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 ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (20,382,052) $ (15,021,363)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,327,210 1,054,939
Accretion of debt discount 24,329 19,920
Amortization of debt issuance cost 244,023 350,303
Capitalized paid-in-kind (PIK) interest 365,288 338,782
Accretion of exit fee, net of amount settled on conversion (59,824) 48,624
Stock-based compensation 541,413 570,015
Change in fair value of warrant liabilities (9,344) (42,131)
Change in fair value of November 2024 Debentures 1,094,112 536,060
Loss on extinguishment of debt 5,559,330 0
Change in fair value of derivative 251,000 0
Non-cash lease expense 185,822 205,688
Loss on disposal of assets 8,057 0
Change in operating assets and liabilities    
Accounts receivable (462,388) (1,906,246)
Inventories 0 42,553
Other assets (8,647) 2,207
Accounts payable, accrued and other liabilities (2,593,881) 20,083
Contract liabilities 0 (2,786)
Operating lease liabilities (209,777) (222,228)
Net cash used in operating activities (14,125,329) (14,005,580)
Cash flows from investing activities:    
Capital expenditures (14,287) (47,239)
Acquisition of business, net of cash acquired 0 (3,871,992)
Proceeds from sale of property and equipment 4,515 (500)
Net cash used in investing activities (9,772) (3,919,731)
Cash flows from financing activities:    
Proceeds from At the Market (ATM) offering, net 4,063,929 19,438,121
Proceeds from November 2024 Debentures 4,485,000 0
Repayment on AmeriState Loan (53,731) (34,581)
Net cash provided by financing activities 8,495,198 19,403,540
Net change in cash and cash equivalents (5,639,903) 1,478,229
Cash, cash equivalents and restricted cash, beginning of period 7,616,952 1,238,198
Cash, cash equivalents and restricted cash, end of period 1,977,049 2,716,427
Supplemental disclosure of cash flow information:    
Cash paid for interest 104,140 31,140
Series C Preferred Stock issued in exchange for November 2024 Debentures and Convertible Senior Secured Term Loan Notes 8,320,000  
Preferred stock dividend 405,548 0
ELOC Commitment Fee settlement in Common Stock 100,000 0
Earnout shares for acquisition 0 6,864,729
Debt assumed in acquisition 0 2,437,743
Accrued purchase price 0 3,537,963
Fair value of conversion of Term Loan notes and interest to Common Stock    
Supplemental disclosure of cash flow information:    
Conversion Of Convertible Debt To Common Stock 1,608,141 2,870,573
Series C Preferred Stock issued in exchange for November 2024 Debentures | Series C Preferred Stock    
Supplemental disclosure of cash flow information:    
Series C Preferred Stock issued in exchange for November 2024 Debentures and Convertible Senior Secured Term Loan Notes 3,659,502 0
Series C Preferred Stock issued in exchange for Convertible Senior Secured Term Loan Notes | Series C Preferred Stock    
Supplemental disclosure of cash flow information:    
Series C Preferred Stock issued in exchange for November 2024 Debentures and Convertible Senior Secured Term Loan Notes 8,320,000 0
Conversion of November 2024 Debentures to Common Stock    
Supplemental disclosure of cash flow information:    
Conversion Of Convertible Debt To Common Stock 283,790 0
Conversion of Series B Preferred Stock to Common Stock    
Supplemental disclosure of cash flow information:    
Series C Preferred Stock issued in exchange for November 2024 Debentures and Convertible Senior Secured Term Loan Notes 0  
Conversion of preferred to common stock 21 0
Conversion of Series C Preferred Stock to Common Stock    
Supplemental disclosure of cash flow information:    
Series C Preferred Stock issued in exchange for November 2024 Debentures and Convertible Senior Secured Term Loan Notes 0  
Conversion of preferred to common stock $ 103 $ 0