Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.4
Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 6,449,782 $ 1,105,291
Accounts and other receivables, net 541,962 1,139,204
Inventory 53,548 27,608
Prepaid expenses and other current assets 519,916 422,995
Total current assets 7,565,208 2,695,098
Non-current assets:    
Property and equipment, net 265,593 375,385
Operating lease right-of-use asset, net 334,289 463,011
Finance lease right-of-use asset, net 661,575 780,872
Goodwill 1,404,486 1,404,486
Intangible assets, net 716,806 775,139
Other assets 12,815 19,676
Total assets 10,960,772 6,513,667
Current liabilities:    
Accounts payable 761,901 987,311
Accrued expenses 1,717,989 1,398,722
Unearned revenue 42,405 24,404
Operating lease liability, current portion 139,220 127,498
Finance lease liability, current portion 139,490 395,301
Notes payable, current portion 105,161 171,669
Total current liabilities 2,906,166 3,104,905
Non-current liabilities    
Operating lease liability, net of current portion 202,878 342,098
Finance lease liability, net of current portion 532,759 444,448
Notes payable, net of current portion 41,313 20,180
Total liabilities 3,683,116 3,911,631
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Preferred stock, $0.001 per share; 20,000,000 shares authorized; 700 and 0 shares issued and outstanding at December 31, 2025 and 2024, respectively 1
Common Stock, par value $0.007 per share; 350,000,000 shares authorized; 4,498,675 and 519,158 issued and outstanding at December 31, 2025 and 2024, respectively() [1] 31,461 3,553
Additional paid-in capital(1) 75,800,258 56,242,793
Accumulated deficit (68,554,064) (53,644,310)
Total stockholders’ equity 7,277,656 2,602,036
Total liabilities and stockholders’ equity $ 10,960,772 $ 6,513,667
[1] The values of Common Stock and paid-in capital, as well as the number of shares issued and outstanding, have been retroactively adjusted in order to give effect to the Company’s 1-for-30 reverse stock split.