v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,644,825 $ 4,119,938
Restricted cash 27,946,513 525,000
Accounts receivable, less allowance for credit losses of $0.3 million and $0.3 million as of March 31, 2025 and December 31, 2024, respectively 27,297 537,536
Other receivables, net 139,487 544,436
Inventory, net 41,308,930 41,839,020
Prepaid expenses and other current assets 5,476,539 5,865,890
Total current assets 77,543,591 53,431,820
Property, plant and equipment, net 31,011,965 32,976,581
Operating lease right-of-use assets, net 6,512,085 3,247,548
Finance lease right-of-use assets, net 0 4,008,510
Other assets 416,310 176,311
Total Assets 115,483,951 93,840,770
Current liabilities:    
Accounts payable 11,091,912 11,509,150
Accrued liabilities and other current liabilities 10,009,790 8,731,915
Deferred revenue 6,350,581 6,350,581
Warranty liability 881,556 861,409
Operating lease liability - current portion 1,748,349 984,407
Finance lease liability - current portion 0 528,023
Warrant liability at fair value 5,061,700 5,778,660
Convertible notes at fair value 45,244,210 10,491,792
Total current liabilities 80,388,098 45,235,937
Operating lease liability-long-term 3,703,756 4,295,743
Financing lease liability-long-term 0 21,165
Total Liabilities 84,091,854 49,552,845
Commitments and contingencies
Stockholders’ Equity:    
Common stock, par value $0.0001 per share, $36,000,000 shares authorized, 5,757,5915 shares issued and outstanding as of March 31, 2025 and 3,843,341 shares issued and outstanding as of December 31, 2024 (presented on a reverse stock split-adjusted basis) [1] 5,757 3,843
Additional paid-in capital [1] 905,389,017 897,642,626
Accumulated deficit (874,002,678) (853,358,544)
Total stockholders’ equity 31,392,097 44,287,925
Total Liabilities and Stockholders’ Equity $ 115,483,951 $ 93,840,770
[1] Periods presented have been adjusted to reflect the 2024 reverse stock split (1-for-20), which was effective June 17, 2024 and the 2025 reverse stock split (1-for-12.5) which was effective March 17, 2025. Additional information regarding the reverse stock splits may be found in Note 1 – Summary of Business and Significant Accounting Principles to this Condensed Consolidated Financial Statement in this Quarterly Report on Form 10-Q

Source

HTML PDF
ZIP