For the Nine Months Ended September 30,

2025

2024

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(11,759,946

)

$

(5,923,648

)

Adjustments to reconcile net loss to net cash used in operations:

Depreciation

596,091

114,346

Stock-based compensation

1,519,083

552,580

Accretion of discount on short-term investments

(24,708

)

—

Credit losses

155,422

5,257

Inventory reserves

32,558

—

Amortization of deferred offering costs

91,051

—

Amortization of right-of-use assets

714,379

196,592

Other non-cash charges

49,924

84,180

Changes in operating assets and liabilities:

Accounts receivable

(1,111,217

)

(1,116,352

)

Inventories

(1,018,876

)

(1,573,193

)

Prepaid expenses and other current assets

(956,856

)

(614,951

)

Other assets

6,514

(16,640

)

Accounts payable and accrued expenses

(1,899,337

)

1,895,795

Income taxes payable

(7,429

)

202,137

Operating lease liabilities

190,756

(366,675

)

Deferred revenue

51,636

23,460

Net cash used in operating activities

(13,370,955

)

(6,655,632

)

CASH USED IN INVESTING ACTIVITIES

(2,463,748

)

1,613,180

CASH PROVIDED BY FINANCING ACTIVITIES

3,913,494

5,162,409

Effect of foreign exchange rate changes on cash

102,394

6,412

'Net (decrease) increase in cash and cash equivalents and restricted cash

(11,818,815

)

126,369

Cash, cash equivalents and restricted cash, beginning of period

24,747,373

6,871,306

Cash, cash equivalents and restricted cash, end of period

$

12,928,558

$

6,997,675