v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 2,729,904 $ 33,440,867
Restricted cash 10,022,700 10,000,000
Marketable securities 16,127,434
Accounts receivable, net of allowance for credit losses of $0 and $53,696 at September 30, 2024, and December 31, 2023, respectively 219,000
Inventory 3,209,892 3,431,982
Prepaid expenses and other current assets 1,287,553 1,887,782
Total current assets 33,377,483 48,979,631
Property and equipment, net 1,973,465 3,117,164
Operating lease – right-of-use asset 521,236 671,451
Deposits and other assets 53,368 95,532
Total assets 35,925,552 52,863,778
Current liabilities:    
Accounts payable 1,382,260 2,456,258
Accrued expenses and other current liabilities 1,332,991 1,656,541
Accrued preferred stock redemption payable (H-7) 2,166,268
Current portion lease obligation – operating lease 211,766 196,682
Total current liabilities 5,093,285 4,309,481
Derivative liability 4,365,000 9,400,000
Warranty liability 4,182,900 13,319,800
Lease obligation - operating lease, net of current portion 340,959 502,831
Total liabilities 13,982,144 27,532,112
Mezzanine equity:    
Redeemable Series H-7 Convertible Preferred Stock, ($0.0001 par value per share and $1,000 face value per share; authorized - 22,000 shares; issued and outstanding – 14,500 and 22,000 shares, at September 30, 2024, and December 31, 2023, respectively). Liquidation preference of $16,857,966, as of September 30, 2024 10,485,122 11,193,939
Stockholders’ equity:    
Preferred Stock, value
Common Stock, ($0.0001 par value; authorized – 200,000,000 shares; issued and outstanding – 7,004,952 and 4,913,907 shares as of September 30, 2024, and December 31, 2023, respectively) 700 492
Additional paid-in capital 122,961,200 129,467,274
Accumulated deficit (111,503,614) (115,330,039)
Total stockholders’ equity 11,458,286 14,137,727
Total liabilities, mezzanine equity and stockholders’ equity 35,925,552 52,863,778
Convertible Preferred Stock Series H [Member]    
Stockholders’ equity:    
Preferred Stock, value
Convertible Preferred Stock Series H-3 [Member]    
Stockholders’ equity:    
Preferred Stock, value

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