v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 845,011 $ (3,638,752)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,703 340,232
Stock-based compensation 60,712
Change in fair value - derivative liability (1,531,000) (9,000)
Change in fair value - warrant liability (1,080,600) (1,072,800)
Amortization of right-of-use asset 48,552 47,638
Bad debt expense 68,297
Unrealized loss on marketable securities 71,707 35,019
Realized gain on marketable securities (211,062) (377,123)
Impairment of inventory 766,248
Change in operating assets and liabilities:    
Accounts receivable 12,879
Inventory (1,010,767)
Prepaid expenses and other current assets 645,525 477,592
Deposits and other assets 6,267
Accounts payable (205,506) (137,183)
Accrued expenses and other current liabilities (13,692) (204,153)
Lease obligations - operating leases (51,788) (47,150)
Net cash used in operating activities (1,476,150) (4,682,044)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of marketable securities 18,100,000 5,750,000
Purchase of marketable securities (16,350,538) (29,048,533)
Net cash provided by (used in) investing activities 1,749,462 (23,298,533)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of preferred stock redemption (Series H-7) (3,545,971)
Net cash used in financing activities (3,545,971)
Net change in cash, cash equivalents and restricted cash (3,272,659) (27,980,577)
Cash, cash equivalents and restricted cash, beginning of period 16,200,157 43,440,867
Cash, cash equivalents and restricted cash, end of period 12,927,498 15,460,290
Supplemental disclosure of cash and non-cash transactions:    
Fixed asset additions included in accounts payable and accrued expenses 57,086
Accrual of Series H-7 convertible preferred stock dividends 494,818 452,086
Deemed dividend Series H-7 warrants 338,915
Accretion of discounts to redemption value of H-7 convertible preferred stock 1,686,854 3,095,473
Accrued Series H-7 preferred stock redemption payable 6,404,587
Supplemental disclosure of restricted cash:    
Cash and cash equivalents 12,818,283 5,460,290
Restricted cash 109,215 10,000,000
Total cash, cash equivalents and restricted cash $ 12,927,498 $ 15,460,290

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