v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited)
 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Cash flows from Operating activities    
Net loss $ (15,846,286) $ (7,901,424)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 249,714 167
Loss on disposal of property and equipment 1,666 0
Stock-based compensation 4,231,670 4,518,785
Convertible note payable for non-cash issuance costs 621,915 0
Share liability for non-cash consultant expense 619,200 496,300
Change in fair value of share liability 54,000 (170,385)
Change in fair value of convertible notes payable 2,528,526 0
Change in right-of-use lease asset 217,997 32,553
Change in deferred tax liabilities (39,068) 0
Changes in operating assets and liabilities:    
Accounts receivable (288,878) 0
Prepaid expenses and other current assets (1,566,707) 294,971
Other noncurrent assets 0 (48,747)
Accounts payable 223,828 (351,830)
Accrued expenses 1,425,242 446,564
Operating lease liability (224,134) (18,844)
Other current liabilities (303,941) 0
Net cash used in operating activities (8,095,256) (2,701,890)
Cash flows from investing activities    
Purchases of property and equipment (3,867,903) (508,607)
Net cash used in investing activities (3,867,903) (508,607)
Cash flows from financing activities    
Proceeds from issuance of common stock 5,537,975 5,000,000
Proceeds from noncontrolling interest in VIE 807,975 0
Proceeds from collection of receivable from noncontrolling interest in VIE 705,403 0
Common stock issuance costs 0 (506,390)
Payment of deferred issuance costs (45,000) 0
Distribution to noncontrolling interest in VIE (27,116) 0
Proceeds from issuance of convertible notes payable 25,936,228 0
Payment of notes payable (438,569) 0
Payment of principal portion of finance leases (61,929) 0
Net cash provided by financing activities 32,414,967 4,493,610
Net change in cash and cash equivalents 20,451,808 1,283,113
Effect of exchange rate changes on cash and cash equivalents (97,657) (46,088)
Cash and cash equivalents - beginning of period 7,908,181 2,389,140
Cash and cash equivalents - end of period 28,262,332 3,626,165
Supplemental disclosures of non-cash investing and financing activities:    
Settlement of liabilities with related party 0 626,223
Right-of-use asset obtained in exchange for operating lease liability 364,458 0
Right-of-use asset obtained in exchange for finance lease liability 501,389 0
Purchase of property and equipment included in accounts payable 1,100,179 318,900
Purchase of property and equipment included in other noncurrent liabilities 1,653,000 0
Deemed dividend on inducement warrant 2,779,659 0
Board fees to be settled with common stock 240,000 0
Issuance of common stock in lieu of commissions $ 0 $ 75,750

Source

HTML PDF
ZIP