XML 19 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities      
Net loss $ (16,368,000) $ (343,967,700) $ (22,978,400)
Adjustments to reconcile net loss to net cash used in operating activities:      
Non-cash interest expense on debt   2,659,800 22,630,600
Change in fair value of derivative liability   225,916,000 (7,271,100)
Depreciation 3,700 9,300 33,300
Loss on extinguishment of debt 0 542,300 0
Stock based compensation 0 84,588,000 0
Non-cash charge for operating lease   (7,900) 3,200
Prepaid expenses and other current assets   (5,269,100) 6,000
Accounts Receivable   63,400 94,500
Unearned Revenue   (1,488,500) 0
Accounts payable   6,200,100 111,000
Net cash used in operating activities   (30,754,300) (7,370,900)
Cash flows used in investing activities      
Purchases of property and equipment   (2,141,900) (2,200)
Net cash used in investing activities   (2,141,900) (2,200)
Cash flows provided by financing activities      
Proceeds from convertible promissory notes   47,455,000 0
Proceeds from merger   233,017,500 0
Proceeds from warrant conversion   93,805,400 0
Net cash provided by financing activities   374,277,900 0
Net change in cash and cash equivalents   341,381,700 (7,373,100)
Cash and cash equivalents, beginning of period   2,572,700 9,808,400
Cash and cash equivalents, end of period 343,954,400 343,954,400 2,435,300
Supplemental disclosure of cash flow information      
Cash paid for interest   0 0
Cash paid for taxes   1,897,700 0
Non cash investing and financing activities      
Shares issued for conversion of convertible notes $ 50,000,000 350,426,000 0
Operating lease assets obtained in exchange for operating lease obligations   $ 542,300 $ 0