v3.25.1
Consolidated Statement of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,755,479) $ (34,160,455)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,709,985 1,093,039
Loss on disposal of fixed asset 359,965
Loss on impairment of long-lived assets 1,659,835
Stock-based compensation 713,749 918,058
Shares issuance for services 126,000
Change in fair value - derivative liability (6,739,000) 4,253,000
Change in fair value - warrant liability (10,956,900) 3,350,320
Amortization of right-of-use asset 197,457 147,950
Bad debt expense 189,092 344,492
Unrealized gain (loss) on marketable securities 98,315 (215,900)
Realized gain on marketable securities (1,322,971) (941,950)
Impairment of inventory 4,909,190 3,048,485
Impairment of prepaid inventory 731,129
Realized loss on sale of fixed assets 40,181
Vendor settlements 547,847
Change in operating assets and liabilities:    
Accounts receivable 29,908 (53,421)
Inventory (1,794,806) (5,510,086)
Prepaid expenses and other current assets (76,484) (408,937)
Deposits and other assets 22,491 500
Accounts payable (618,362) 1,349,043
Accrued expenses and other current liabilities (1,149,677) 724,246
Lease obligations - operating leases (196,686) (160,030)
Net cash used in operating activities (13,315,402) (26,181,465)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (199,323) (2,142,836)
Proceeds from sale of marketable securities, net 66,132,029 11,006,654
Purchase of marketable securities (68,997,205)
Proceeds from sale of fixed assets 70,500
Purchase of intangible assets (40,704)
Net cash provided by (used in) investing activities (3,064,499) 8,893,614
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from private placement of preferred stock, net of transaction costs 21,632,156
Payment of preferred stock redemption (Series H-7) (10,198,929)
Payment of shares buyback (376,630)
Repurchase of cash-settled restricted stock (285,250)
Net cash provided by (used in) financing activities (10,860,809) 21,632,156
Net change in cash, cash equivalents and restricted cash (27,240,710) 4,344,305
Cash, cash equivalents and restricted cash, beginning of period 43,440,867 39,096,562
Cash, cash equivalents and restricted cash, end of period 16,200,157 43,440,867
Supplemental disclosure of cash and non-cash transactions:    
Fixed asset additions included in accounts payable and accrued expenses 57,791 32,642
Accrual of Series H-7 convertible preferred stock dividends 1,878,713 697,991
Accretion of discounts to redemption value of H-7 convertible preferred stock 8,255,150 3,980,274
Accrued Series H-7 preferred stock redemption payable 1,285,680
Non-cash redemption of Series H-7 preferred stock 2,802,561
Prepaid insurance financed through accrued expenses 286,955
Initial fair value of warranty liability 9,969,480
Initial fair value of derivative liability 5,147,000
Deemed dividend Series H-5 Warrants 199,000
Deemed dividend Series H-7 warrants 546,886
Supplemental disclosure of restricted cash:    
Cash and cash equivalents 16,035,475 33,440,867
Restricted cash 164,682 10,000,000
Total cash, cash equivalents and restricted cash $ 16,200,157 $ 43,440,867

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