v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) $ (14,143,018) $ 6,914,620 $ (13,298,007) $ 3,275,868
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization     6,703 895,627
Stock-based compensation 69,480   69,480 56,393
Series H-7 preferred stock waiver     350,000
Change in fair value - derivative liability (1,130,000) (2,618,000) (2,661,000) (2,627,000)
Change in fair value - warrant liability 13,254,700 (7,937,500) 12,174,100 (9,010,300)
Amortization of right-of-use asset     98,478 102,105
Bad debt expense     76,819
Unrealized loss on marketable securities 7,457 (301,921) 79,164 (266,902)
Realized gain on marketable securities (94,492) (74,998) (305,554) (452,121)
Impairment of inventory     1,622,609
Change in operating assets and liabilities:        
Accounts receivable     12,879
Inventory     (1,704,756)
Prepaid expenses and other current assets     785,631 587,476
Deposits and other assets     7,203 12,967
Accounts payable     (828,324) 1,115,255
Accrued expenses and other current liabilities     (472,719) (434,295)
Lease obligations - operating leases     (106,115) (96,690)
Net cash used in operating activities     (4,100,960) (6,834,066)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Proceeds from sale of marketable securities     24,282,063 35,838,686
Purchase of marketable securities     (23,257,290) (57,991,814)
Net provided by (cash used in) investing activities     1,024,773 (22,153,128)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Payment of preferred stock redemption (Series H-7)     (7,881,527) (362,573)
Net cash used in financing activities     (7,881,527) (362,573)
Net change in cash, cash equivalents and restricted cash     (10,957,714) (29,349,767)
Cash, cash equivalents and restricted cash, beginning of period     16,200,157 43,440,867
Cash, cash equivalents and restricted cash, end of period 5,242,443 14,091,100 5,242,443 14,091,100
Supplemental disclosure of cash and non-cash transactions:        
Fixed asset additions included in accounts payable and accrued expenses     70,597
Accrual of Series H-7 convertible preferred stock dividends     1,041,643 918,181
Deemed dividend Series H-7 warrants     662,551
Accretion of discounts to redemption value of H-7 convertible preferred stock     3,248,901 5,094,609
Accrued Series H-7 preferred stock redemption payable     11,878,064 1,329,047
Non-cash redemption of Series H-7 preferred stock     394,614 1,454,904
Accrued waiver fee related to Series H-7 preferred stock     350,000
Prepaid insurance financed through accrued expenses     110,208 286,955
Supplemental disclosure of restricted cash:        
Cash and cash equivalents 5,132,867 14,091,100 5,132,867 14,091,100
Restricted cash 109,576 109,576
Total cash, cash equivalents and restricted cash $ 5,242,443 $ 14,091,100 $ 5,242,443 $ 14,091,100

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