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Condensed Consolidated Statement of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net loss $ (18,602,436) $ (5,936,114)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 605,299 476,294
Depreciation and amortization of intangible assets 479,848 70,638
Amortization of right of use assets (5,675) 112,331
Amortization of debt discount 22,479 2,044,241
Change in fair value of forward purchase agreement 10,592,442 0
Change in fair value of earnout liability 38,093 0
Change in fair value of derivative liabilities (826,980) (1,259,287)
Non-cash interest expense 250,000 0
Loss on extinguishment of debt 0 1,064,692
Interest recognized upon default 0 555,556
Changes in current assets and liabilities:    
Accounts receivable 3,891,200 0
Prepaid expenses (1,039,646) (11,888)
Inventories 1,606,890 0
Other current assets 28,184 (18,175)
Accounts payable (1,464,049) 957,688
Accrued expenses and other liabilities (2,111,480) 729,592
Lease liability (75,219) (94,045)
Accrued interest - related and third-party 1,831,014 178,938
Income tax payable (423,754)  
Net cash used in operating activities (5,203,790) (1,129,539)
Cash flows from investing activities    
Purchase of property and equipment (30,470) (3,579)
Cash acquired in AxBio Acquisition 662,997  
Net cash provided by (used in) investing activities 632,527 (3,579)
Cash Flows from Financing Activities:    
Gross proceeds from Business Combination 31,050,882 0
Transaction costs paid in connection with the Business Combination (248,174) 0
Cash transferred in connection with Forward Purchase Agreement (17,535,632) 0
Proceeds from common stock option exercises 41,064 0
Proceeds from issuance of loans and related warrants 2,197,140 0
Payment of loans (443,791) 0
Payment of convertible notes (2,649,873) 0
Proceeds from convertible notes 0 2,745,974
Issuance of Series C-1 preferred stock 0 226,817
Repurchase of common stock 0 (2,294)
Payment of debt financing fee 0 (382,222)
Payment of offering costs 0 (1,561,285)
Proceeds from warrant exercise 0 104,641
Net cash provided by financing activities 12,411,616 1,131,631
Net increase (decrease) in cash 7,840,353 (1,487)
Cash - beginning of the period 128,149 12,362
Cash - end of the period 7,968,502 10,875
Supplemental cash flow information:    
Interest paid 11,367 92,593
Income tax paid 423,754 0
Non-cash financing activity:    
Net assets acquired in AxBio Acquisition 42,472,084 0
Earnout liability and deferred consideration payable in connection with AxBio Acquisition 21,482,292 0
Issuance of Series A preferred stock and common stock in connection with AxBio Acquisition 21,652,789 0
Accrued Series A preferred stock dividends 164,510 230,943
Accrued Series C-1 preferred stock dividends 40,551 304
Accrued Series C-2 preferred stock dividends 470,962 16,906
Debt discount recorded in connection with loans payable 55,062 0
Unpaid transaction costs incurred in connection with the business combination 1,186,219 0
Unpaid liabilities assumed in connection with Business Combination 6,179,562 0
Conversion of common stock and preferred stock in connection with the Business Combination 32,093,004 0
Conversion of convertible notes and accrued notes to Series C-2 preferred stock 0 15,665,172
Warrants issued in connection with convertible notes 0 409,483
Warrants issued in connection with Series C-1 preferred stock 0 92,055
Initial recognition of derivative liabilities $ 0 $ 1,321,860