$	(277,135,226)		$	18,811,587		$	47,575,037

* The restatement adjustment reflected in these balance sheet line items also reflect the restatement adjustments applicable to the statements of stockholders’ equity.


											Accrued
											expenses																		Total
											and other															Total			Liabilities and
					Total Current						current			Total Current			Total			Additional paid-			Accumulated			Stockholders’			Stockholders’
		Inventories			Assets			Total Assets			liabilities			Liabilities			Liabilities			in capital*			deficit*			Equity*			Equity
As of December 31, 2023, as previously reported		$	3,680,129		$	25,702,823		$	53,260,634		$	7,870,149		$	14,545,955		$	29,985,471		$	305,196,874		$	(282,505,272)		$	23,275,163		$	53,260,634
Effect of restatement			(304,312)			(304,312)			(304,312)			(510,363)			(510,363)			(510,363)			990,440			(784,389)			206,051			(304,312)
As of December 31, 2023, as restated		$	3,375,817		$	25,398,511		$	52,956,322		$	7,359,786		$	14,035,592		$	29,475,108		$	306,187,314		$	(283,289,661)		$	23,481,214		$	52,956,322

* The restatement adjustment reflected in these balance sheet line items also reflect the restatement adjustments applicable to the statements of stockholders’ equity.


											Accrued
											expenses																		Total
											and other															Total			Liabilities and
					Total Current						current			Total Current			Total			Additional paid-			Accumulated			Stockholders’			Stockholders’
		Inventories			Assets			Total Assets			liabilities			Liabilities			Liabilities			in capital*			deficit*			Equity*			Equity
As of March 31, 2024, as previously reported (Unaudited)		$	3,738,767		$	19,992,800		$	47,070,605		$	8,132,063		$	13,424,101		$	28,142,680		$	305,984,268		$	(288,863,133)		$	18,927,925		$	47,070,605
Effect of restatement			—			—			—			(700,457)			(700,457)			(700,457)			1,215,696			(515,239)			700,457			—
As of March 31, 2024, as restated (Unaudited)		$	3,738,767		$	19,992,800		$	47,070,605		$	7,431,606		$	12,723,644		$	27,442,223		$	307,199,964		$	(289,378,372)		$	19,628,382		$	47,070,605

* The restatement adjustment reflected in these balance sheet line items also reflect the restatement adjustments applicable to the statements of stockholders’ equity.


											Accrued
											expenses																		Total
											and other															Total			Liabilities and
					Total Current						current			Total Current			Total			Additional paid-			Accumulated			Stockholders’			Stockholders’
		Inventories			Assets			Total Assets			liabilities			Liabilities			Liabilities			in capital*			deficit*			Equity*			Equity
As of June 30, 2024, as previously reported (Unaudited)		$	4,316,752		$	21,955,300		$	53,426,791		$	6,877,163		$	10,336,268		$	36,690,188		$	307,514,758		$	(293,006,279)		$	16,736,603		$	53,426,791
Effect of restatement			—			—			—			(692,020)			(692,020)			(692,020)			1,359,220			(667,201)			692,019			(1)
As of June 30, 2024, as restated (Unaudited)		$	4,316,752		$	21,955,300		$	53,426,791		$	6,185,143		$	9,644,248		$	35,998,168		$	308,873,978		$	(293,673,480)		$	17,428,622		$	53,426,790

* The restatement adjustment reflected in these balance sheet line items also reflect the restatement adjustments applicable to the statements of stockholders’ equity.


											Accrued
											expenses																		Total
											and other															Total			Liabilities and
					Total Current						current			Total Current			Total			Additional paid-			Accumulated			Stockholders’			Stockholders’
		Inventories			Assets			Total Assets			liabilities			Liabilities			Liabilities			in capital*			deficit*			Equity*			Equity
As of September 30, 2024, as previously reported (Unaudited)		$	3,247,756		$	16,597,368		$	47,804,011		$	5,660,051		$	8,430,191		$	34,804,921		$	308,441,887		$	(295,340,370)		$	12,999,090		$	47,804,011
Effect of restatement			—			—			—			(145,782)			(145,782)			(145,782)			1,245,114			(1,099,333)			145,782			(1)
As of September 30, 2024, as restated (Unaudited)		$	3,247,756		$	16,597,368		$	47,804,011		$	5,514,269		$	8,284,409		$	34,659,139		$	309,687,001		$	(296,439,703)		$	13,144,872		$	47,804,010

* The restatement adjustment reflected in these balance sheet line items also reflect the restatement adjustments applicable to the statements of stockholders’ equity.

