v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (55,924,814) $ (26,567,123)
Adjustments to reconcile net loss to net cash, cash equivalents used in operating activities:    
Write-down of vendor deposits 0 325,610
Depreciation and amortization 723,352 298,640
Net loss on disposal of asset 0 10,794
Stock-based compensation expense 7,767,694 8,317,480
Amortization of debt discount 0 599,006
Change in estimate for legal contingencies 0 (4,234,717)
Gain from asset sale (360,750) (1,358,412)
Changes in assets and liabilities:    
Prepaid expenses (302,928) (7,703)
Other current assets 1,357,508 (1,415,225)
Other assets 0 (45,601)
Accounts payable 1,395,428 (586,533)
Accrued payroll liabilities 155,219 225,874
Other current liabilities 2,308,706 (344,351)
Operating lease liability (181,944) (94,442)
Net cash, cash equivalents used in operating activities (43,062,529) (25,237,480)
Cash flows from investing activities:    
Proceeds from asset sales, net of legal expenses 360,750 1,358,412
Purchase of short-term investment (19,854,723) 0
Purchases of property and equipment (6,312) (1,604,027)
Net cash, and cash equivalents used in investing activities (19,500,285) (245,615)
Cash flows from financing activities:    
Purchase under employee stock purchase plan 29,571 0
Proceeds from option exercises 0 5,618
Net cash, and cash equivalents provided by financing activities 29,571 83,562,181
Net increase in cash and cash equivalents (62,533,243) 58,079,086
Cash, cash equivalents, beginning of year 68,415,741 10,336,655
Cash, cash equivalents, end of year 5,882,498 68,415,741
Cash paid during the year for:    
Interest 0 433,336
Income taxes 5,400 5,200
Supplemental disclosures of non-cash financing activities:    
Right of use asset obtained in exchange for operating lease liabilities 0 306,764
Conversion of convertible note - related party 0 4,971,004
Related Party    
Changes in assets and liabilities:    
Accrued interest – related party 0 (126,027)
Nonrelated Party    
Changes in assets and liabilities:    
Accrued interest – related party 0 (234,750)
Common Stock Warrants    
Cash flows from financing activities:    
Proceeds from warrant exercises $ 0 $ 83,556,563

Source

10-K XBRL Zip