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Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Loss before tax $ (19,278,511) $ (21,868,930)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,795,566 4,359,071
Loss on disposal of assets 15,424
Share-based compensation, net of forfeitures 4,730,277 2,483,065
Interest expense, net 5,794,966 3,632,813
Foreign exchange loss/(gain), net 945,391 (119,661)
Other non-cash 416,629 726,552
Changes in operating assets and liabilities:    
Accounts receivable (554,030) (108,791)
Inventories (30,188) 230,891
Other current assets 787,601 570,457
Accounts payable 279,687 (740,962)
Deferred revenue 155,094 66,732
Accrued expenses and other current liabilities (51,883) 269,140
A. Net cash used in operating activities (5,009,401) (10,484,199)
INVESTING ACTIVITIES    
Purchase of treasury shares (195,438)
Purchase of property and equipment (282,430) (90,012)
Purchase of intangible assets (641,625)
B. Net cash used in investing activities (477,868) (731,637)
FINANCING ACTIVITIES    
Proceeds from issuance of convertible notes 8,375,750 7,500,000
Repayment of convertible notes (930,000)
Repayment of term loans (833,334) (2,639,000)
Interest paid (3,163,818) (3,083,796)
Proceeds from exercise of employee share options 167,930
Payments on warrants (89,970)
C. Net cash generated from financing activities 4,546,528 757,234
D. Decrease in cash and cash equivalents (A+B+C) (940,741) (10,458,602)
E. Cash and cash equivalents at beginning of the period 5,148,857 19,424,059
Cash and cash equivalents at ending of the period (D+E) $ 4,208,116 $ 8,965,457