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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (5,923,648) $ (5,687,461)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation 114,346 136,416
Stock-based compensation 552,580 781,513
Accretion of discount on short-term investments (118,520) 0
Credit losses 5,257 12,626
Loss on equity investment 0 99,840
Amortization of right-of-use assets 196,592 301,053
Other non-cash charges 84,180 (49,271)
Changes in operating assets and liabilities:    
Accounts receivable (1,116,352) (625,596)
Inventories (1,573,193) (90,100)
Prepaid expenses and other current assets (614,951) (439,584)
Other assets (16,640) 19,797
Accounts payable and accrued expenses 1,895,795 2,141,978
Income taxes payable 202,137 (74,944)
Operating lease liabilities (366,675) (352,820)
Deferred revenue 23,460 9,533
Net cash used in operating activities (6,655,632) (3,817,020)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of short-term investments (5,482,757) (5,209,866)
Maturities of short-term investments 7,595,814 1,000,000
Purchases of equipment (499,877) (114,151)
Net cash provided by (used in) investing activities 1,613,180 (4,324,017)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net proceeds from common stock offering 4,598,771 6,623,633
Proceeds from sale of pre-funded warrants, net of offering costs 763,138 3,097,940
Net settlement of vested restricted stock units to fund related employee statutory tax withholding 0 (8,147)
Net cash provided by financing activities 5,162,409 9,713,426
Deferred Offering Costs (199,500)  
Effect of foreign exchange rate changes on cash 6,412 (6,610)
Net (decrease) increase in cash, cash equivalents and restricted cash 126,369 1,565,780
Cash, cash equivalents and restricted cash, beginning of period 6,871,306 5,345,967
Cash, cash equivalents and restricted cash, end of period 6,997,675 6,911,747
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Right of use assets obtained in exchange for lease liabilities 0 508,186
Deferred offering costs incurred in a prior period to additional paid-in capital 0 (91,952)
Unrealized (gain) loss from mark to market on short-term investments $ 126 $ 860