v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from Operating activities    
Net loss $ (96,512,193) $ (23,201,675)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 975,275 425,630
Loss on disposal of property and equipment 0 1,666
Non cash interest income on note receivable (1,189,144) 0
Stock-based compensation 10,803,186 6,299,760
Convertible note payable for non-cash issuance costs 0 621,915
Shares issued for non-cash consultant expense 673,497 783,200
Change in fair value of share liability 200,138 (327,969)
Change in fair value of convertible notes payable 64,542,295 5,220,599
Change in right-of-use lease asset 450,453 343,473
Non-cash lease income (44,540) 0
Change in deferred taxes 33,175 (31,149)
Changes in operating assets and liabilities, net of acquisition amounts:    
Accounts receivable 1,103,993 (309,762)
Receivable from noncontrolling interest 28,706 0
Inventories (696,759) (79,395)
Prepaid expenses and other current assets (1,190,095) (2,062,720)
Other noncurrent assets 1,186,095 (11,000)
Accounts payable 37,633 (286,173)
Accrued expenses 887,712 329,489
Operating lease liabilities (448,320) (354,663)
Other current liabilities (770,065) (296,780)
Net cash used in operating activities (19,928,958) (12,935,554)
Cash flows from investing activities    
Purchases of property and equipment (7,255,776) (8,352,422)
Purchase of equity investments (5,000,000) 0
Cash received for acquisition of business, net of cash paid 6,643,797 0
Cash advance in exchanges for note receivable (30,000,000) 0
Net cash used in investing activities (35,611,979) (8,352,422)
Cash flows from financing activities    
Proceeds from issuance of common stock 110,000,000 34,500,000
Payment of common stock issuance costs (6,932,580) (2,194,041)
Proceeds from exercise of warrants 4,915,312 5,537,975
Due to related parties 590,195 0
Proceeds from noncontrolling interest in VIE 0 891,479
Proceeds from collection of receivable from noncontrolling interest in VIE 0 706,774
Distribution to noncontrolling interest in VIE (403,581) (60,292)
Proceeds from issuance of convertible notes payable 0 25,936,228
Proceeds from issuance of debt 2,804,466 0
Payment of principal portion of debt (3,384,553) (438,569)
Payment of principal portion of finance leases (104,447) (38,347)
Net cash provided by financing activities 107,484,812 64,841,207
Net change in cash and cash equivalents 51,943,875 43,553,231
Effect of exchange rate changes on cash and cash equivalents 108,233 110,128
Cash and cash equivalents - beginning of period 61,890,048 7,908,181
Cash and cash equivalents - end of period 113,942,156 51,571,540
Supplemental disclosures of non-cash investing and financing activities:    
Derecognition of asset as a result of sales-type lease 369,825 0
Lease receivable 392,586 0
Purchase of property and equipment included in accounts payable 218,864 952,035
Right-of-use asset obtained in exchange for operating lease liability 114,444 364,458
Right-of-use asset obtained in exchange for finance lease liability 47,630 1,732,464
Commission fee liability to be settled with cash and common stock warrant 0 1,045,529
Deemed dividend on inducement warrant 0 2,779,659
Board fees settled with common stock $ 0 $ 240,000

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