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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 7,642,696 $ (15,626,883)
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Depreciation and amortization 129,502 1,070,581
Noncash interest expense 1,261,495
Stock compensation expense 558,158 138,168
Change in inventory reserve (54,830) 535,755
Cash bonus taken in the form of stock compensation 283,554
Gain on impairment adjustment (2,079,575)
Gain on settlement of compensation expenses (570,785)
Loss on deconsolidation of subsidiaries 75,138
Change in fair value of derivative liabilities (65,800)
Change in fair value of EIB loan guaranty (10,873,867)
Changes in operating assets and liabilities    
Accounts receivable 78,915 91,522
Inventory 54,830 290,366
Other assets 98,233 86,516
Accounts payable (7,281) 399,197
Accrued compensation and other liabilities 337,284 (1,161,958)
Deferred revenue (25,926) 54,388
Net cash used in operating activities (4,637,508) (12,643,099)
Cash flows from investing activities    
Purchases of property and equipment (799,498)
Net cash used in investing activities (799,498)
Cash flows from financing activities    
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs 10,188,158
Proceeds from issuance of preferred stock, net of issuance costs 2,950,217
Proceeds from issuance of common stock, net of issuance costs 1,988,359
Proceeds from short-term insurance financing 300,926
Payments on short-term insurance financing (120,371)
Payments on debt (3,910,010)
Payments on finance lease obligations (280) (2,523)
Net cash provided by financing activities 5,118,851 6,275,625
Effects of exchange rates on cash 15,977
Net increase (decrease) in cash and cash equivalents and restricted cash 481,343 (7,150,995)
Cash and cash equivalents and restricted cash at beginning of period 1,454,085 7,935,659
Cash and cash equivalents and restricted cash at end of period 1,935,428 784,664
Supplemental disclosure of cash flow information    
Cash paid for interest 4,317 1,422,343
Supplemental disclosures of noncash investing and financing activities    
Right-of-use assets acquired through operating leases 801,321
Purchased equipment not yet paid for 94,784
Settlement of deferred compensation and severance 1,333,285
Issuance of common stock upon conversion of preferred stock $ 2,950,217