Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net loss $ (14,732,305) $ (2,341,168)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on foreign exchange 1,712  
Amortization of loan costs 52,373  
Depreciation expense 34,278  
Loss on debt conversion with related party 6,134,120  
Deferred tax expense 190,691 0
Share-based compensation expense 149,501 287,917
Changes in operating assets and liabilities:    
Decrease in prepaid expenses and other current assets 396,528 232,790
(Decrease) increase in accounts payable (738,306) 35,622
(Decrease) increase in accrued expenses and other liabilities (197,264) 35,679
Net cash used in operating activities (8,708,672) (1,749,160)
Cash flows from financing activities    
Proceeds from registered direct offering of common stock, net of offering costs 4,252,245 1,452,397
Proceeds from loan with related party 3,000,000  
Net cash provided by financing activities 7,252,245 1,452,397
Net decrease in cash (1,456,427) (296,763)
Cash, beginning of period 14,847,949 3,316,946
Effect of foreign currency translation on cash 11,287  
Cash, end of period 13,402,809 3,020,183
Supplemental disclosure of non-cash financing and investing activities:    
Offering costs included in accounts payable and accrued expenses   $ 70,227
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