Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss from continuing operations $ (15,507,748) $ (11,727,885)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 18,290 5,094
Amortization expense 630,164
Stock-based compensation 592,269 835,064
Change in fair value of warrant liabilities (56,245) (1,852,189)
Gain on sale of assets (65,048)
Changes in operating assets and liabilities:    
Prepaid expenses 346,480 (181,374)
Other assets 158,285 (262,992)
Accounts payable and accrued liabilities 1,070,967 745,759
Lease liabilities (1,547) 543,956
Net cash used in operating activities (12,814,133) (11,894,567)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (34,301) (107,101)
Net cash proceeds from sale of assets 109,500
Acquisition of business, net of cash acquired (2,192,598)
Net cash provided by (used in) investing activities 75,199 (2,299,699)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Note payable proceeds 392,354
Principal payments on note payable (392,354)
Repurchase of common stock (3,726,416)
Shares repurchased in litigation settlement (3,206,244)
Net cash used in financing activities (3,726,416) (3,206,244)
Effect of foreign currency translation on cash (3,991) 9,900
Net cash used in operating activities of discontinued operations (611,278) (1,796,591)
Net cash provided by (used in) investing activities of discontinued operations 323,807 (626,898)
Net cash provided by (used in) financing activities of discontinued operations 0 0
NET CHANGE IN CASH (16,756,812) (19,814,099)
Cash and cash equivalents - Beginning of period 33,087,864 52,901,962
Cash and cash equivalents - End of period 16,331,052 33,087,864
Supplemental disclosure of cash flow information:    
Lease liabilities arising from obtaining right-of-use assets 504,383
Amount due from sale of assets $ 40,500