v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 23,707,985 $ (31,964,469)
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Depreciation and amortization 0 1,861
Stock-based compensation 428,286 268,989
Amortization of operating lease right of use asset 83,396 80,291
(Gain) loss from change in fair value of warrant liability (15,521,183) 6,847,091
(Gain) loss from change in fair value of earnout liability (9,823,605) 21,484,850
Loss from change in fair value of convertible note 0 2,039,377
Loss on note conversion 0 158,794
Changes in operating assets and liabilities:    
Accounts receivable (1,555,893) (55,525)
Prepaid expenses and other (49,428) 2,010
Other assets 0 1,901
Operating lease liability (83,750) (67,211)
Payroll and income tax receivable 0 (2,410)
Accounts payable - trade and accrued expenses 1,429,270 433,415
Deferred revenue (712,922) (924,048)
NET CASH USED IN OPERATING ACTIVITIES (2,097,844) (1,695,084)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from warrant exercise, net 59,400 293,249
Repayment of advances from founders (600,000) 0
Proceeds from stock option exercises 43,201 0
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (497,399) 293,249
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,595,243) (1,401,835)
Effect from exchange rate on cash (7,409) 3,239
CASH AND CASH EQUIVALENTS, beginning of period 11,414,830 3,124,413
CASH AND CASH EQUIVALENTS, end of period 8,812,178 1,725,817
Supplemental disclosures of cash flow information:    
Interest paid 0 0
Taxes paid 0 2,410
Noncash investing and financing    
Issuance of common stock for debt conversion 0 835,610
Issuance of common stock for earnout shares 5,282,125 0
Recognition of operating right-of-use asset 304,339 0
Recognition of operating lease liability $ 304,339 $ 0

Source

HTML PDF
ZIP