Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss $ (10,924,952) $ (1,291,335)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on foreign exchange 6,886  
Amortization of loan costs 52,373  
Depreciation expense 17,022  
Loss on debt conversion with related party 6,134,120  
Deferred tax expense 190,542 0
Share-based compensation expense 84,474 138,969
Changes in operating assets and liabilities:    
Decrease in prepaid expenses and other current assets 71,808 3,417
(Decrease) increase in accounts payable (131,477) 84,846
(Decrease) increase in accrued expenses and other liabilities (183,350) 126,689
Net cash used in operating activities (4,682,554) (937,414)
Cash flows from financing activities    
Proceeds from registered direct offering of common stock, net of offering costs 4,372,378  
Proceeds from loan with related party 3,000,000  
Net cash provided by financing activities 7,372,378  
Net increase in cash 2,689,824 (937,414)
Cash, beginning of period 14,847,949 3,316,946
Effect of foreign currency translation on cash 1,231  
Cash, end of period 17,539,004 $ 2,379,532
Supplemental disclosure of non-cash financing and investing activities:    
Offering costs included in accounts payable and accrued expenses 119,585  
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock 1,256,662  
Conversion of debt with related party into Series A-1 Non-Voting Convertible Preferred Stock 19,500,000  
Conversion of accrued interest on debt with related party into Series A-1 Non-Voting Convertible Preferred Stock $ 426,891