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 $ (58,691,023) $ (37,409,694)
Adjustments to reconcile net loss to net cash used in operating activities:    
Impairment of deposit on asset purchase agreement 3,500,000
Impairment of other long-lived assets 267,019
Loss on impairment of goodwill 32,347,000
Loss on impairment of ENTADFI 3,530,717 14,687,346
Loss on impairment of intangibles 10,279,796
Amortization of debt discount 376,660 671,373
Amortization of debt discount - related party 400,000
Loss on related party receivable 265,648
Loss on extinguishment of note payable 490,000
Depreciation and amortization 731,345 43,937
Fair value of subscription agreement liability 729,900
Net periodic pension benefit cost (48,423) 13,875
Stock-based compensation 438,653 329,760
Loss on impairment of inventory of ENTADFI 356,637
Change in fair value of contingent warrant liabilities (1,250,466) 91,967
Change in fair value of subscription agreement liability 3,259,000 134,100
Recovery of related party receivable (159,000)
Provision for excess inventory 1,152,369
Deferred tax benefit (1,045,181) (12,593)
Amortization of deferred offering costs 366,113
Gain on settlement of contingent warrant liabilities (5,282)
Changes in assets and liabilities:    
Accounts receivable 116,676 (62,286)
Inventory (62,273) (315,828)
Prepaid expenses and other assets 1,018,109 (412,601)
Prepaid expenses, LT (7,749) (16,883)
Accounts payable (1,477,075) 3,372,648
Accrued expenses (1,129,050) (942,075)
Net cash used in operating activities (10,495,816) (13,581,018)
Cash flows from investing activities    
Acquisition of assets (6,079,771)
Cash acquired through business combination 1,056,578
Deposit made in connection with asset purchase agreement (3,500,000)
Purchase of other long-lived assets (51,744)
Receivable from related party (70,798)
Purchase of property and equipment (28,471) (3,300)
Net cash used in investing activities (28,471) (8,649,035)
Cash flows from financing activities    
Proceeds from issuance of notes payable - related party 5,000,000
Payment of financing costs (400,000)
Payment on note payables (1,345,521) (1,000,000)
Proceeds from exercise of preferred investment options, net 922,749 2,298,675
Proceeds from exercise of stock options 163 459
Proceeds from exercise of warrants 6,155
Proceeds from issuance of Series C Preferred Stock and warrants 1,875,000
Proceeds from purchases of common stock 685,282
Cash in lieu of shares (718)
Deferred financing costs (205,093)
Purchase of treasury shares (58,981)
Net cash provided by financing activities 6,743,110 1,035,060
Effect of exchange rate changes on cash (126,658) (3,331)
Net (decrease) in cash (3,907,835) (21,198,323)
Cash, beginning of period 4,554,335 25,752,659
Cash, end of period 646,500 4,554,335
Cash paid for interest 379,409
Noncash investing and financing activities:    
Inventory and intangible assets acquired through issuance of notes payable 12,947,000
Incremental fair value of exchanged preferred investment options 2,613,011
Deferred offering costs included in accounts payable and accrued expenses 150,000
Recognition of contingent warrant liability 157,720 25,837
Warrants issued for settlement of contingent warrants 129,184
Deferred offering costs previously included in prepaid expenses (11,020)
Effect of business combination (Note 5) 64,054,991
Conversion of Series B Preferred Stock to common stock 64,236,085
Settlement of related party note payable and accrued interest through issuance of common stock 5,134,247
Settlement of note payable through issuance of Series A convertible preferred stock 3,490,000
Exercise of pre-funded warrants 7
Issuance of restricted stock 5
Restricted stock forfeitures (3)
Establishment of operating right-of-use asset 87,864
Conversion to equity of non-controlling interest 7,184,751
D&O insurance premium financed 678,548
Receivable from shareholders for shares issued 250,308
Measurement Period Adjustments from Proteomedix acquisition 10,321,000
Adjustment to redeemable Series C preferred stock 125,000
Deemed dividend Series C preferred stock $ 206,404