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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2024
Balance Sheet Components [Abstract] |
Balance Sheet Components | 4. Balance Sheet Components Financial Instruments The Company’s short-term investments consisted of U.S. government treasury bills, which are accounted for as held-to-maturity (“HTM”) securities. HTM securities are carried at amortized cost and, as a result, are not remeasured to fair value on a recurring basis. As of December 31, 2024 and December 31, 2023, the amortized cost of the Company’s U.S. government treasury bills totaled $0 and $4.6 million, respectively, which approximated their fair value based on Level 1 inputs. All of the Company’s short-term investments will mature within one year of December 31, 2024. The Company does not expect a credit loss for its short-term investments. Prepaid expenses and other current assets Prepaid expenses and other current assets are comprised of the following:
|  | December 31, 2024 |  |  | December 31, 2023 |
Inventory |  | $ | 150,241 |  |  | $ | – |
Prepaid Expenses |  |  | 303,803 |  |  |  | 385,474 |
Security Deposits |  |  | 160,149 |  |  |  | 155,729 |
Tax Receivables |  |  | 765,598 |  |  |  | 765,697 |
Receivables and current assets |  |  | 585,431 |  |  |  | 9,526 |
Total prepaid and expenses and other current assets |  | $ | 1,965,222 |  |  | $ | 1,316,426 |
Property and Equipment, Net Property and equipment were reclassified to better reflect their appropriate categories within the fixed asset register. These reclassifications did not have a significant impact on the overall asset values or depreciation expense. Property and equipment is comprised of the following:
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Automobiles (DMV-registered) |  | $ | 128,862 |  |  | $ | 276,677 |
Machine, tools and equipment |  |  | 660,155 |  |  |  | 506,167 |
Computers and equipment |  |  | 389,007 |  |  |  | 338,155 |
Capitalized software |  |  | 950,832 |  |  |  | 342,136 |
Furniture and fixtures |  |  | 66,182 |  |  |  | 178,491 |
Leasehold improvements |  |  | 221,977 |  |  |  | 221,977 |
Testing equipment (Work in Progress) |  |  | 687,986 |  |  |  | 458,406 |
Property and equipment, gross |  |  | 3,105,001 |  |  |  | 2,322,009 |
Less: accumulated depreciation and amortization |  |  | (785,599 | ) |  |  | (835,337 | )
Total property and equipment, net |  | $ | 2,319,402 |  |  | $ | 1,486,672 |
Depreciation expense for the years ended December 31, 2024 and 2023 was $214,494 and $312,253, respectively. Accounts Payable Accounts payable includes independent director fees payable of $28,333 and $41,250 as of December 31, 2024 and 2023, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are comprised of the following:
|  | December 31, 2024 |  |  | December 31, 2023 |
Credit card payable |  | $ | 2,050 |  |  | $ | 1,103 |
Accrued expenses |  |  | 788,948 |  |  |  | 112,786 |
Deferred revenue |  |  | 769,180 |  |  |  | 101,500 |
Accrued payroll |  |  | 1,314,038 |  |  |  | 985,753 |
Total accrued expenses and other current liabilities |  | $ | 2,874,216 |  |  | $ | 1,201,142 |

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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 + Details
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