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 ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (12,922,347) $ (8,279,020)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 57,350 67,091
Stock-based compensation expense 4,306,653 234,450
Amortization of debt discount 487,527 0
Write-down of vendor deposits 246,000 0
Estimate for legal contingency 0 30,329
(Gain) loss from asset sales (1,145,141) 307,086
Loss from disposal of assets 10,794 0
Debt conversion inducement expense 0 1,383,285
Accrued interest conversion expense 0 (15,952)
Foreign currency remeasurement gain 0 (45,350)
Changes in assets and liabilities:    
Prepaid expenses (901,780) 714,152
Other current assets (1,833,439) (432,975)
Accounts payable (76,292) (118,487)
Accounts payable - related parties 0 (16,600)
Accrued payroll liabilities (331,808) 256,195
Operating lease liability (34,196) (45,794)
Other current liabilities 186,243 (28,995)
Other current liabilities - related parties 0 (94,078)
Net cash used in operating activities (11,801,659) (6,052,759)
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 (35,644) (1,860)
Net cash provided by investing activities 1,109,497 5,530,406
Cash flows from financing activities:    
Proceeds from the issuance of common stock and warrants, net of equity issuance costs of $6,434,447 83,556,563 0
Repayment of insurance premium loan payable 0 (168,720)
Net cash provided by (used in) financing activities 83,556,563 (168,720)
Net increase (decrease) in cash and restricted cash 72,864,401 (691,073)
Cash, cash equivalents and restricted cash, beginning of period 10,336,655 1,249,107
Cash, cash equivalents and restricted cash, end of period 83,201,056 558,034
Reconciliation of cash, cash equivalents and restricted cash:    
Cash, and cash equivalents 74,120,854 553,443
Restricted cash 9,080,202 4,591
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows 83,201,056 558,034
Supplemental disclosures of non-cash financing activities:    
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
Release of share liability to additional paid-in-capital 0 241,134
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 $ 150,146 $ 0