v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (16,056,245) $ 3,826,425
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 20,109 1,300,148
Loss on disposal of fixed asset 337,847
Stock-based compensation 477,126 56,472
Series H-7 preferred stock waiver 350,000
Series I financing costs 754,815
Change in fair value - derivative liability (2,840,000) (5,035,000)
Change in fair value - warrant liability 11,627,100 (9,136,900)
Amortization of right-of-use asset 149,831 150,215
Bad debt expense 189,092
Unrealized loss on digital assets 228,972
Unrealized gain on marketable securities 116,283 (26,159)
Realized gain on marketable securities (387,899) (1,014,748)
Impairment of inventory 1,709,449
Change in operating assets and liabilities:    
Accounts receivable 29,908
Inventory (1,737,510)
Prepaid expenses and other current assets 660,622 887,184
Deposits and other assets 501 22,491
Accounts payable (750,213) (1,135,637)
Accounts payable - related party
Accrued expenses and other current liabilities (234,771) (610,503)
Lease obligations - operating leases (161,868) (146,788)
Net cash used in operating activities (6,045,637) (10,334,014)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (162,833)
Proceeds from sale of marketable securities 28,281,311 56,740,826
Purchase of digital assets (1,800,000)
Purchase of marketable securities (28,801,651) (71,827,353)
Net cash used in investing activities (2,320,340) (15,249,360)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of preferred stock (Series I), net of transaction costs 6,314,297
Proceeds from exercise of Series H-7 Warrants 1,103,648
Payment of preferred stock redemption (Series H-7) (7,881,527) (5,104,889)
Net cash used in financing activities (463,582) (5,104,889)
Net change in cash, cash equivalents and restricted cash (8,829,559) (30,688,263)
Cash, cash equivalents and restricted cash, beginning of period 16,200,157 43,440,867
Cash, cash equivalents and restricted cash, end of period 7,370,598 12,752,604
Supplemental disclosure of cash and non-cash transactions:    
Fixed asset additions included in accounts payable and accrued expenses 61,639
Accrual of Series H-7 Convertible Preferred Stock dividends 1,646,758 1,393,660
Deemed dividend Series H-7 Warrants 662,551
Accretion of discounts to redemption value of Series H-7 Convertible Preferred Stock 5,457,504 6,601,588
Accretion of discounts to redemption value of Series I Convertible Preferred Stock 3,988,634
Accrued Series H-7 Convertible Preferred Stock redemption payable 11,878,064 2,166,268
Accrual of Series I Convertible Preferred Stock Dividends 53,472
Non-cash redemption of Series H-7 Convertible Preferred Stock 4,153,935 1,779,154
Reclassification of warrant liability to equity (Series H-7) 13,891,000
Reclassification of warrant liability to equity (Series I) 4,080,034
Accrued waiver fee related to Series H-7 Convertible Preferred Stock 350,000
Prepaid insurance financed through accrued expenses 110,208 286,955
Supplemental disclosure of restricted cash:    
Cash and cash equivalents 7,260,657 2,729,904
Restricted cash 109,941 10,022,700
Total cash, cash equivalents and restricted cash $ 7,370,598 $ 12,752,604

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