v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows used in operating activities:    
Net loss $ (134,906,649) $ (50,686,601)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,736,828 729,412
Accretion of debt discount 411,705 4,033,330
Loss on exchange of warrants 127,605,940 0
Amortization of debt issuance cost 664,690 52,092
Capitalized paid-in-kind (PIK) interest 900,383 0
Accretion of RCB Equities #1, LLC exit fee 97,694 27,608
Stock-based compensation 2,303,054 4,427,073
Loss on exchange of warrants 0 590,266
Change in fair value of warrant liabilities (13,559,010) (14,902,427)
Change in fair value of debentures   0
Non-cash lease expense 504,097 346,714
Interest expense assumed into Convertible Senior Secured Term Loan 0 378,118
Impairment of property and equipment 0 25,354,791
Settlement of liquidated damages with Common Stock 0 3,685,629
Loss on disposal of assets 19,202 82,604
Loss on lease termination 18,721 453,162
Gain on short-term investments 0 (40,737)
Other notes payable adjustments 115,394 0
Changes in operating assets and liabilities:    
Accounts receivable (26,103) 1,410,006
Inventories (58,683) (11,581,138)
Contract assets 0 573,895
Prepaid expenses and other assets 1,145,670 2,707,815
Accounts payable and accrued liabilities (1,696,525) 8,241,528
Contract liabilities (2,421,634) 2,767,913
Operating lease liabilities (397,375) (338,979)
Other liabilities 895,118 0
Net cash used in operating activities (24,201,567) (21,687,926)
Cash flows from (used in) investing activities:    
Capital expenditures (501,600) (11,633,153)
Proceeds from sale of assets held for sale 676,177 0
Proceeds from sale of property and equipment 5,705 38,704
Proceeds from sale of short-term investments 0 5,000,000
Net cash from (used in) investing activities 180,282 (6,594,449)
Cash flows from financing activities:    
Proceeds from notes payable 14,305,000 11,096,884
Proceeds from November 2024 Debentures 2,150,000 0
Proceeds from At the Market (ATM) offering 9,857,857 0
Payment of ATM commissions and fees (499,903) 0
Proceeds from exercise of warrants 0 338,055
Proceeds from exercise of stock options 0 421,175
Net cash from financing activities 24,496,163 11,248,614
Effect of changes in exchange rates on cash and cash equivalents (42,229) 0
Net change in cash and cash equivalents 432,649 (17,033,761)
Cash and cash equivalents, beginning of year 753,398 17,787,159
Cash and cash equivalents, end of year 1,186,047 753,398
Supplemental disclosure of cash flow information:    
Cash paid for interest 158,559 1,006,993
Cash paid for taxes 0 0
Non-cash investing and financing activities:    
Conversion of convertible debt and accrued interest expense to Common Stock 29,741,859 0
Exchange of convertible debt and accrued interest expense to preferred stock 61,429,200 0
Series A preferred stock issued in exchange for convertible debt 110,300,191 0
Exercise of warrants 4,635,257 0
Liabilities relieved through sale of assets held for sale 1,158,609 0
Transfer from assets held for sale to property and equipment 1,093,653 0
Operating leases at inception 1,185,119 2,016,931
Transfer from inventories to property and equipment 1,376,885 15,904,411
Transfer from property and equipment to assets held for sale 0 2,940,254
Capital expenditures included in accounts payable 0 849,951
Exchange of Convertible Secured Debentures to Series A Preferred Stock    
Non-cash investing and financing activities:    
Series A preferred stock issued in exchange for convertible debt 110,300,191  
Notes Payable to Banks    
Cash flows from financing activities:    
Payment of debt issuance costs on notes payable (1,316,791) (607,500)
New Convertible Debentures    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of debentures (7,989,948) 0
New Convertible Debentures | Convertible debt    
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on exchange of warrants 48,870,991  
Non-cash investing and financing activities:    
Series A preferred stock issued in exchange for convertible debt 110,300,191  
November 2024 Debentures    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of debentures 435,864 0
Convertible Senior Secured Term Loan | Convertible debt    
Non-cash investing and financing activities:    
Receivable portion of convertible senior secured note payable $ 0 $ 695,000

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