The tables below summarize the impact of the restated and reclassified amounts on the previously reported consolidated statements of operations and comprehensive loss:


											Six Months			Nine Months
											Ended			Ended
		Three Months Ended (Unaudited)									(Unaudited)			(Unaudited)			Year Ended
		March 31,			June 30,			September 30,			June 30,			September 30,			December 31,
		2023			2023			2023			2023			2023			2023
Cost of goods sold:
As previously reported (incl. reclassification)		$	2,531,198		$	2,092,856		$	2,161,044		$	4,624,054		$	6,785,231		$	8,827,404
Effect of restatement			—			—			—			—			—			304,312
As restated and reclassified		$	2,531,198		$	2,092,856		$	2,161,044		$	4,624,054		$	6,785,231		$	9,131,716

Gross Profit:
As previously reported (incl. reclassification)		$	5,378,841		$	5,979,556		$	5,592,972		$	11,358,396		$	16,951,369		$	22,257,549
Effect of restatement			—			—			—			—			—			(304,312)
As restated and reclassified		$	5,378,841		$	5,979,556		$	5,592,972		$	11,358,396		$	16,951,369		$	21,953,237

Selling, general and administrative:
As previously reported (incl. reclassification)		$	9,132,508		$	8,908,983		$	9,207,867		$	18,041,490		$	27,316,155		$	37,872,361
Effect of restatement			(3,453)			448,136			(5,261)			444,683			439,422			435,054
As restated and reclassified		$	9,129,055		$	9,357,119		$	9,202,606		$	18,486,173		$	27,755,577		$	38,307,415

Total Operating Expenses:
As previously reported (incl. reclassification)		$	13,270,437		$	12,538,793		$	12,943,170		$	25,809,228		$	38,819,197		$	53,466,803
Effect of restatement			(3,453)			448,136			(5,261)			444,683			439,422			435,054
As restated and reclassified		$	13,266,984		$	12,986,929		$	12,937,909		$	26,253,911		$	39,258,619		$	53,901,857

Loss From Operations
As previously reported		$	(7,891,596)		$	(6,559,237)		$	(7,350,198)		$	(14,450,832)		$	(21,867,828)		$	(31,209,254)
Effect of restatement			3,453			(448,136)			5,261			(444,683)			(439,422)			(739,366)
As restated		$	(7,888,143)		$	(7,007,373)		$	(7,344,937)		$	(14,895,515)		$	(22,307,250)		$	(31,948,620)

Loss Before Benefit From Income Taxes
As previously reported		$	(7,325,883)		$	(6,153,084)		$	(9,193,520)		$	(13,478,967)		$	(22,672,487)		$	(29,321,134)
Effect of restatement			3,453			(448,136)			5,261			(444,683)			(439,422)			(739,365)
As restated		$	(7,322,430)		$	(6,601,220)		$	(9,188,259)		$	(13,923,650)		$	(23,111,909)		$	(30,060,499)

Net Loss Attributable To Common Stockholders
As previously reported		$	(7,325,883)		$	(6,153,084)		$	(9,193,520)		$	(13,478,967)		$	(22,672,487)		$	(28,507,395)
Effect of restatement			3,453			(448,136)			5,261			(444,683)			(439,422)			(739,365)
As restated		$	(7,322,430)		$	(6,601,220)		$	(9,188,259)		$	(13,923,650)		$	(23,111,909)		$	(29,246,760)

Basic And Diluted Net Loss Per Common Share
As previously reported		$	(0.17)		$	(0.14)		$	(0.21)		$	(0.31)		$	(0.52)		$	(0.64)
Effect of restatement		$	0.00		$	(0.01)		$	0.00		$	(0.01)		$	(0.00)		$	(0.01)
As restated		$	(0.17)		$	(0.15)		$	(0.21)		$	(0.32)		$	(0.52)		$	(0.65)

Comprehensive Loss
As previously reported		$	(7,934,091)		$	(6,545,758)		$	(7,537,846)		$	(14,479,849)		$	(22,017,695)		$	(30,307,269)
Effect of restatement			3,453			(448,136)			5,261			(444,683)			(439,422)			(739,365)
As restated		$	(7,930,638)		$	(6,993,894)		$	(7,532,585)		$	(14,924,532)		$	(22,457,117)		$	(31,046,634)


											Six Months			Nine Months
											Ended			Ended
		Three Months Ended (Unaudited)									(Unaudited)			(Unaudited)
		March 31,			June 30,			September 30,			June 30,			September 30,
		2024			2024			2024			2024			2024
Cost of goods sold :
As previously reported (Incl. reclassification)		$	2,420,222		$	2,339,206		$	3,356,965		$	4,759,429		$	8,116,394
Effect of restatement			(304,312)			—			—			(304,312)			(304,312)
As restated and reclassified		$	2,115,910		$	2,339,206		$	3,356,965		$	4,455,117		$	7,812,082

Gross Profit:
As previously reported (Incl. reclassification)		$	6,569,298		$	6,502,583		$	5,255,830		$	13,071,880		$	18,327,710
Effect of restatement			304,312			—			—			304,312			304,312
As restated and reclassified		$	6,873,610		$	6,502,583		$	5,255,830		$	13,376,192		$	18,632,022

