Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flow from operating activities:    
Net loss $ (2,460,430) $ (26,048,044)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on conversion of convertible notes to common stock 0 333,544
Loss on exchange of convertible notes for preferred stock 0 1,314,064
Loss (gain) on change in fair value of financial liabilities (28,432) 20,004,342
Gain on exercise of Series B Warrants 0 (165,355)
Stock-based compensation 10,052 (1,922)
Loss on write down of inventory and inventory deposits 17,992 0
Bad debt expense 16,397 14,048
Non-cash interest expense 0 314,838
Amortization of right-of-use assets 103,855 96,588
Depreciation and amortization 40,754 97,720
Loss on disposal of fixed assets 0 152,255
Changes in operating assets and liabilities:    
Accounts receivable (32,549) (95,696)
Inventory and inventory deposits 376,290 (467,021)
Prepaid assets and other current assets (449,845) 497,257
Accounts payable (163,969) (506,482)
Accrued liabilities and vendor settlements (726,467) 284,405
Right-of-use liabilities - operating leases (106,502) (95,891)
Customer deposits (169,034) (269,917)
Net cash used in operating activities (3,571,888) (4,541,267)
Cash flow from investing activities:    
Purchase of property and equipment (201,841) (131,718)
Proceeds from insurance settlement and sale of equipment 0 65,488
Net cash used in investing activities (201,841) (66,230)
Cash flow from financing activities:    
Repayment of notes payable (1,719) (43,823)
Proceeds from issuance of common stock units and pre-funded warrant units from public offering, net of issuance costs of $1,296,118 10,703,882 0
Proceeds from issuance of common stock issued from the At the Market Offering, net of issuance costs of $320,867 8,846,761 0
Repurchases of common stock (401,806) 0
Proceeds from exercise of Series B Warrants 0 130,522
Proceeds from exercise of buy down warrants 0 3,500
Net cash provided by financing activities 19,147,118 90,199
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 15,373,389 (4,517,298)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 2,298,573 8,193,346
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 17,671,962 3,676,048
Supplemental disclosure of cash flow information:    
Cash paid for interest 88,208 13,408
Cash paid for income taxes 0 0
Non-cash transactions:    
Issuance of common stock for exercise of pre-funded warrants 14 0
Transfer of inventory to property & equipment 59,175 0
Conversion of Convertible Notes for common stock 0 7,414,025
Exchange of Convertible Notes for Preferred Stock 0 24,716,118
Reclassification of warrant liability to equity for cashless exercise of Series A Warrants $ 0 $ 17,352,653