v3.25.1
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from Operating activities    
Net loss $ (32,422,728) $ (16,294,126)
Adjustments to reconcile net loss to cash used in operating activities:    
Foreign exchange transaction loss (gain) from intercompany 42,407 (44,649)
Depreciation 471,421 37,433
Loss on disposal of property and equipment 1,666 0
Stock-based compensation 8,561,404 8,743,799
Convertible note payable for non-cash issuance costs 621,915 0
Shares issued for non-cash consultant expense 1,314,200 669,700
Change in fair value of share liability 132,273 194,540
Change in fair value of convertible notes payable 6,875,041 0
Change in right-of-use lease assets 473,202 104,528
Change in deferred tax assets, net (143,276) 16,655
Changes in operating assets and liabilities, net of acquisition amounts:    
Accounts receivable (505,952) 237,952
Inventory (67,639) 0
Prepaid expenses and other current assets (1,356,761) (546,097)
Other noncurrent assets (9,190) (59,324)
Accounts payable (877,468) (224,598)
Accrued expenses 909,873 873,705
Deferred revenue 0 882,000
Operating lease liability (427,460) (85,775)
Tax liability current 0 (22,787)
Other current liabilities (288,293) 104,652
Net cash used in operating activities (16,695,365) (5,412,392)
Cash flows from investing activities    
Purchases of property and equipment (9,675,127) (2,331,343)
Cash advance paid for property and equipment (1,697,272) 0
Cash paid for acquisition of business, net of cash acquired 0 (121,848)
Net cash used in investing activities (11,372,399) (2,453,191)
Cash flows from financing activities    
Proceeds from issuance of common stock 53,091,187 14,129,495
Common stock issuance costs (3,648,385) (563,473)
Proceeds from exercise of warrants 5,837,663 0
Proceeds from noncontrolling interest in VIE 920,336 0
Proceeds from collection of receivable from noncontrolling interest in VIE 706,774 0
Distribution to noncontrolling interest in VIE (97,918) 0
Proceeds from issuance of convertible notes payable 25,936,228 0
Proceeds from issuance of notes payable 500,923 526,282
Payments of notes payable (561,176) (87,713)
Payment of bank loan (51,381) (609,499)
Payment of principal portion of finance leases (100,611) (9,601)
Net cash provided by financing activities 82,533,640 13,385,491
Net change in cash and cash equivalents 54,465,876 5,519,908
Effect of exchange rate changes on cash and cash equivalents (484,009) (867)
Cash and cash equivalents - beginning of year 7,908,181 2,389,140
Cash and cash equivalents - end of year 61,890,048 7,908,181
Supplemental disclosures of non-cash investing and financing activities:    
Issuance of common stock in lieu of commissions 0 75,570
Settlement of liabilities with related party 0 626,223
Seller financed portion of investment in PET Labs Pharmaceuticals 0 1,500,000
Purchase of property and equipment included in accounts payable 795,264 453,985
Right-of-use assets obtained in exchange for operating lease liability 364,458 70,607
Right-of-use assets obtained in exchange for financing lease liability 538,768 0
Deemed dividend on inducement warrant 2,779,659 0
Purchase of property and equipment with bank loans 2,020,511 0
Board fees settled with common stock 240,000 0
Commission fee settled with common stock warrant $ 765,894 $ 0

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