v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited)
 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Cash flows from Operating activities    
Net loss $ (23,201,675) $ (12,123,907)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 425,630 969
Loss on disposal of property and equipment 1,666 0
Stock-based compensation expense 6,299,760 6,590,576
Convertible note payable for non-cash issuance costs 621,915 0
Shares issued for non-cash consultant expense 783,200 669,700
Change in fair value of share liability (327,969) 109,040
Change in fair value of convertible notes payable 5,220,599 0
Change in right-of-use lease asset 343,473 49,173
Change in deferred tax liabilities (31,149) 0
Changes in operating assets and liabilities:    
Accounts receivable (309,762) 0
Inventory (79,395) 0
Prepaid expenses and other current assets (2,062,720) 132,677
Other noncurrent assets (11,000) (48,812)
Accounts payable (286,173) (298,663)
Accrued expenses 329,489 712,368
Deferred revenue 0 882,000
Operating lease liability (354,663) (30,292)
Other current liabilities (296,780) 0
Net cash used in operating activities (12,935,554) (3,355,171)
Cash flows from investing activities    
Purchases of property and equipment (8,352,422) (1,190,157)
Net cash used in investing activities (8,352,422) (1,190,157)
Cash flows from financing activities    
Proceeds from issuance of common stock 34,500,000 5,000,000
Common stock issuance costs (2,194,041) (506,390)
Proceeds from exercise of warrants 5,537,975 0
Proceeds from noncontrolling interest in VIE 891,479 0
Proceeds from collection of receivable from noncontrolling interest in VIE 706,774 0
Distribution to noncontrolling interest in VIE (60,292) 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 (38,347) 0
Net cash provided by financing activities 64,841,207 4,493,610
Net change in cash and cash equivalents 43,553,231 (51,718)
Effect of exchange rate changes on cash and cash equivalents 110,128 (50,617)
Cash and cash equivalents - beginning of period 7,908,181 2,389,140
Cash and cash equivalents - end of period 51,571,540 2,286,805
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 1,732,464 0
Purchase of property and equipment included in accounts payable 952,035 0
Deemed dividend on inducement warrant 2,779,659 0
Board fees settled with common stock 240,000 0
Commission fee liability to be settled with cash and common stock warrant 1,045,529 0
Settlement of share liability $ 0 $ 776,695

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