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 $ (9,039,831) $ (7,937,011)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 605,637 249,592
Stock-based compensation expense 989,681 748,823
Changes in operating assets and liabilities:    
Accounts and other receivables (327,530) 311,366
Inventory (9,124) (12,944)
Prepaid expenses and other assets (105,594) 214,402
Accounts payable 382,521 (14,501)
Accrued expenses 248,911 362,012
Unearned revenue (8,654) 33,058
Accrued interest
Operating lease right-of-use asset (812) 7,397
Net cash used in operating activities (7,264,795) (6,037,806)
Cash flows from investing activities    
Purchase of property and equipment (79,083) (22,902)
Acquisition, net of cash acquired (2,186,497)
Net cash used in investing activities (79,083) (2,209,399)
Cash flows from financing activities    
Proceeds from issuance of common stock from direct offering, net of underwriting discounts, commissions, and offering expenses of $1,334,811 4,350,885
Proceeds from exercised stock options 74,899
Proceeds from exercise of warrants 1,371,147
Payment on loans payable (251,746)
Proceeds from loans payable 191,849
Principal repayments on finance leases (361,181) (93,238)
Net cash provided by (used in) by financing activities 5,627,599 (344,984)
Net decrease in cash and cash equivalents (1,716,279) (8,592,189)
Cash and cash equivalents at beginning of year 2,821,570 11,413,759
Cash and cash equivalents at end of year 1,105,291 2,821,570
Supplemental disclosures of cash flow information:    
Income taxes paid in cash 11,650 20,993
Interest paid 17,610 37,125
Noncash investing activities:    
Stock issuance in connection with the acquisition 1,000,000
Noncash financing activities:    
Fair value of warrants issued to placement agents $ 74,281