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
Operating Activities:    
Net loss $ (8,609,156) $ (10,214,721)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of intangible assets 385,464 385,464
Amortization of debt discounts 237,250 562,690
Loss on debt extinguishment 0 26,125
Stock-based compensation expense 729,712 2,245,871
Non-cash conversion expense 585,875 0
Non-cash interest expense 204,043 29,638
Non-cash lease expense 90,976 55,994
Non-cash disposal of obsolete inventory 115,741 0
Bad debt expense 25,260 3,124
Changes in assets and liabilities:    
Accounts receivable (24,440) 1,918
Inventory 2,166 (127,289)
Prepaid expenses 284,690 655,507
Other assets (46,060) 0
Accounts payable (103,108) 382,700
Accrued expenses (311,403) 334,658
Accrued interest payable 8,513 (237,564)
Related party payables 0 (1,887)
Operating lease liabilities (97,107) (30,304)
Net cash used in operating activities (6,521,584) (5,928,076)
Financing Activities:    
Proceeds from notes payable - non-related parties 0 3,000,001
Repayments of notes payable - non-related parties (200,808) (1,323,025)
Repayments of notes payable - related parties 0 (1,000,000)
Debt issuance costs 0 (537,750)
Proceeds from private equity offering 8,199,996 0
Proceeds from exercise of stock warrants 5,340,747 0
Payment for transaction costs of equity transactions (1,224,456) 0
Net cash provided by financing activities 12,115,479 139,226
Net Change In Cash 5,593,895 (5,788,850)
Cash At The Beginning Of The Period 2,790,147 8,578,997
Cash At The End Of The Period 8,384,042 2,790,147
Schedule Of Non-Cash Investing And Financing Activities:    
Non-related party debt converted to capital 2,879,279 341,998
Deemed dividends related to original warrants and new warrants down round provision 1,541,833 0
Deemed dividends related to PIPE warrants down round provision 46,875 0
Deemed dividends related to convertible debt warrants down round provision 23,270 0
Value of exercise price reduction related to warrant inducement 341,297 0
Financing of prepaid insurance premiums 264,066 293,882
Issuance of common stock and warrants for prepaid services 0 373,981
Operating lease right-of-use assets and liabilities 0 330,707
Conversion of preferred stock to common stock 0 30
Supplemental Disclosure:    
Cash paid for interest 32,579 446,069
Cash paid for income taxes $ 0 $ 0