Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities    
Net Loss $ (6,168,177) $ (19,935,112)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation
Shares issued for services 89,189
Amortization of stock options and restricted stock units 308,169 2,194,135
Depreciation and amortization 58,277 105,675
Loss on asset impairment 1,526,542 9,063,000
Change in fair value of derivative liabilities (58) (75,323)
Change in fair value of preferred stock liability 1,577,305
Gain on settlement of liabilities (222,802)
Deferred tax benefit (292,417) (2,349,683)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,874,958 337,282
Accounts payable (243,524) 230,402
Accounts payable - related parties 417,273 56,008
Accrued expenses (316,113) (440,621)
Accrued expenses - related parties (197,175)
Total adjustments 4,687,610 9,012,889
Net Cash Used In Operating Activities (1,480,567) (10,922,223)
Cash Flows from Financing Activities    
Proceeds from exercise of pre-funded warrants from the Amendment to August 2023 Offering 489
Proceeds from sale of December 2024 Offering stock and warrants 2,572,789
Proceeds from the exercise of warrants 2,797,936
Proceeds from sale of April 2023 Offering stock and warrants 2,999,882
Proceeds from sale of August 2023 Offering stock and warrants 2,999,606
Proceeds from exercise of April 2023 Offering pre-funded warrants 117
Proceeds from exercise of August 2023 Offering pre-funded warrants 395
Proceeds from the repricing of common shares and pre-funded warrants in the August 2023 Offering 830,769
Proceeds from loans payable 969,322
Payment of offering costs in connection with April 2023 Offering stock and warrants (279,994)
Payment of offering costs in connection with August 2023 Offering stock and warrants (294,976)
Payment of offering costs in connection with August 2023 sale of common stock and common stock warrants (59,846)
Repayment of loans payable (1,333,499) (1,257,388)
Net cash provided by financing activities 4,037,715 5,907,887
Effect of Exchange Rate Changes on Cash 52,194 20,025
Net Decrease In Cash 2,609,342 (4,994,311)
Cash - Beginning of Period 1,975,799 6,970,110
Cash - End of Period 4,585,141 1,975,799
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for income taxes
Cash paid during the period for interest expense 12,078 21,722
Non cash investing and financing activities    
Common stock issued for settlement of liabilities 684,671
Prepaid expense financed with notes payable 777,702
Warrants and Series B Convertible Preferred Stock issued for asset acquisition 7,622,041
Deemed dividend from warrant inducement $ 8,011,510