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

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Cash flows used in operating activities:    
Net loss $ (40,828,402) $ (134,906,649)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,344,826 1,736,828
Accretion of debt discount 40,253 411,705
Amortization of debt issuance cost 886,504 664,690
Capitalized paid-in-kind (PIK) interest 696,345 900,383
Accretion of exit fee (9,663)  
Accretion of exit fee   97,694
Stock-based compensation 1,296,555 2,303,054
Change in fair value of warrant liabilities (170,632) (13,559,010)
Loss on extinguishment of debt 6,371,971 127,605,940
Induced conversion expense 3,941,929 0
Non-cash lease expense 535,738 504,097
Loss on disposal of assets 25,788 19,202
Loss on lease termination 2,639 18,721
Inventory write-off 500,332 0
Other notes payable adjustments 0 115,394
Changes in operating assets and liabilities:    
Accounts receivable (1,798) (26,103)
Inventories 41,146 (58,683)
Other assets 830,664 995,999
Accounts payable and accrued liabilities 54,009 (1,696,525)
Contract liabilities (346,279) (2,421,634)
Operating lease liabilities (569,139) (397,375)
Other liabilities (895,118) 895,118
Net cash used in operating activities (23,004,484) (24,351,238)
Cash flows from (used in) investing activities:    
Capital expenditures (961,814) (501,600)
Acquisition of business, net of cash acquired (4,371,992) 0
Proceeds from sale of assets held for sale 0 676,177
Proceeds from sale of property and equipment 150 5,705
Net cash from (used in) investing activities (5,333,656) 180,282
Cash flows from financing activities:    
Proceeds from notes payable 0 14,305,000
Payment of debt issuance costs on notes payable 0 (1,316,791)
Proceeds from November 2024 Debentures 0 2,150,000
Proceeds from At the Market (ATM) offering, net 31,948,650 9,357,954
Issuance of Series B Preferred Stock 2,855,000 0
Repayment on Ameristate Loan (86,755) 0
Net cash from financing activities 34,716,895 24,496,163
Effect of changes in exchange rates on cash and cash equivalents 0 (42,229)
Net change in cash, cash equivalents and restricted cash 6,378,755 282,978
Cash, cash equivalents and restricted cash, beginning of year 1,238,198 955,220
Cash, cash equivalents and restricted cash, end of year 7,616,953 1,238,198
Supplemental disclosure of cash flow information:    
Cash paid for interest 163,571 158,559
Cash paid for taxes 0 0
Non-cash investing and financing activities:    
Conversion of Term Loan notes and interest to common stock 6,644,531 0
Conversion of convertible debt to Common Stock 4,668,008 29,741,859
Issuance of Series B preferred stock 2,855,000 0
Transfer from inventories to property and equipment 414,416 1,376,885
Earnout shares for acquisition 6,864,729 0
Debt assumed in acquisition 2,383,382 0
Accrued purchase price 3,287,881 0
Preferred stock dividend 1,006,000 0
Deemed dividend 27,987,356 0
Exchange of convertible debt and accrued interest expense to preferred stock 0 61,429,200
Exercise of warrants 0 4,635,257
Liabilities relieved through sale of assets held for sale 0 1,158,609
Transfer from assets held for sale to property and equipment 0 1,093,653
Operating leases at inception 0 1,185,119
Conversion of Series A Preferred Stock to Common Stock    
Non-cash investing and financing activities:    
Preferred stock issued in exchange for convertible debt 0 0
Conversion of Series A Preferred Stock to Common Stock | Series A Preferred Stock    
Non-cash investing and financing activities:    
Preferred stock issued in exchange for convertible debt 0 110,300,191
Conversion of Series A Preferred Stock to Common Stock | Series C Preferred Stock    
Non-cash investing and financing activities:    
Preferred stock issued in exchange for convertible debt 10,480,581 0
New Convertible Secured Debentures    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of debentures 0 (7,989,948)
November 2024 Debentures    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of debentures $ 2,247,848 $ 435,864