Balance Sheet

v3.25.4

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 13,196,033	$ 23,288,607
Prepaid expenses and other current assets	842,432	961,665
Total current assets	14,038,465	24,250,272
Property, plant & equipment, net	549,405	757,121
Operating lease right-of-use asset	360,671	436,874
Other long-term assets	29,780	29,780
TOTAL ASSETS	14,978,321	25,474,047
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	4,423,548	7,585,340
Warrant liability	226,000	1,718,000
Lease liability, current	100,189	84,417
Total current liabilities	4,749,737	9,387,757
Lease liability, net of current portion	309,397	409,586
TOTAL LIABILITIES	5,059,134	9,797,343
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY:
Common stock, $0.00001 par value; 170,000,000 shares authorized; 4,240,129 and 1,535,996 shares issued and outstanding as of December 31, 2025 and 2024, respectively	42	15
Additional paid-in capital	277,149,844	261,116,351
Accumulated deficit	(269,133,500)	(247,342,463)
Total stockholders' equity	8,537,164	14,294,681
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	14,978,321	25,474,047
Series D Convertible Preferred Stock
MEZZANINE EQUITY:
Series D convertible preferred stock, 111.11 shares authorized; 111.11 shares issued and outstanding as of December 31, 2025 and 2024	1,382,023	1,382,023
Series E-2 Preferred Stock
STOCKHOLDERS' EQUITY:
Series E-2 preferred stock, 1,225.00 shares authorized; 35.60 and 35.60 shares issued and outstanding as of December 31, 2025 and 2024, respectively	$ 520,778	$ 520,778

- Definition

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

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