Selling, general and administrative:
As previously reported (Incl. reclassification)		$	9,247,906		$	8,401,933		$	7,826,632		$	17,649,838		$	25,476,470
Effect of restatement			35,161			151,963			433,432			187,125			620,557
As restated and reclassified		$	9,283,067		$	8,553,896		$	8,260,064		$	17,836,963		$	26,097,027

Total Operating Expenses:
As previously reported (Incl. reclassification)		$	11,494,816		$	9,921,405		$	9,652,077		$	21,416,221		$	31,068,297
Effect of restatement			35,161			151,963			433,432			(187,125)			620,557
As restated and reclassified		$	11,529,977		$	10,073,368		$	10,085,509		$	21,603,346		$	31,688,854

Loss From Operations
As previously reported		$	(4,925,518)		$	(3,418,822)		$	(4,396,247)		$	(8,344,341)		$	(12,740,587)
Effect of restatement			269,150			(151,963)			(433,432)			117,187			(316,245)
As restated		$	(4,656,368)		$	(3,570,785)		$	(4,829,679)		$	(8,227,154)		$	(13,056,832)

Loss Before Benefit From Income Taxes
As previously reported		$	(6,357,861)		$	(4,143,146)		$	(2,334,091)		$	(10,501,007)		$	(12,835,098)
Effect of restatement			269,150			(151,963)			(433,432)			117,187			(316,245)
As restated		$	(6,088,711)		$	(4,295,109)		$	(2,767,523)		$	(10,383,820)		$	(13,151,343)

Net Loss Attributable To Common Stockholders
As previously reported		$	(6,357,861)		$	(4,143,146)		$	(2,334,091)		$	(10,501,007)		$	(12,835,098)
Effect of restatement			269,150			(151,963)			(433,432)			117,187			(316,245)
As restated		$	(6,088,711)		$	(4,295,109)		$	(2,767,523)		$	(10,383,820)		$	(13,151,343)

Basic And Diluted Net Loss Per Common Share
As previously reported		$	(0.12)		$	(0.08)		$	(0.04)		$	(0.19)		$	(0.24)
Effect of restatement		$	0.01		$	0.00		$	(0.01)		$	(0.00)		$	(0.00)
As restated		$	(0.11)		$	(0.08)		$	(0.05)		$	(0.19)		$	(0.24)

Comprehensive Loss
As previously reported		$	(5,134,686)		$	(3,721,824)		$	(4,664,834)		$	(8,856,510)		$	(13,521,344)
Effect of restatement		$	269,150		$	(151,963)		$	(433,432)		$	117,187		$	(316,245)
As restated		$	(4,865,536)		$	(3,873,787)		$	(5,098,266)		$	(8,739,323)		$	(13,837,589)

The table below summarizes the impact of the restated amounts on the previously reported consolidated statements of cash flows. The consolidated statements of cash flows adjustments in the tables below that impact the line items of stock-based compensation

also reflect the same amounts that the stock-based compensation line items was impacted by in the consolidated statements of changes in stockholders’ equity.


		Three
		Months			Six Months			Nine Months
		Ended			Ended			Ended
		(Unaudited)			(Unaudited)			(Unaudited)			Year Ended
		March 31,			June 30,			September 30,			December 31,
		2023			2023			2023			2023
Cash Flows From Operating Activities:
Net Loss Attributable To Common Stockholders:
As previously reported		$	(7,325,883)		$	(13,478,967)		$	(22,672,487)		$	(28,507,394)
Effect of restatement			3,453			(444,683)			(439,422)			(739,366)
As restated		$	(7,322,430)		$	(13,923,650)		$	(23,111,909)		$	(29,246,760)

Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Stock-Based Compensation*
As previously reported		$	1,080,486		$	1,295,028		$	2,647,678		$	3,700,704
Effect of restatement			(3,453)			444,683			439,422			454,638
As restated		$	1,077,033		$	1,739,711		$	3,087,100		$	4,155,342

Inventories
As previously reported		$	1,747,144		$	1,449,881		$	471,822		$	(121,039)
Effect of restatement			—			—			—			304,312
As restated		$	1,747,144		$	1,449,881		$	471,822		$	183,273

Accounts Payable and accrued expenses
As previously reported		$	629,833		$	291,068		$	1,047,700		$	1,623,580
Cumulative effect of restatement adjustments on balance sheet (year-to-date)			(250,206)			366,410			432,320			221,923
Non-cash reclassification to additional paid-in-capital			250,206			(366,410)			(432,320)			(238,137)
As restated		$	629,833		$	291,068		$	1,047,700		$	1,607,366

* The restatement adjustment reflected in this statements of cash flows line items also reflect the restatement adjustments applicable to the statements of stockholders’ equity.


