v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from Operating activities    
Net loss $ (8,461,432) $ (6,964,844)
Adjustments to reconcile net loss to cash used in operating activities:    
Foreign exchange transaction loss (gain) from intercompany 61,129 (26,387)
Depreciation 149,003 103,210
Stock-based compensation 1,889,701 1,713,654
Convertible note payable for non-cash issuance costs 0 513,748
Shares issued for non-cash consultant expense 247,000 195,000
Change in fair value of share liability (12,500) 218,000
Change in fair value of convertible notes payable 957,408 953,710
Change in right-of-use lease asset 129,709 98,658
Change in deferred taxes (80,842) (49,771)
Changes in operating assets and liabilities:    
Accounts receivable 31,275 (144,392)
Inventory (272,599) 699,510
Prepaid expenses and other current assets 1,190,337 (299,130)
Other noncurrent assets 38,834 (60,203)
Accounts payable 1,072,221 (54,988)
Accrued expenses 720,070 505,480
Operating lease liabilities (60,514) (101,700)
Other current liabilities (768,776) (270,024)
Net cash used in operating activities (3,169,976) (2,970,469)
Cash flows from investing activities    
Purchases of property and equipment (2,309,308) (1,245,825)
Cash advance paid for property and equipment (50,060) 0
Net cash used in investing activities (2,359,368) (1,245,825)
Cash flows from financing activities    
Proceeds from collection of receivable from noncontrolling interest in VIE 28,857 0
Distribution to noncontrolling interest in VIE (38,304) (8,429)
Proceeds from issuance of convertible notes payable 0 20,550,000
Proceeds from bank loans 46,655 0
Payment of notes payable (187,167) (263,141)
Payment of principal portion of bank loans (64,870) 0
Payment of principal portion of finance leases (10,267) (14,435)
Net cash (used in) provided by financing activities (225,096) 20,263,995
Net change in cash and cash equivalents (5,754,440) 16,047,701
Effect of exchange rate changes on cash and cash equivalents (170,165) (65,071)
Cash and cash equivalents - beginning of period 61,890,048 7,908,181
Cash and cash equivalents - end of period 55,965,443 23,890,811
Supplemental disclosures of non-cash investing and financing activities:    
Purchase of property and equipment included in accounts payable 466,040 1,188,655
Purchase of property and equipment with bank loans 47,080 1,653,000
Right-of-use asset obtained in exchange for operating lease liability $ 0 $ 364,458

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