v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (7,987,009) $ (10,626,275)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accrued interest 43,927 18,648
Amortization of orginal issue discount and debt issuance costs 1,197,200 326,151
Loss on conversions and change in fair value of convertible notes (146,479)
Change in fair value of liability classified warrants (16,292) (283,958)
Stock-based compensation 110,723 879,160
Lease cost (150)
Unbilled receivable (26,554) 179,260
Prepaid expenses and other assets (251,965) 1,392,181
Accounts payable (578,928) (1,234,287)
Accrued expenses and other liabilities 6,198 (1,284,233)
Net cash used in operating activities (7,502,700) (10,779,982)
Cash flows from financing activities:    
Proceeds from public offerings, net 1,670,001 9,050,004
Proceeds from warrant exercises 2,433,080
Proceeds from warrant inducement, net of issuance costs 8,103,942
Transaction costs from public offerings (447,879)
Transaction costs associated with public offering and warrant inducements (1,468,131)
Proceeds from issuance of convertible notes, net 1,605,635
Repayment of convertible notes (485,190) (1,000,208)
Repayment of financed insurance premiums (372,529) (451,668)
Net cash provided by financing activities 9,881,173 8,755,884
Increase (decrease) in cash and cash equivalents 2,378,473 (2,024,098)
Cash and cash equivalents beginning of period 1,123,604 3,147,702
Cash and cash equivalents end of period 3,502,077 1,123,604
Supplemental cash flow information:    
Income tax payments 3,200 3,200
Supplemental disclosure of non-cash investing and financing activities:    
Incremental fair value of August 2024 Warrant Inducement 10,210,616
Incremental fair value of February 2024 Warrant Inducement 5,167,372
Conversion of convertible notes into common stock 1,168,600 3,056,892
Original debt discount from convertible notes 136,000
Debt discount from warrants issuance 1,066,483
Issuance cost from convertible notes 226,503
Financed insurance premiums 232,155 445,737
Settlement of commitment fee in shares 400,000
Deemed dividend related to warrants down round provision $ 290 $ 12,937

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