Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (5,019,531) $ (5,167,520)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 27,560 33,174
Stock-based compensation expense 2,478,179 131,579
Amortization of debt discount 237,205 0
(Gain) loss from asset sales (1,145,141) 307,086
Debt conversion inducement expense 0 1,383,285
Accrued interest conversion expense 0 (15,952)
Foreign currency remeasurement gain 0 (45,351)
Changes in assets and liabilities:    
Prepaid expenses (446,277) 96,668
Other current assets (386,513) (258,443)
Accounts payable (60,652) (445,903)
Accounts payable - related parties 0 (20,331)
Accrued payroll liabilities (534,919) 134,767
Operating lease liability (16,780) 2,618
Other current liabilities 85,042 (132,654)
Other current liabilities - related parties 0 (95,850)
Net cash used in operating activities (4,708,123) (4,060,923)
Cash flows from investing activities:    
Proceeds from the sale of assets, net of sales costs 1,145,141 5,532,266
Purchase of property and equipment (3,181) (1,860)
Net cash provided by investing activities 1,141,960 5,530,406
Cash flows from financing activities:    
Proceeds from Warrant Exercises 85,652,617 0
Repayment of insurance premium loan payable 0 (45,307)
Net cash provided by (used in) financing activities 85,652,617 (45,307)
Net increase in cash and restricted cash 82,086,454 1,424,176
Cash and restricted cash, beginning of period 10,336,655 1,249,107
Cash and restricted cash, end of period 92,423,109 2,673,283
Reconciliation of cash and restricted cash:    
Cash 83,342,907 2,668,697
Restricted cash 9,080,202 4,586
Total cash and restricted cash shown in the condensed consolidated statements of cash flows 92,423,109 2,673,283
Cash paid during the period for:    
Interest 126,027 4,275
Income taxes 2,000 5,141
Supplemental disclosures of non-cash financing activities:    
Accrued financing charges 2,096,054 0
Common stock warrant exercises 0 282,905
Conversion of multi-draw credit agreement 0 1,565,470
Conversion of accrued interest due to related party 0 31,766
Financing of insurance premium 0 203,884
Related Party    
Changes in assets and liabilities:    
Accrued interest - related party (1,369) 0
Nonrelated Party    
Changes in assets and liabilities:    
Accrued interest - related party $ 75,073 $ 0