XML 19 R6.htm IDEA: XBRL DOCUMENT 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 $ (20,718,957) $ (29,246,760)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued final fee 111,422 42,857
Amortization of debt discount 264,702  
Amortization of loan costs 116,028  
Depreciation and amortization 1,570,104 1,459,066
Amortization of right-of-use asset 174,024 564,356
Bad debt expense 115,161 14,434
Impairment of patents 333,735 655,685
Foreign currency transaction (gains) losses 4,224,721 (1,949,257)
Stock-based compensation 3,759,534 4,155,342
Changes in operating assets and liabilities:    
Grants and accounts receivable (1,720,419) (245,616)
Inventories 500,466 183,273
Prepaid expenses and other current assets (1,351,805) 1,104,167
Other assets 1,050 (49)
Accounts payable and accrued expenses (1,807,575) 1,607,366
Net cash used in operating activities (14,427,809) (21,655,136)
Cash flows from investing activities:    
Purchases of property and equipment (284,343) (538,115)
Patent costs (385,087) (398,121)
Net cash used in investing activities (669,430) (936,236)
Cash flows from financing activities:    
Proceeds from long-term debt 15,000,000  
Repayment of long-term debt (5,000,000)  
Payment of final fee (150,000)  
Payment of loan costs (697,950)  
Equity contributions - net of fees incurred 178,654 14,255,932
Proceeds from exercise of stock options   218,278
Net cash provided by financing activities 9,330,704 14,474,210
Effect of exchange rates on cash (84,676) (99,769)
Net change in cash, cash equivalents, and restricted cash (5,851,211) (8,216,931)
Cash, cash equivalents, and restricted cash at beginning of year 15,615,095 23,832,026
Cash, cash equivalents, and restricted cash at end of year 9,763,884 15,615,095
Supplemental disclosure of cash flow information:    
Cash paid during the year for interest 1,290,396 376,668
Supplemental disclosure of non-cash financing activities:    
Warrants issued in connection with long-term debt 690,709  
Capital expenditures included in accounts payable 7,968  
Settlement of accrued bonuses with restricted stock units $ 197,892 $ 403,939