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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (4,282,828) $ (56,845,448)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 121,657 119,206
Stock-based compensation expense 33,803,120
Non-cash interest expense 171,771 889,135
Merger transaction costs 7,099,353
Change in fair value of convertible promissory notes (48,468,678) 49,122,865
Loss on Series A Preferred Stock issuance 799,990
Loss on issuance of commitment shares 890,000
Change in fair value of warrants (14,428)
Change in fair value of written call option derivative liabilities 7,064  
Amortization of right-of-use asset 178,377 158,282
Change in operating assets and liabilities:    
Prepaid expenses and other assets (365,134) 196,181
Other assets (68,446) 21,343
Accounts payable 2,323,809 764,636
Accrued expenses and other liabilities (960,172) (459,163)
Operating lease liabilities (186,499) (161,683)
Net cash used in operating activities (8,951,044) (6,194,646)
Cash flows from investing activities:    
Purchases of property and equipment (133,000)
Net cash used in investing activities (133,000)
Cash flows from financing activities:    
Cash acquired in connection with the reverse recapitalization 229,328
Proceeds from issuance of Series A Preferred Stock 2,000,000
Proceeds from issuance of Series C Preferred Stock 4,000,000
Nonrefundable prepaid proceeds towards anticipated Series A-1 Preferred Stock Issuance 3,000,000
Proceeds from loan agreement 1,000,000
Payments of deferred transaction costs (200,000)
Proceeds from issuance of convertible promissory notes 3,650,000
Net cash provided by financing activities 10,229,328 3,450,000
Net increase (decrease) in cash 1,278,284 (2,877,646)
Cash – beginning of period 1,052,397 5,484,265
Cash – end of period 2,330,681 2,606,619
Supplementary disclosure of noncash investing and financing activities:    
de-SPAC transaction fees included in accrued expenses and other liabilities 1,798,115
Conversion of convertible promissory notes into common stock in connection with Merger 46,622,627
Repurchase of Series B preferred stock 3,613,000
Issuance of common stock for net liabilities upon reverse recapitalization, net of transaction costs $ (3,113,309)