Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (9,266,081) $ (7,567,187)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 624,791 480,376
Accretion of debt discount 9,976 9,895
Amortization of debt issuance cost 111,840 173,447
Capitalized paid-in-kind (PIK) interest 179,939 166,882
Accretion of exit fee 12,600 24,152
Stock-based compensation 225,552 312,679
Change in fair value of warrant liabilities (3,019) (50,888)
Loss on extinguishment of debt 929,508 0
Change in fair value of derivative 515,827 0
Non-cash lease expense 91,865 95,247
Changes in operating assets and liabilities:    
Accounts receivable 378,683 (115,200)
Other assets (424,008) (281,542)
Accounts payable and accrued liabilities (1,478,833) (517,629)
Operating lease liabilities (103,249) (103,552)
Net cash used in operating activities (7,005,769) (6,649,394)
Cash flows from investing activities:    
Capital expenditures 0 (47,989)
Acquisition of business, net of cash acquired 0 (3,871,992)
Net cash used in investing activities 0 (3,919,981)
Cash flows from financing activities:    
Proceeds from At the Market (ATM) offering, net 2,343,144 19,438,121
Proceeds from November 2024 Debentures 2,960,000 0
Repayment on AmeriState Loan (26,301) 0
Net cash provided by financing activities 5,276,843 19,438,121
Net change in cash and cash equivalents (1,728,926) 8,868,746
Cash, cash equivalents and restricted cash, beginning of period 7,616,952 1,238,198
Cash, cash equivalents and restricted cash, end of period 5,888,026 10,106,944
Supplemental disclosure of cash flow information:    
Cash paid for interest 53,396 0
Non-cash investing and financing activities:    
Conversion of Term Loan notes and interest to Common Stock 0 2,870,573
Preferred stock dividend 191,250 0
Earnout shares for acquisition 0 6,864,729
Debt assumed in acquisition 0 2,383,382
Accrued purchase price 0 3,549,196
Conversion of Series A Preferred Stock to Common Stock    
Non-cash investing and financing activities:    
Conversion of convertible secured debentures   0
Conversion of Series A Preferred Stock to Common Stock | Series C Preferred Stock    
Non-cash investing and financing activities:    
Conversion of convertible secured debentures 3,659,502 0
Conversion of Series B Preferred Stock to Common Stock    
Non-cash investing and financing activities:    
Conversion of convertible secured debentures 0  
Conversion of preferred to common stock 15 0
Conversion of Series C Preferred Stock to Common Stock    
Non-cash investing and financing activities:    
Conversion of convertible secured debentures 0  
Conversion of preferred to common stock 7 0
November 2024 Debentures    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of November 2024 Debentures 1,188,840 723,926
Non-cash investing and financing activities:    
Conversion of Term Loan notes and interest to Common Stock $ 283,790 $ 0