Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (44,581,446) $ (42,770,610)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 291,653 192,375
Stock-based compensation 4,272,780 2,410,288
Loss on disposal of assets 145,726  
Warrant issuance expense 7,743,284 470,000
Change in fair value of warrants (13,794,683) 3,787,114
Change in operating lease right-of-use asset 65,409 58,051
Changes in:    
Prepaid expenses and other assets (73,440) (173,548)
Accounts payable and accrued liabilities (1,593,305) 3,700,202
Lease liability (58,979) (50,846)
Cash used in operating activities (47,583,001) (32,376,974)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant & equipment (104,195) (864,038)
Cash used in investing activities (104,195) (864,038)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of stock and warrants, net of issuance costs   22,150,000
Proceeds from exercise of warrants 61,410,815 789,642
Cash provided by financing activities 61,410,815 22,939,642
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 13,723,619 (10,301,370)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,564,988 19,866,358
CASH AND CASH EQUIVALENTS AT END OF PERIOD 23,288,607 9,564,988
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION    
Conversion of preferred stock to common stock 67,648,487 13,242,368
Settlement of warrants to equity $ 12,608,199 $ 3,239,112