v3.25.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 4,119,938 $ 25,845,915
Restricted cash 525,000 10,000,000
Accounts receivable, less allowance for credit losses of $309,313 and $190,724 at December 31, 2024 and 2023, respectively 537,536 2,326,774
Other receivable, net 544,436 2,143,435
Inventory, net 41,839,020 45,408,192
Prepaid expenses and other current assets, net 5,865,890 8,101,162
Total current assets 53,431,820 93,825,478
Property, plant and equipment, net 32,976,581 37,876,955
Operating lease right-of-use assets 3,247,548 4,174,800
Financing lease right-of-use assets 4,008,510 5,621,181
Other assets 176,310 176,310
Total Assets 93,840,769 141,674,724
Current liabilities:    
Accounts payable 11,509,150 12,456,272
Accrued liabilities and other 8,731,915 4,862,740
Deferred revenue, current portion 6,350,581 4,714,331
Warranty liability 861,409 1,902,647
Operating lease liability - current portion 984,407 1,012,428
Finance lease liability - current portion 528,023 2,548,184
Warrant liability 5,778,660 5,605,325
Current portion of convertible notes 10,491,792 20,180,100
Total current liabilities 45,235,937 53,282,027
Operating lease liability-long-term 4,295,743 5,280,526
Financing lease liability-long-term 21,165 0
Total Liabilities 49,552,845 58,562,553
Commitments and contingencies
Stockholders’ Equity    
Common stock, par value of $0.001 per share, 36,000,000 shares authorized 3,843,336 and 1,143,924 shares issued and outstanding at December 31, 2024 and 2023, respectively [1] 3,843 1,143
Additional paid-in capital [1] 897,642,626 834,679,279
Accumulated deficit [1] (853,358,544) (751,568,251)
Total stockholders' equity [1] 44,287,925 83,112,171
Total Liabilities and Stockholders' Equity $ 93,840,770 $ 141,674,724
[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 split may be found in Note 1 – Summary of Business and Significant Accounting Principles.

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