Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss $ (2,660,417) $ (1,961,815)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 154,588 149,637
Stock-based compensation expense 326,616 283,712
Changes in operating assets and liabilities:    
Accounts and other receivables 175,460 (311,935)
Inventory (11,174) 8,997
Prepaid expenses and other assets 6,446 (23,883)
Accounts payable 394,267 (220,796)
Accrued expenses (27,987) (266,492)
Unearned revenue (2,884)
Operating lease right-of-use asset 426 (516)
Net cash used in operating activities (1,641,775) (2,345,975)
Cash flows from investing activities    
Purchase of property and equipment (50,786) (41,387)
Net cash used in investing activities (50,786) (41,387)
Cash flows from financing activities    
Proceeds from issuance of Common Stock from direct offering, net of underwriting discounts, commissions, and offering expenses of $495,000 in 2024 2,005,000
Proceeds from exercised stock options 74,899
Proceeds from exercise of warrants, net of underwriting discounts, commissions, and offering expenses of $243,145 1,171,169
Payment on loans payable (38,927)
Proceeds from loans payable 27,723
Principal repayments on finance leases (100,266) (88,665)
Net cash provided by financing activities 1,031,976 2,018,957
Net decrease in cash and cash equivalents (660,585) (368,405)
Cash and cash equivalents at beginning of period 1,105,291 2,821,570
Cash and cash equivalents at end of period 444,706 2,453,165
Supplemental disclosures of cash flow information:    
Interest expense paid in cash 542 23,550
Income taxes paid in cash $ 8,695 $ 3,672