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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 5,941,542 $ 209,337
Restricted cash 875,141 0
Inventories, net of reserve 0 1,526,467
Prepaid expenses and other current assets 4,322,880 162,749
Total current assets 11,139,563 1,898,553
Property and equipment, net 0 4,834,729
Operating lease right-of-use assets 0 202,411
Convertible note receivable (related party) 2,011,700 0
Other assets 0 34,359
TOTAL ASSETS 13,151,263 6,970,052
Current liabilities    
Accounts payable 3,889,781 6,301,310
Accrued expenses 4,618,521 4,301,195
Current portion of operating lease liability 0 237,369
Contract Liabilities 24,000 24,000
Shareholder advances 99,936 644,936
Current portion of notes payable (including $4,345,626 and $8,130,638 with related parties, respectively) 10,854,863 9,242,183
Claims settlement liability 502,196 0
Convertible notes payable 0 37,900
Preferred stock liability 21,889,050 0
Total current liabilities 41,878,347 20,788,893
SEPA liability 3,467,142 0
Warrant liabilities 21,662,084 128,615
TOTAL LIABILITIES 67,007,573 20,917,508
Commitments and Contingencies (Note 6)
Convertible preferred stock [1] 0 23,889,050
Stockholders' Deficit    
Common Stock 24,740 2,028 [2]
Additional paid-in capital 118,785,501 93,968,071 [2]
Accumulated deficit (172,666,551) (131,806,605)
Total Stockholders' Deficit (53,856,310) (37,836,506)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT $ 13,151,263 $ 6,970,052
[1] As of September 30, 2025, the value of the convertible preferred stock is presented within preferred stock liability. For additional information, See Note 9.
[2] Amount presented as of December 31, 2023 is adjusted to reflect the 1-for-40 reverse stock split on July 23, 2024. See Note 2 – Summary of Significant Accounting Policies for additional information.