		Three
		Months			Six Months			Nine Months
		Ended			Ended			Ended
		(Unaudited)			(Unaudited)			(Unaudited)
		March 31,			June 30,			September 30,
		2024			2024			2024
Cash Flows From Operating Activities:
Net Loss Attributable To Common Stockholders:
As previously reported		$	(6,357,861)		$	(10,501,007)		$	(12,835,098)
Effect of restatement			269,150			117,187			(316,245)
As restated		$	(6,088,711)		$	(10,383,820)		$	(13,151,343)

Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Stock-Based Compensation*
As previously reported		$	924,304		$	1,761,888		$	2,248,403
Effect of restatement			35,161			187,125			620,557
As restated		$	959,465		$	1,949,013		$	2,868,960

Accounts Payable and accrued expenses
As previously reported		$	(1,281,724)		$	(2,032,014)		$	(3,165,684)
Cumulative effect of restatement adjustments on balance sheet (year-to-date)			190,094			181,657			(364,581)
Non-cash reclassification to additional paid-in-capital			(190,094)			(181,657)			364,581
As restated		$	(1,281,724)		$	(2,032,014)		$	(3,165,684)

* The restatement adjustment reflected in this statements of cash flows line items also reflect the restatement adjustments applicable to the statements of stockholders’ equity.

The table below summarizes the impact of the restated and reclassified amounts on the previously reported consolidated statements of changes in stockholders’ equity:


											Six Months			Nine Months
											Ended			Ended
		Three Months Ended (Unaudited)									(Unaudited)			(Unaudited)			Year Ended
		March 31,			June 30,			September 30,			June 30,			September 30,			December 31,
		2023			2023			2023			2023			2023			2023

Net loss (row), Accumulated deficit (column), Stockholders’ equity (column)
As previously reported (incl. reclassification)		$	(7,325,883)		$	(6,153,084)		$	(9,193,520)		$	(13,478,967)		$	(22,672,487)		$	(28,507,394)
Effect of restatement			3,453			(448,136)			5,261			(444,683)			(439,422)			(739,366)
As restated and reclassified		$	(7,322,430)		$	(6,601,220)		$	(9,188,259)		$	(13,923,650)		$	(23,111,909)		$	(29,246,760)

Stock-based compensation (row), Additional paid-in capital (column), Stockholders’ equity (column)
As previously reported (incl. reclassification)		$	1,080,486		$	214,542		$	1,352,650		$	1,295,028		$	2,647,678		$	3,700,704
Effect of restatement			(3,453)			448,136			(5,261)			444,683			439,422			454,638
As restated and reclassified		$	1,077,033		$	662,678		$	1,347,389		$	1,739,711		$	3,087,100		$	4,155,342
Common stock issued upon vesting of restricted stock units, less shares withheld to cover taxes (row), Additional paid-in capital (column), Stockholders’ equity (column)
As previously reported (incl. reclassification)		$	—		$	183,600		$	220,211		$	260,151		$	403,811		$	403,809
Effect of restatement			—			(260,873)			(351,293)			(612,166)			(612,775)			(612,773)
As restated and reclassified		$	—		$	(77,273)		$	(131,082)		$	(352,015)		$	(208,964)		$	(208,964)


											Six Months			Nine Months
											Ended			Ended
		Three Months Ended (Unaudited)									(Unaudited)			(Unaudited)
		March 31,			June 30,			September 30,			June 30,			September 30,
		2024			2024			2024			2024			2024

Net loss (row), Accumulated deficit (column), Stockholders’ equity (column)
As previously reported (incl. reclassification)		$	(6,357,861)		$	(4,143,146)		$	(2,334,091)		$	(10,501,007)		$	(12,835,099)
Effect of restatement			269,150			(151,963)			(433,432)			117,187			(316,245)
As restated and reclassified		$	(6,088,711)		$	(4,295,109)		$	(2,767,523)		$	(10,383,820)		$	(13,151,344)

Stock-based compensation (row), Additional paid-in capital (column), Stockholders’ equity (column)
As previously reported (incl. reclassification)		$	924,304		$	837,584		$	486,515		$	1,761,888		$	2,248,403
Effect of restatement			35,161			151,963			433,432			187,125			620,557
As restated and reclassified		$	959,465		$	989,547		$	919,947		$	1,949,013		$	2,868,960
Common stock issued upon vesting of restricted stock units, less shares withheld to cover taxes (row), Additional paid-in capital (column), Stockholders’ equity (column)
As previously reported (incl. reclassification)		$	—		$	11,201		$	186,692		$	11,201		$	197,892
Effect of restatement			—			(17,428)			(285,796)			(17,428)			(204,802)
As restated and reclassified		$	—		$	(6,227)		$	(99,104)		$	(6,227)		$	(6,910)