v3.25.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net income $ 2,349,501 $ 1,235,716
Adjustments to reconcile net income to net cash used in operating activities:    
Amortization of debt discount and debt issuance cost 892,435
Depreciation and amortization 66,667 66,667
Stock based compensation 4,611
Stock issued for modification of notes payable 847,062
Foreign currency transaction loss (gain) (9,068) 23,345
Remeasurement loss (gain) on translation of foreign subsidiary 8,990 (5,113)
Non cash implied interest 4,799
Gain on settlement of debt (2,154,522)
Changes in operating assets and liabilities:    
Accounts receivable (1,748,852) (1,161,992)
Other receivables (25,457)
Loan receivable, related party (52,824) 35,449
Inventory (647,606) 1,805,950
Prepaid expenses 283,848 (276,818)
Prepaid expense, related party (488,379) (326,682)
Income taxes payable 23,495 262,374
Contract liabilities (19,365) (2,949)
Accounts payable and accrued liabilities (610,770) (2,804,381)
Accounts payable, related party 385,114 (980)
Net cash provided by (used in) operating activities (899,731) (1,140,005)
Cash Flows from Investing Activities
Cash Flows from Financing Activities    
Advances from related party 135,000 1,509,226
Repayment of notes payable, related party (135,000) (84,500)
Proceeds from notes payable 18,996,250 600,000
Payment of loan financing fees (1,980,914)
Repayment of notes payable, shareholder (10,000,000)
Repayment of notes payable (5,382,903) (1,617,335)
Net cash provided by financing activities 1,632,433 407,391
Effect of exchange rate on cash, cash equivalents and restricted cash 37,939 187,373
Net increase (decrease) in cash, cash equivalents and restricted cash 770,641 (545,241)
Cash and restricted cash, beginning of year 787,920 732,534
Cash and restricted cash, end of period 1,558,561 187,293
Supplemental Disclosure of Cash Flow Information:    
Interest 896,734 1,850,896
Income taxes 44,197
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Accounts payable converted to loan payable upon settlement 3,770,824
Reduction of short term related party note payable by reduction of prepaid balance 328,003
Issuance of common stock for loan financing 117,648
Issuance of pre-funded warrants for settlement of shareholder notes payable 899,993
Exercise of pre-funded warrants 4
Loan fees payable to lender $ 375,000