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

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Activities:    
Net loss $ (8,951,121) $ (8,609,156)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 389,281 385,464
Amortization of debt discounts 0 237,250
Stock-based compensation expense 485,432 729,712
Non-cash conversion expense 0 585,875
Non-cash interest expense 8,141 204,043
Non-cash lease expense 101,357 90,976
Non-cash disposal of obsolete inventory 0 115,741
Non-cash asset impairment loss 456,377 0
Bad debt expense 16,203 25,260
Changes in assets and liabilities:    
Accounts receivable (27,650) (24,440)
Inventory 78,353 2,166
Prepaid expenses 197,919 284,690
Other assets 24,689 (46,060)
Accounts payable 62,174 (103,108)
Accrued expenses 304,322 (311,403)
Accrued interest payable 1,259 8,513
Deferred revenue 6,600 0
Operating lease liabilities (111,303) (97,107)
Net cash used in operating activities (6,957,967) (6,521,584)
Investing Activities:    
Purchase of property and equipment (38,172) 0
Net cash used in investing activities (38,172) 0
Financing Activities:    
Proceeds from notes payable - non-related parties   0
Repayments of notes payable - non-related parties (250,421) (200,808)
Proceeds from private equity offering 1,999,935 8,199,996
Proceeds from exercise of stock warrants 3,680,411 5,340,747
Payment for transaction costs of equity transactions (418,458) (1,224,456)
Payment of 2024 PIPE Warrant True-up Payment (1,640,000) 0
Net cash provided by financing activities 3,371,467 12,115,479
Net Change In Cash (3,624,672) 5,593,895
Cash At The Beginning Of The Period 8,384,042 2,790,147
Cash At The End Of The Period 4,759,370 8,384,042
Schedule Of Non-Cash Investing And Financing Activities:    
Non-related party debt converted to capital 0 2,879,279
Deemed dividends related to original warrants and new warrants down round provision 0 1,541,833
Deemed dividends related to 2022 PIPE warrants down round provision 1,547 46,875
Deemed dividends related to convertible debt warrants down round provision 1,883 23,270
Deemed dividends related to 2024 PIPE warrants down round provision 47,373 0
Value of exercise price reduction related to warrant inducement 0 341,297
Financing of prepaid insurance premiums 0 264,066
Issuance of common stock and warrants for prepaid services 0 0
Supplemental Disclosure:    
Cash paid for interest $ 12,377 $ 32,579