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

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (14,909,754) $ (9,039,831)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 504,836 605,637
Stock-based compensation expense 671,474 989,681
Fair value adjustment on warrants 3,810,278
Changes in operating assets and liabilities:    
Accounts and other receivables 597,242 (327,530)
Inventory (25,940) (9,124)
Prepaid expenses and other assets (90,060) (105,594)
Accounts payable (225,410) 382,521
Accrued expenses 319,267 248,911
Unearned revenue 18,001 (8,654)
Operating lease right-of-use asset 1,224 (812)
Net cash used in operating activities (9,328,842) (7,264,795)
Cash flows from investing activities    
Purchase of property and equipment (60,568) (79,083)
Net cash used in investing activities (60,568) (79,083)
Cash flows from financing activities    
Proceeds from issuance of Common Stock from direct offering 11,071,534 5,612,783
Proceeds from exercised stock options 74,899
Proceeds from exercise of warrants 4,814,027 1,371,147
Proceeds from issuance of Convertible Preferred Stock 990,000
Payment of offering costs for financing activities (1,771,939) (1,261,898)
(Payments) proceeds from loans payable (45,375) 191,849
Principal repayments on finance leases (324,346) (361,181)
Net cash provided by financing activities 14,733,901 5,627,599
Net change in cash and cash equivalents 5,344,491 (1,716,279)
Cash and cash equivalents at beginning of year 1,105,291 2,821,570
Cash and cash equivalents at end of year 6,449,782 1,105,291
Supplemental disclosures of cash flow information:    
Income taxes paid in cash 44,042 11,650
Interest paid 23,385 17,610
Fair value of warrants issued to placement agents $ 74,281