v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,134,852) $ (14,533,504)
Adjustments to reconcile net income to cash used in operating activities    
Derivatives mark-to-market gain (905,174) (375,076)
Deferred tax asset 211,698 (614,073)
Depreciation and amortization 30,499 12,239
Accretion 18,260 0
Right-of-use asset amortization 114,593 63,396
Stock based compensation 1,219,062 881,250
Operating cash flows before changes in operating assets and liabilities (7,445,914) (14,565,768)
Change in operating assets and liabilities    
Accounts receivable (327,873) (155,831)
Inventories 233,211 631,617
Foreign tax receivable (6,962,321) (6,847,708)
Other assets (1,091,821) (1,853)
Accounts payable 2,926,750 710,754
Accrued liabilities 4,653,964 2,169,128
Customer advances 0 400,000
CASH FLOWS USED IN OPERATING ACTIVITIES (8,014,004) (17,659,661)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (6,755) (115,273)
CASH FLOWS USED IN INVESTING ACTIVITIES (6,755) (115,273)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from borrowing (Note 8) 12,000,000 0
Proceeds from sale of common stock (Note 11) 6,000,000 5,000,000
Proceeds from sale of series E preferred stock (Note 11) 2,500,000 0
Purchase of series A preferred stock (Note 11) 0 (1,250,000)
Acquisition of treasury stock (Note 11) 0 (60,250)
Payments of notes payable (Note 8) (11,900,000) 0
Lease Payments (104,718) (19,648)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 8,495,282 3,670,102
Effects of foreign currency exchange (1,296,884) 531,407
NET DECREASE IN CASH (822,361) (13,573,425)
CASH AT BEGINNING OF YEAR 5,603,713 19,177,138
CASH AT END OF YEAR 4,781,352 5,603,713
SUPPLEMENTAL DISCLOSURES    
Cash paid for interest 1,175,508 0
Cash paid for income taxes 0 200,000
NON-CASH TRANSACTIONS    
Conversion of accrued expenses into common stock 462,532 0
Conversion of customer advance into note payable $ 0 $ 9,750,000