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RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS AND PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
Schedule of Restatements for Previously Issued Financial Statements | The Company has not filed, and does not intend to file, amendments to the previously filed Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, but instead is restating its unaudited interim condensed consolidated financial statements in this 10-K. The corrections to (i) the year ended December 31, 2023 presented in this 10-K and (ii) the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 to be presented in the Company's upcoming Form 10-Qs to be filed during 2025 are as follows: Consolidated Balance Sheets
|  | As of December 31, 2023 |  |
|  | Originally Reported |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |  |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT |  |  |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 2,750,305 |  |  | $ | (250,648 | ) |  | $ | 2,499,657 |  |
Total current liabilities |  | $ | 10,028,688 |  |  | $ | (250,648 | ) |  | $ | 9,778,040 |  |
Convertible notes payable |  | $ | 6,713,241 |  |  | $ | 254,710 |  |  | $ | 6,967,951 |  |
Total liabilities |  | $ | 19,217,817 |  |  | $ | 4,062 |  |  | $ | 19,221,879 |  |
Stockholders’ Deficit |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (97,286,789 | ) |  | $ | (4,062 | ) |  | $ | (97,290,851 | ) |
Total Stockholders’ Deficit |  | $ | (32,541,859 | ) |  | $ | (4,062 | ) |  | $ | (32,545,921 | ) |
|  | As of March 31, 2024 |  |
|  | Originally Reported |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |  |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT |  |  |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 3,248,847 |  |  | $ | (246,202 | ) |  | $ | 3,002,645 |  |
Total current liabilities |  | $ | 12,441,326 |  |  | $ | (246,202 | ) |  | $ | 12,195,124 |  |
Convertible notes payable |  | $ | 6,713,241 |  |  | $ | 254,710 |  |  | $ | 6,967,951 |  |
Total liabilities |  | $ | 21,509,495 |  |  | $ | 8,507 |  |  | $ | 21,518,002 |  |
Stockholders’ Deficit |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (102,987,442 | ) |  | $ | (4,445 | ) |  | $ | (102,991,887 | ) |
Total Stockholders’ Deficit |  | $ | (37,430,270 | ) |  | $ | (4,445 | ) |  | $ | (37,434,715 | ) |
|  | As of June 30, 2024 |  |
|  | Originally Reported |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |  |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT |  |  |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 4,316,645 |  |  | $ | (246,332 | ) |  | $ | 4,070,313 |  |
Total current liabilities |  | $ | 13,502,361 |  |  | $ | (246,332 | ) |  | $ | 13,256,029 |  |
Convertible notes payable |  | $ | 5,385,147 |  |  | $ | 204,321 |  |  | $ | 5,589,468 |  |
Total liabilities |  | $ | 19,339,515 |  |  | $ | (42,011 | ) |  | $ | 19,297,504 |  |
Stockholders’ Deficit |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (115,674,830 | ) |  | $ | 48,505 |  |  | $ | (115,626,325 | ) |
Total Stockholders’ Deficit |  | $ | (34,841,521 | ) |  | $ | 48,505 |  |  | $ | (34,793,016 | ) |
|  | As of September 30, 2024 |  |
|  | Originally Reported |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |  |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT |  |  |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 4,443,179 |  |  | $ | (244,997 | ) |  | $ | 4,198,182 |  |
Total current liabilities |  | $ | 15,672,672 |  |  | $ | (244,997 | ) |  | $ | 15,427,675 |  |
