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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash $ 11,080,716 $ 13,336,975
Accounts receivable, net 1,957,005 2,226,151
Inventories 1,557,018 1,610,391
Prepaid inventory 1,182,899 1,182,899
Prepaid expenses and other current assets 2,124,817 2,033,980
Total current assets 17,902,455 20,390,396
Fixed assets, net 26,402 28,957
Intangible assets, net 8,256,453 8,971,737
API purchase commitment 3,936,454 4,178,446
Right of use assets 190,571 226,259
Total assets 30,312,335 33,795,795
Current liabilities:    
Current portion of promissory note 1,553,689 1,156,550
Accounts payable 2,137,255 1,713,253
Accrued expenses 6,326,001 5,360,077
Accrued Series A Convertible Preferred payments payable 840,353 2,047,583
Other current liabilities 362,233 493,288
Total current liabilities 11,219,531 10,770,751
Promissory note, net of current portion 6,460,225 6,857,364
Derivative Liability 1,816,000 3,550,000
Other long-term liabilities 123,021 137,657
Total liabilities 19,618,777 21,315,772
Commitments and contingencies (see note 14)
Series A convertible redeemable preferred stock (par value $0.0001 per share and $1,000 stated value), 15,000 and 15,000 shares authorized at March 31, 2024, and December 31, 2023, respectively; 5,663 and 10,022 shares issued and outstanding at March 31, 2024, and December 31, 2023, respectively; Liquidation preference of $6,387,083 and $11,271,365, as of March 31, 2024, and December 31, 2023, respectively. 906,979 408,982
Stockholders' Equity:    
Common stock (par value $0.0001 per share, 250,000,000 and 250,000,000 shares authorized at March 31, 2024, and December 31, 2023, respectively; 6,881,864 and 2,991,377 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively) 688 298
Additional paid-in capital 110,838,135 110,960,324
Accumulated deficit (101,052,244) (98,889,581)
Total Stockholders' Equity 9,786,579 12,071,041
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity $ 30,312,335 $ 33,795,795