v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:    
Net loss $ (172,646,790) $ (30,736,098)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Depreciation and amortization 225,251 242,436
Impairment of loans receivable 255,412 1,156,316
Share-based compensation - employees shares restrictions lifted 18,836,099  
Share based compensation for employees 4,314,649 5,079,201
Share based compensation issued to related parties 63,001,392 3,646,017
Share based compensation for consultancy services 217,365  
Ordinary shares issued in lieu of cash payment for services 279,006  
Advisor loan issued for services - Northlands Securities (refer to note 7.7) 5,141,250  
Advisor loan issued for services - J.V.B. Financial Group (refer to note 7.7) 7,500,000  
Advisor loan issued for services- Cantor Fitzgerald (refer to note 7.7) 16,000,000  
Interest expense 10,557,714 4,791,782
Gain on derivatives (19,001,681)  
Loss on extinguishment 44,332,819 0
Unrealized foreign exchange (gain)/loss (1,329,775) 375,298
Other non cash expenses 25,368  
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (8,739) (3,679)
(Increase) in prepaid expense and other current assets (906,198) (416,069)
Increase in accounts payable, accrued expenses and other payables 1,354,146 2,310,465
Increase in payables due to related parties 209,997 552,456
Net cash used in operating activities (21,642,715) (13,001,875)
Cash Flows from Investing Activities:    
Purchase of property and equipment (4,774) (14,376)
Development of intangible assets (3,523,852) (1,767,148)
Net cash (used in) investing activities (3,528,626) (1,781,524)
Cash Flows from Financing Activities:    
Proceeds from merger with Armada 3,361  
Proceeds from rights issuance 1,405,592 7,767,674
Proceeds from short-term debt from related party 6,623,541 4,369,413
Repayment of short-term debt obligation from related parties (1,153,750) (250,000)
Proceeds from convertible promissory loans 11,859,249  
Repayment of promissory notes (1,471,852)  
Proceeds from promissory notes 399,982  
Proceeds from issuance of common stock to related parties   199,974
Repayments of rights issue (100,000)  
Proceeds from issuance of ordinary shares 16,444,773  
Proceeds from exercise of warrants 575,000  
Proceeds from long-term debt obligation   2,625,000
Net cash flow generated from financing activities 34,585,896 14,712,061
Effect of exchange rate changes on cash 25,948 42,399
Net change in cash 9,440,503 (28,939)
Cash and cash equivalents, beginning of year 10,441 39,380
Cash and cash equivalents, end of year 9,450,944 10,441
Supplemental disclosure of noncash investing and financing activities    
Share-based payment for development of intangible asset 1,275,000 115,190
Cash paid for interest 114,966  
Cash paid for taxes 0  
Accrued interest payable converted to principal $ 1,339,800 $ 4,040,989