Convertible notes payable |  | $ | 4,511,880 |  |  | $ | 171,188 |  |  | $ | 4,683,068 |  |
Total liabilities |  | $ | 20,266,885 |  |  | $ | (73,809 | ) |  | $ | 20,193,076 |  |
Stockholders’ Deficit |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (120,052,352 | ) |  | $ | 31,797 |  |  | $ | (120,020,555 | ) |
Total Stockholders’ Deficit |  | $ | (36,343,647 | ) |  | $ | 31,797 |  |  | $ | (36,311,850 | ) |
Consolidated Statements of Operations
|  | Year Ended December 31, 2023 |
|  | Originally Reported |  |  | Junior Note Deferred Financing Cost Restatement Adjustment |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |
General and administrative |  | $ | 11,223,449 |  |  | $ | (105,924 | ) |  | $ | - |  |  | $ | 11,117,525 |
Interest expense |  | $ | 754,549 |  |  | $ | 105,924 |  |  | $ | 4,062 |  |  | $ | 864,535 |
Loss before provision for income taxes |  | $ | (20,706,384 | ) |  | $ | - |  |  | $ | (4,062 | ) |  | $ | (20,710,446 | )
Net loss and comprehensive loss |  | $ | (20,706,384 | ) |  | $ | - |  |  | $ | (4,062 | ) |  | $ | (20,710,446 | )
Net loss per common share, basic and diluted |  | $ | (0.63 | ) |  | $ | - |  |  | $ | - |  |  | $ | (0.63 | )
|  | Three Months Ended March 31, 2024 |
|  | Originally Reported |  |  | Junior Note Deferred Financing Cost Restatement Adjustment |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |
General and administrative |  | $ | 2,889,345 |  |  | $ | (236,550 | ) |  | $ | - |  |  | $ | 2,652,795 |
Interest expense |  | $ | 950,867 |  |  | $ | 236,550 |  |  | $ | 4,445 |  |  | $ | 1,191,862 |
Loss before provision for income taxes |  | $ | (5,700,653 | ) |  | $ | - |  |  | $ | (4,445 | ) |  | $ | (5,705,098 | )
Net loss and comprehensive loss |  | $ | (5,700,653 | ) |  | $ | - |  |  | $ | (4,445 | ) |  | $ | (5,705,098 | )
Net loss per common share, basic and diluted |  | $ | (0.15 | ) |  | $ | - |  |  | $ | - |  |  | $ | (0.15 | )
|  | Three Months Ended June 30, 2024 |
|  | Originally Reported |  |  | Junior Note Deferred Financing Cost Restatement Adjustment |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |
General and administrative |  | $ | 2,111,018 |  |  | $ | (170,570 | ) |  | $ | - |  |  | $ | 1,940,448 |
Interest expense |  | $ | 941,614 |  |  | $ | 170,570 |  |  | $ | 3,769 |  |  | $ | 1,115,953 |
Loss on extinguishment of debt |  | $ | 10,346,108 |  |  | $ | - |  |  | $ | (52,274 | ) |  | $ | 10,293,834 |
Loss before provision for income taxes |  | $ | (12,687,388 | ) |  | $ | - |  |  | $ | 48,505 |  |  | $ | (12,638,883 | )
Net loss and comprehensive loss |  | $ | (12,687,388 | ) |  | $ | - |  |  | $ | 48,505 |  |  | $ | (12,638,883 | )
Net loss per common share, basic and diluted |  | $ | (7.60 | ) |  | $ | - |  |  | $ | 0.03 |  |  | $ | (7.57 | )
|  | Six Months Ended June 30, 2024 |
|  | Originally Reported |  |  | Junior Note Deferred Financing Cost Restatement Adjustment |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |
General and administrative |  | $ | 5,000,363 |  |  | $ | (407,120 | ) |  | $ | - |  |  | $ | 4,593,243 |
Interest expense |  | $ | 1,892,481 |  |  | $ | 407,120 |  |  | $ | 8,214 |  |  | $ | 2,307,815 |
Loss on extinguishment of debt |  | $ | 10,346,108 |  |  | $ | - |  |  | $ | (52,274 | ) |  | $ | 10,293,834 |
Loss before provision for income taxes |  | $ | (18,388,041 | ) |  | $ | - |  |  | $ | 44,060 |  |  | $ | (18,343,981 | )
Net loss and comprehensive loss |  | $ | (18,388,041 | ) |  | $ | - |  |  | $ | 44,060 |  |  | $ | (18,343,981 | )
