Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (5,447,911) $ (919,371) $ (12,051,940) $ (27,561,355)
Adjustments to reconcile net loss to cash used in operating activities:        
Depreciation and amortization     111,859 154,511
Stock-based compensation expense     1,128,128 1,253,613
Change in operating lease right-of-use asset     36,626 31,467
Change in fair value of warrants (501,598) (12,455,431) (161,598) 2,504,915
Changes in:        
Prepaid expenses and other current assets     (614,914) (1,148,228)
Lease liability     (40,494) (22,126)
Accounts payable and accrued liabilities     (2,906,627) (2,715,437)
Cash used in operating activities     (14,498,960) (27,502,640)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property, plant & equipment       (42,909)
Cash used in investing activities       (42,909)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from exercise of warrants, net of issuance costs (Note 2)     2,251,380 43,849,468
Cash provided by financing activities     2,251,380 43,849,468
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS     (12,247,580) 16,303,919
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD     23,288,607 9,564,988
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 11,041,027 $ 25,868,907 11,041,027 25,868,907
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION        
Settlement of warrants to equity     $ 462,760 4,800,000
Conversion of preferred stock to common stock       $ 40,051,711