Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (20,427,683) $ (13,904,584)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 32,421 18,865
Amortization expense 630,164 630,164
Stock-based compensation 297,467 773,693
Change in fair value of warrant liabilities (115,301) 77,806
Impairment expense 4,162,911
Realized foreign currency translation loss from dissolution of subsidiaries 7,171
Change in fair value of derivative warrant liability 416,619
Loss on asset disposal 103,322
Changes in operating assets and liabilities:    
Prepaid expenses (60,536) (86,746)
Other current assets (269,278) 2,262
Accounts payable and accrued liabilities 11,233 (1,432,489)
Lease liabilities (2,409)
Net cash used in operating activities (15,211,490) (13,923,438)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from the sale of equipment 11,000
Net cash provided by investing activities 11,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on financed director and officer insurance (448,279)
Proceeds from issuance of common stock under ATM agreement, net of fees and offering costs 2,078,348
Proceeds from issuance of common stock from the exercise of pre-funded warrants, net 871 349
Proceeds from May 2025 public offering of common stock, net 4,214,506
Proceeds from December 2025 public offering of common stock, net 55,424,354
Issuance of common stock from the exercise of warrants, net 2,249,000
Proceeds from September 2024 offering of pre-funded and common warrants, net 4,517,285
Net cash provided by financing activities 63,518,800 4,517,634
Effect of foreign currency translation on cash 18,766 (2,519)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 48,337,076 (9,408,323)
Cash, cash equivalents, and restricted cash - Beginning of period 6,922,729 16,331,052
Cash, cash equivalents, and restricted cash - End of period 55,259,805 6,922,729
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 55,158,939 6,922,729
Restricted cash 100,866
Total cash, cash equivalents and restricted cash 55,259,805 6,922,729
Supplemental disclosure of cash flow information:    
Cash paid for interest 13,212
Cash paid for taxes
Supplemental disclosures of non-cash activity:    
Dividend - warrant modification $ (359,656)