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Restatement of Previously Issued Condensed Consolidated Financial Statements (Tables)

6 Months Ended

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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Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

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