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v3.25.3

Restatement of Previously Issued Condensed Consolidated Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2025
Restatement of Previously Issued Condensed Consolidated Financial Statements |
Summary of effect of adjustment in balance sheet, statement of operations, statement of stockholders' deficit and statement of cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2025
​ | ​ | As previously reported |  | Restatement |  | As restated
Prepaid expenses | ​ | $ | 1,767,355 | ​ | $ | (1,344,016) | ​ | $ | 423,339
Prepaid inventory | ​ |  | — | ​ |  | 90,857 | ​ |  | 90,857
Inventory | ​ |  | 1,254,433 | ​ |  | 567,330 | ​ |  | 1,821,763
Security pledged to creditors | ​ |  | 879,894 | ​ |  | 1,185,528 | ​ |  | 2,065,422
Total current assets | ​ |  | 4,042,560 | ​ |  | 499,699 | ​ |  | 4,542,259
Total assets | ​ | $ | 4,129,107 | ​ | $ | 499,699 | ​ | $ | 4,628,806
Accounts payable | ​ |  | 4,361,099 | ​ |  | 299,999 | ​ |  | 4,661,098
Accrued advisory fees | ​ |  | — | ​ |  | 7,625,000 | ​ |  | 7,625,000
Accrued expenses and other current liabilities | ​ |  | 8,973,798 | ​ |  | (8,683,527) | ​ |  | 290,271
Interest payable related parties | ​ | ​ | 661,565 | ​ | ​ | (18,705) | ​ | ​ | 642,860
Accrued issuable equity | ​ | ​ | 250,000 | ​ | ​ | (250,000) | ​ | ​ | —
Total current liabilities | ​ |  | 28,398,257 | ​ |  | (1,027,233) | ​ |  | 27,371,024
Total liabilities | ​ | $ | 46,112,708 | ​ | $ | (1,027,233) | ​ | $ | 45,085,475
Shares to be issued | ​ | ​ | — | ​ | ​ | 250,000 | ​ | ​ | 250,000
Additional paid-in capital | ​ |  | 166,300,822 | ​ |  | 2,311,112 | ​ |  | 168,611,934
Accumulated deficit | ​ |  | (208,289,249) | ​ |  | (1,034,180) | ​ |  | (209,323,429)
Total shareholders’ deficit | ​ |  | (41,983,601) | ​ |  | 1,526,932 | ​ |  | (40,456,669)
Total liabilities and shareholders’ deficit | ​ | $ | 4,129,107 | ​ | $ | 499,699 | ​ | $ | 4,628,806
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the three months ended June 30, 2025
​ | ​ | As previously reported |  | Adjustment |  | As restated
Revenue | ​ | $ | 864,053 | ​ | $ | 19,921 | ​ | $ | 883,974
Cost of goods sold | ​ |  | 622,499 | ​ |  | 134,916 | ​ |  | 757,415
Gross margin | ​ |  | 241,554 | ​ |  | (114,995) | ​ |  | 126,559
General and administrative expenses | ​ |  | 1,984,659 | ​ |  | 713,161 | ​ |  | 2,697,820
Research and development expenses | ​ |  | 1,297,968 | ​ |  | 11,988 | ​ |  | 1,309,956
Total operating expenses | ​ |  | 3,291,525 | ​ |  | 725,149 | ​ |  | 4,016,674
Loss from operations | ​ |  | (3,049,971) | ​ |  | (840,144) | ​ |  | (3,890,115)
Change in fair value of pledged security | ​ |  | (1,185,528) | ​ |  | 1,185,528 | ​ |  | —
Transaction costs expensed | ​ |  | (8,502,003) | ​ |  | 8,502,003 | ​ |  | —
Interest expenses | ​ | ​ | (631,591) | ​ | ​ | 18,705 | ​ | ​ | (612,886)
Gains (loss) on extinguishment of debt | ​ |  | (7,771,709) | ​ |  | 5,317,531 | ​ |  | (2,454,178)
Total other expense: | ​ |  | (18,073,831) | ​ |  | 15,023,767 | ​ |  | (3,050,064)
Loss before income taxes | ​ |  | (21,123,802) | ​ |  | 14,183,623 | ​ |  | (6,940,179)
Net loss | ​ | $ | (21,123,802) | ​ | $ | 14,183,623 | ​ | $ | (6,940,179)
Net loss per share, basic and diluted | ​ | $ | (0.49) | ​ | $ | 0.33 | ​ | $ | (0.16)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2025
​ |  | As previously reported |  | Adjustment |  | As restated
Revenue | ​ | $ | 1,229,524 | ​ | $ | 500 | ​ | $ | 1,230,024
Cost of goods sold | ​ |  | 861,091 | ​ |  | 140,553 | ​ |  | 1,001,644
Gross margin | ​ |  | 368,433 | ​ |  | (140,053) | ​ |  | 228,380
