v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (26,567,123) $ (37,644,784)
Adjustments to reconcile net loss to net cash, cash equivalents and restricted cash used in operating activities:    
Write-down of vendor deposits 325,610 0
Depreciation and amortization 298,640 124,251
Net loss (gain) on disposal of asset 10,794 (4,080)
Stock-based compensation expense 8,317,480 987,510
Change in fair value of derivative liability 0 (3)
Amortization of debt discount 599,006 329,890
Change in estimate for legal contingencies (4,234,717) (151,842)
(Gain) loss from asset sale (1,358,412) 307,086
Debt conversion inducement expense 0 1,383,285
Accrued interest conversion expense 0 15,952
Cost to acquire IPR&D asset 0 21,215,214
Foreign currency remeasurement gain 0 45,350
Changes in assets and liabilities:    
Prepaid expenses (7,703) 795,232
Other assets (45,601) 0
Other current assets (1,415,225) (488,790)
Accounts payable (586,533) (576,384)
Accounts payable – related parties 0 (124,901)
Accrued payroll liabilities 225,874 230,647
Other current liabilities (344,351) (493,472)
Other current liabilities - related parties 0 (95,850)
Operating lease liability (94,442) (76,566)
Net cash, cash equivalents and restricted cash used in operating activities (25,237,480) (13,952,178)
Cash flows from investing activities:    
Proceeds from asset sales, net of legal expenses 1,358,412 5,532,266
Purchases of property and equipment (1,604,027) (12,550)
Cash acquired in asset acquisition 0 1,076,740
Net cash cash equivalents and restricted cash (used in) provided by investing activities (245,615) 6,596,456
Cash flows from financing activities:    
Proceeds from convertible note - related party 0 4,973,684
Financing costs allocated to warrants issued with convertible debt 0 (6,026)
Proceeds from options exercises 5,618 0
Repayment of loan payable 0 (259,335)
Net cash, and cash equivalents and restricted cash provided by financing activities 83,562,181 16,443,270
Net increase in cash and cash equivalent and restricted cash 58,079,086 9,087,548
Cash, cash equivalents and restricted cash, beginning of year 10,336,655 1,249,107
Cash, cash equivalents and restricted cash, end of year 68,415,741 10,336,655
Reconciliation of cash and cash equivalent and restricted cash:    
Cash and cash equivalent 68,415,741 1,256,453
Restricted cash 0 9,080,202
Total cash and cash equivalent and restricted cash shown in the consolidated statements of cash flows 68,415,741 10,336,655
Cash paid during the year for:    
Interest 433,336 198,352
Income taxes 5,200 3,600
Supplemental disclosures of non-cash financing activities:    
Financing of insurance premium 0 203,884
Common stock warrant exercises 0 282,906
Conversion of multi-draw credit agreement 0 1,565,470
Conversion of accrued interest due to related party 0 31,766
Right of use asset obtained in exchange for operating lease liabilities 306,764 241,134
Stock issued for assets 0 20,532,846
Conversion of convertible note - related party 4,971,004 0
Related Party    
Changes in assets and liabilities:    
Accrued interest – related party (126,027) 126,027
Nonrelated Party    
Changes in assets and liabilities:    
Accrued interest – related party (234,750) 234,750
Common Stock Warrants    
Cash flows from financing activities:    
Proceeds from warrant exercises $ 83,556,563 $ 11,734,947

Source

10-K XBRL Zip