v3.25.1
Unaudited Condensed Consolidated Statement of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net (loss) income $ (2,750,317) $ (2,859,862)
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization expense 25,364 42,752
Change in fair value of warrant liabilities (476,583) 165,361
Change in fair value of conversion option liabilities (272,479) 60,666
Noncash lease expense 92,776 87,735
Income tax (benefit) expense (400,000) 532,280
Amortization of debt discount 802,748 434,308
Share-based compensation 712,714 117,500
Provision for credit losses 9,295
Paid in kind interest 994,856  
Changes in operating assets and liabilities:    
Accounts receivable (121,467) (71,921)
Inventories 742,110 (64,712)
Prepaid and other current assets (218,234) (312,651)
Accounts payable (274,154) 40,929
Accrued expenses (725,098) 808,647
Deferred revenue (1,314,462) (1,582,323)
Other payable 213,259 122,012
Lease liability (85,513) (75,692)
Net cash used in operating activities (3,045,185) (2,554,971)
Cash flows from investing activities:    
Purchase of assets (18,920)
Net cash used in investing activities (18,920)
Cash flows from financing activities:    
Repayment of floor plan payable (870,400)
Proceeds from floor plan payable 318,400
Proceeds from convertible note 1,724,100
Proceeds from note payable 1,575,000
Debt issuance costs (347,055)
Repayment of note payable (150,480)
Net cash provided by financing activities 2,249,565
Effect of translation changes on cash (3,757)
Net (decrease) increase in cash and cash equivalents (799,377) (2,573,891)
Cash and cash equivalents, beginning of year 1,476,850 8,134,211
Cash and cash equivalents, end of year 677,473 5,560,320
Supplemental cash flow disclosure:    
Cash paid for interest 176,277 112,737
Supplemental disclosure of noncash cash flow information    
Initial classification of warrant liabilities 33,357
Initial classification of conversion option liability 49,017
Issuance of common stock 50
Reversal of conversion of redeemable preferred stock into common stock $ (185)