General and administrative expenses | ​ |  | 6,748,375 | ​ |  | 10,610,553 | ​ |  | 17,358,928
Research and development expenses | ​ |  | 2,316,320 | ​ |  | 11,988 | ​ |  | 2,328,308
Total operating expenses | ​ |  | 9,081,808 | ​ |  | 10,622,541 | ​ |  | 19,704,349
Loss from operations | ​ |  | (8,713,375) | ​ |  | (10,762,594) | ​ |  | (19,475,969)
Change in fair value of pledged security | ​ |  | (1,185,528) | ​ |  | 1,185,528 | ​ |  | —
Interest expense | ​ | ​ | (1,355,058) | ​ | ​ | 18,705 | ​ | ​ | (1,336,353)
Transaction costs expensed | ​ |  | (18,167,007) | ​ |  | 9,403,092 | ​ |  | (8,763,915)
Gains (loss) on extinguishment of debt | ​ |  | 4,820,343 | ​ |  | (878,911) | ​ |  | 3,941,432
Total other expense: | ​ |  | (15,097,864) | ​ |  | 9,728,414 | ​ |  | (5,369,450)
Loss before income taxes | ​ |  | (23,811,239) | ​ |  | (1,034,180) | ​ |  | (24,845,419)
Net loss | ​ | $ | (23,811,239) | ​ | $ | (1,034,180) | ​ | $ | (24,845,419)
Net loss per share, basic and diluted | ​ | $ | (0.72) | ​ | $ | 0.02 | ​ | $ | (0.74)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the three months ended June 30, 2025
​ | ​ | As previously reported |  | Adjustment |  | As restated
Net loss | ​ | $ | (21,123,802) | ​ | $ | 14,183,623 | ​ | $ | (6,940,179)
Accumulated deficit | ​ | $ | (208,289,249) | ​ | $ | (1,034,180) | ​ | $ | (209,323,429)
Total shareholders’ deficit | ​ | $ | (41,983,601) | ​ | $ | 1,526,932 | ​ | $ | (40,456,669)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the six months ended June 30, 2025
​ | ​ | As previously reported |  | Adjustment |  | As restated
Net loss | ​ | $ | (23,811,239) | ​ | $ | (1,034,180) | ​ | $ | (24,845,419)
Accumulated deficit | ​ | $ | (208,289,249) | ​ | $ | (1,034,180) | ​ | $ | (209,323,429)
Total shareholders’ deficit | ​ | $ | (41,983,601) | ​ | $ | 1,526,932 | ​ | $ | (40,456,669)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the six months ended June 30, 2025
​ | ​ | As previously reported |  | Adjustment |  | As restated
Net loss | ​ | $ | (23,811,239) | ​ | $ | (1,034,180) | ​ | $ | (24,845,419)
Fair value of shares issued as non-redemption compensation | ​ |  | — | ​ |  | 10,835,293 | ​ |  | 10,835,293
Gain on extinguishment of debt, net | ​ |  | (4,820,343) | ​ |  | 733,634 | ​ |  | (4,086,709)
Change in fair value of security pledged to creditors | ​ |  | 1,185,528 | ​ |  | (1,185,528) | ​ |  | —
Transaction costs expensed | ​ |  | 18,167,007 | ​ |  | (9,403,092) | ​ |  | 8,763,915
Gain on settlement of forward purchase agreement | ​ |  | (1,406,669) | ​ |  | 1,406,669 | ​ |  | —
Payment of advisory and insurance expense | ​ |  | — | ​ |  | 715,000 | ​ |  | 715,000
Reverse recapitalization transaction | ​ |  | 844,676 | ​ |  | (715,000) | ​ |  | 129,676
Prepaid and other current assets | ​ |  | (1,654,164) | ​ |  | 1,242,081 | ​ |  | (412,083)
Inventory | ​ |  | 171,707 | ​ |  | (567,330) | ​ |  | (395,623)
Accounts payable | ​ |  | 3,117,203 | ​ |  | 299,999 | ​ |  | 3,417,202
Accrued liabilities | ​ |  | 1,137,562 | ​ |  | (1,029,375) | ​ |  | 108,187
Accrued issuable equity | ​ | ​ | 250,000 | ​ | ​ | (250,000) | ​ | ​ | —
Net cash provided by (used in) operating activities | ​ |  | (4,766,318) | ​ |  | 1,156,669 | ​ |  | (3,609,649)
Proceeds from issuance of common stock | ​ | ​ | — | ​ | ​ | 250,000 | ​ | ​ | 250,000
Proceeds from settlement of forward purchase agreement | ​ |  | 1,406,669 | ​ |  | (1,406,669) | ​ |  | —
Net cash provided by (used in) financing activities | ​ |  | 4,801,064 | ​ |  | (1,156,669) | ​ |  | 3,644,395
​

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