Net loss per common share, basic and diluted |  | $ | (14.18 | ) |  | $ | - |  |  | $ | 0.03 |  |  | $ | (14.15 | )
|  | Three Months Ended September 30, 2024 |
|  | Originally Reported |  |  | Junior Note Deferred Financing Cost Restatement Adjustment |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |
General and administrative |  | $ | 1,941,085 |  |  | $ | (144,311 | ) |  | $ | - |  |  | $ | 1,796,774 |
Interest expense |  | $ | 929,046 |  |  | $ | 144,311 |  |  | $ | 3,250 |  |  | $ | 1,076,607 |
Loss on extinguishment of debt |  | $ | 1,339,017 |  |  | $ | - |  |  | $ | (35,048 | ) |  | $ | 1,303,969 |
Loss before provision for income taxes |  | $ | (4,377,522 | ) |  | $ | - |  |  | $ | 31,797 |  |  | $ | (4,345,725 | )
Net loss and comprehensive loss |  | $ | (4,377,522 | ) |  | $ | - |  |  | $ | 31,797 |  |  | $ | (4,345,725 | )
Net loss per common share, basic and diluted |  | $ | (1.12 | ) |  | $ | - |  |  | $ | 0.01 |  |  | $ | (1.11 | )
|  | Nine Months Ended September 30, 2024 |
|  | Originally Reported |  |  | Junior Note Deferred Financing Cost Restatement Adjustment |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |
General and administrative |  | $ | 6,941,448 |  |  | $ | (551,431 | ) |  | $ | - |  |  | $ | 6,390,017 |
Interest expense |  | $ | 2,821,527 |  |  | $ | 551,431 |  |  | $ | 11,464 |  |  | $ | 3,384,422 |
Loss on extinguishment of debt |  | $ | 11,685,125 |  |  | $ | - |  |  | $ | (87,322 | ) |  | $ | 11,597,803 |
Loss before provision for income taxes |  | $ | (22,765,563 | ) |  | $ | - |  |  | $ | 75,857 |  |  | $ | (22,689,706 | )
Net loss and comprehensive loss |  | $ | (22,765,563 | ) |  | $ | - |  |  | $ | 75,857 |  |  | $ | (22,689,706 | )
Net loss per common share, basic and diluted |  | $ | (10.45 | ) |  | $ | - |  |  | $ | 0.03 |  |  | $ | (10.41 | )
Consolidated Statements of Cash Flows
|  | Year Ended December 31, 2023 |  |
|  | Originally Reported |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |  |
Net Loss |  | $ | (20,706,384 | ) |  | $ | (4,062 | ) |  | $ | (20,710,446 | ) |
Changes in operating assets and liabilities: Accrued expenses |  | $ | 111,939 |  |  | $ | 4,062 |  |  | $ | 116,001 |  |
|  | Three Months Ended March 31, 2024 |  |
|  | Originally Reported |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |  |
Net Loss |  | $ | (5,700,653 | ) |  | $ | (4,445 | ) |  | $ | (5,705,098 | ) |
Changes in operating assets and liabilities: Accrued expenses |  | $ | 520,042 |  |  | $ | 4,445 |  |  | $ | 524,487 |  |
|  | Six Months Ended June 30, 2024 |  |
|  | Originally Reported |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |  |
Net Loss |  | $ | (18,388,041 | ) |  | $ | 44,060 |  |  | $ | (18,343,981 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: Loss on extinguishment of debt |  | $ | 10,346,108 |  |  | $ | (52,274 | ) |  | $ | 10,293,834 |  |
Changes in operating assets and liabilities: Accrued expenses |  | $ | 1,693,890 |  |  | $ | 8,214 |  |  | $ | 1,702,104 |  |
|  | Nine Months Ended September 30, 2024 |  |
|  | Originally Reported |  |  | Senior Convertible Notes Restatement Adjustment |  |  | As Restated |  |
Net Loss |  | $ | (22,765,563 | ) |  | $ | 75,857 |  |  | $ | (22,689,706 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: Loss on extinguishment of debt |  | $ | 11,685,125 |  |  | $ | (87,322 | ) |  | $ | 11,597,803 |  |
Changes in operating assets and liabilities: Accrued expenses |  | $ | 1,964,723 |  |  | $ | 11,464 |  |  | $ | 1,976,187 |  |

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