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 $ (22,508,208) $ (9,198,854)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 745,741 776,397
Amortization of debt discount 137,615 346,557
Stock-based compensation expense 525 407
Shares issued for service 837,473 0
Share issued for SEPA 187,500 0
Share issues for settlement of expenses 133,750 0
Stock-based compensation to employees 35,000 0
ROU amortization on finance leases 121,457 118,851
ROU amortization on operating leases 172,974 168,995
Provision for inventory shrinkage 23,926 187,098
Bad debt expense 187,633 71,173
Impairment loss 2,403,628 181,853
Loss (gain) on disposal of property, plant and equipment (843) (22,008)
Loss on extinguishment of debt 1,645,443 370,320
Gain on extinguishment of debt (2,257,638) 0
Change in fair value of convertible debt 1,707,747 (25,446)
Change in fair value of forward purchase agreement 8,254,390 0
Gain on modification of forward purchase agreement (1,572,236) 0
Day one gain on issuance of SEPA and convertible note (134,886) 0
Change in fair value of contingent consideration 59,723 0
Change in fair value of derivative liabilities 187,428 0
Loss on modification of forward purchase agreement 385,000 0
Changes in operating assets and liabilities:    
Accounts receivable (767,292) 406,911
Contract asset 136,896 (343,646)
Inventory (293,434) 191,623
Prepaid expenses and other current assets 139,452 (250,405)
Accounts payable 3,381,318 1,006,007
Accrued expenses 1,622,271 1,080,972
Operating lease liabilities (146,307) (166,060)
Working Capital Advance (266,831) 0
Contract liabilities (518,348) 477,563
Net cash used in operating activities (5,959,133) (4,621,692)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (27,044) (41,771)
Proceeds from sale of property and equipment 13,000 56,648
Issuance of convertible note receivable 0 (445,000)
Purchase of additional noncontrolling shares (60,000) 0
Cash acquired from acquisition of businesses, net of purchase price paid 152,482 0
Cash paid for capitalized software development costs (186,103) (35,588)
Net cash used in investing activities (107,665) (465,711)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the Business Combination 35,770,959 0
Payment for reimbursement of consideration shares related to the Forward Purchase Agreement payment (36,727,814) 0
Reimbursement for Recycled Shares related to Forward Purchase Agreement 1,000,000 0
Proceeds from the issuance of debt 6,614,400 9,047,344
Cash paid for debt issuance costs (1,015,114) 0
Payments of deferred offering costs 0 (984,857)
Repayments of debt (2,262,401) (2,153,487)
Repayments of convertible debt (50,000) 0
Advance to Monterey Capital Acquisition Corporation (1,933,695) (2,491,431)
Advance from Lender 1,057,275 0
Payment on finance leases (107,068) (90,409)
Net cash provided by financing activities 7,286,542 4,227,160
Effect of exchange rate changes on cash and cash equivalents 27,731 97,280
Increase (decrease) in cash and cash equivalents 1,247,475 (762,964)
Cash, beginning of year 1,160,368 1,923,332
Cash, end of year 2,407,843 1,160,368
Supplemental disclosures of cash flow information:    
Cash paid for interest 1,057,138 375,304
Cash paid for taxes 0 0
Supplemental disclosures of noncash financing information:    
Right-of-use asset, operating acquired 110,819 199,848
Right-of-use asset, finance acquired 0 55,057
Derivative liabilities issued in connection extinguishment of obligations to related party lender and vendor 4,042,050 0
Conversion of convertible debt to common stock 3,779,223 0
Carrying value of debt exchanged in connection with acquisition of noncontrolling shares 110,172 0
Common stock issued as consideration to acquire a business 161,440 0
Vehicles acquired through issuance of debt 36,823 317,020
Debt extinguished through repossession of vehicle 22,839 0
Vendor obligation exchanged for debt instrument 119,000 0
Deferred offering costs included in accounts payable 0 774,485
Common stock issued for prepaid expenses 891,827 0
Unpaid purchase price of acquisition 170,000 0
Shares issues in connection with debt conversion agreements 7,461,573 0
Recapitalization of non-controlling interest 110,172 0
2023 Convertible Notes    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of convertible notes 0 900,000
2024 Convertible Notes    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of convertible notes $ 4,940,000 $ 0