XML 19 R7.htm IDEA: XBRL DOCUMENT v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net loss $ (24,845,419) $ (24,144,557)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 17,113 16,239
Share-based compensation expense 517,955 38,486
Fair value of shares issued as non-redemption compensation 10,835,293  
Gain on extinguishment of debt, net (4,086,709)  
Amortization of debt issuance cost 54,209  
Change in fair value of derivative liabilities 827,445 575,393
Change in fair value of warrant liabilities (223,162) 13,478,661
Transaction costs expensed 8,763,915  
Interest expenses paid in shares 155,475  
Payment of advisory and insurance expenses 715,000  
Reverse recapitalization transaction 129,676  
Change in operating assets and liabilities:    
Research and development tax credit receivable 65,006 53,764
Prepaid and other current assets (412,083) 93,307
Accounts receivable 287,448  
Inventory (395,623) (149,452)
Accounts payable 3,417,202 218,306
Accrued liabilities 108,187 37,931
Accrued compensation 388,265 122,289
Accrued federal tax liability, penalties and interest (296,153) 586,324
Interest payable 367,383 2,394,730
Interest payable to related parties 886,488 3,447,452
Deferred revenue (866,302) (90,941)
Related parties payable (33,260) 301,674
Earnout liabilities 13,000  
Net cash used in operating activities (3,609,649) (3,020,394)
INVESTING ACTIVITIES    
Purchases of property, plant and equipment (15,940)  
Net cash used in investing activities (15,940)  
FINANCING ACTIVITIES    
Proceeds from loans 3,487,000 2,801,000
Proceeds from stock options and warrants exercised 30,010  
Proceeds from issuance of common stock 250,000  
Repayment of loans (122,615)  
Adjustment to shareholder receivables   (1,488)
Net cash provided by financing activities 3,644,395 2,799,512
Net increase (decrease) in cash during period 18,806 (220,882)
Cash, beginning of period 22,317 333,084
Cash, end of period 41,123 $ 112,202
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES    
Conversion of debt, warrants and derivatives to equity, other 34,921,993  
Conversion of debt, warrants and derivatives to equity, troubled debt restructuring 54,499,066  
Conversion of Seaport warrant to equity 18,447,186  
Conversion of accounts payable to equity 8,272,832  
Security pledged to creditors $ 2,065,422