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 (loss) income $ (7,020,611) $ (4,889,357)
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization expense 51,121 75,099
Gain on FV conversion of debt to preferred stock (433,881)
Change in fair value of warrant liabilities (519,327) 452,045
Change in fair value of conversion option liabilities (360,989) 236,860
Noncash lease expense 186,909 176,682
Income tax (benefit) expense (400,000)
Amortization of debt discount 1,123,162 868,616
Share-based compensation 1,948,094 256,959
Provision for credit losses 29,508 (8,033)
Paid in kind interest 2,007,292
Inventory write off 353,377
Changes in operating assets and liabilities:    
Accounts receivable (590,840) (61,062)
Inventories 2,909,877 371,298
Prepaid and other current assets 28,723 (371,462)
Deposit 17,486
Deferred tax asset 515,444
Accounts payable (528,485) 203,802
Accrued expenses 58,220 1,056,933
Deferred revenue (2,833,155) (3,070,627)
Other payables (78,897) 538,468
Deferred tax liability 7,124
Lease liability (173,105) (153,776)
Net cash used in operating activities (4,243,007) (3,777,501)
Cash flows from investing activities:    
Disposal of asset 6,718
Purchase of assets (23,764)
Net cash used in investing activities (17,046)
Cash flows from financing activities:    
Repayment of floor plan payable (1,271,138) (356,000)
Proceeds from floor plan payable 557,458 1,677,000
Proceeds from convertible note 2,548,060
Proceeds from notes payable 3,399,300
Debt issuance costs (346,267)
Repayment of notes payable (1,514,286)
Net cash provided by financing activities 3,373,127 1,321,000
Effect of translation changes on cash (1,665)
Net (decrease) increase in cash and cash equivalents (871,545) (2,473,547)
Cash and cash equivalents, beginning of year 1,476,850 8,134,211
Cash and cash equivalents, end of year 605,305 5,660,664
Supplemental cash flow disclosure:    
Cash paid for interest 176,277 660,086
Supplemental disclosure of noncash cash flow information    
Conversion of convertible notes and interest to common stock 258,431
Conversion of convertible notes and interest to preferred stock 663,164
Initial classification of warrant liabilities 33,357
Initial classification of conversion option liability 49,017
Issuance of common stock 74
Reversal of conversion of redeemable preferred stock into common stock (185)
Intangible asset acquired $ 1,309,098