XML 17 R6.htm IDEA: XBRL DOCUMENT v3.25.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 11,992,780 $ (32,668,530)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 174,773 1,318,597
Noncash interest expense 1,741,422
Change in inventory reserve (54,830) 797,840
Stock compensation expense 602,433 235,974
Loss on sale of equipment 10,288
Cash bonus taken in the form of stock compensation 283,554
Loss on deconsolidation of subsidiaries 75,138 12,979,061
Change in fair value of derivative financial instruments (64,259)
Change in fair value of EIB loan guaranty (10,873,867)
Gain on impairment adjustment (2,079,575)
Gain on settlement of compensation expense (570,785)
Impairment of right-of-use asset (0) 849,243
Impairment of property and equipment 1,231,874
Changes in operating assets and liabilities:    
Accounts receivable 74,058 39,115
Inventory 54,830 748,445
Other assets (4,657,565) (259,173)
Accounts payable 134,047 (24,158)
Accrued compensation and other liabilities 284,745 (1,612,944)
Deferred revenue (25,926) 74,109
Net cash used in operating activities (4,869,744) (14,319,542)
Cash flows from investing activities:    
Purchases of property and equipment (800,412)
Net cash used in investing activities (800,412)
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of issuance costs 12,041,168
Proceeds from issuance of common stock, net of issuance costs 1,988,359
Proceeds from issuance of preferred stock, net of issuance costs 2,950,217 250,000
Proceeds from short-term insurance financing 300,926
Payments on short-term insurance financing (210,648)
Payments on debt (3,914,490)
Payments on finance lease obligations (280) (3,364)
Net cash provided by financing activities 5,028,574 8,373,314
Effects of exchange rates on cash 265,066
Net increase (decrease) in cash, cash equivalents and restricted cash 158,830 (6,481,574)
Cash and cash equivalents and restricted cash at beginning of year 1,454,085 7,935,659
Cash and cash equivalents and restricted cash at end of year 1,612,915 1,454,085
Supplemental disclosure of cash flow information    
Cash paid for interest 7,555 1,424,140
Supplemental disclosures of non-cash investing and financing activities    
Settlement of deferred compensation and severance 1,333,285
Issuance of common stock upon conversion of preferred stock 2,950,217
Right-of-use assets acquired through operating leases 801,321
Purchased equipment not yet paid for $ 108,715