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Balance Sheet Components

12 Months Ended

Dec. 31, 2024

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