v3.25.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:        
Net (loss) income $ (7,020,611) $ (4,889,357) $ (10,771,451) $ (1,178,906)
Adjustments to reconcile net income to net cash provided by (used in) operating activities        
Depreciation and amortization expense 51,121 75,099 126,791 148,763
Gain on forgiveness of payable     319,900
Change in fair value of derivatives     638,212
Amortization of right-to-use asset     358,312 330,110
Gain on FV conversion of debt to preferred stock (433,881)    
Change in fair value of warrant liabilities (519,327) 452,045 433,725
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) 838,055 (965,970)
Amortization of debt discount 1,123,162 868,616 1,928,576 72,335
Share-based compensation 1,948,094 256,959 331,959
Provision for credit losses 29,508 (8,033) 31,484 123,562
Paid in kind interest 2,007,292    
Inventory write off 353,377    
Changes in operating assets and liabilities:        
Accounts receivable (590,840) (61,062) (76,506) 491,993
Other receivable     209,810
Inventories 2,909,877 371,298 (1,220,602) (1,813,841)
Prepaid and other current assets 28,723 (371,462) (205,858) (25,571)
Deposit 17,486 17,486 (1,700)
Deferred tax asset 515,444 838,055 (838,055)
Accounts payable (528,485) 203,802 1,509,157 199,536
Accrued expenses 58,220 1,056,933 1,449,977 536,944
Deferred revenue (2,833,155) (3,070,627) (4,388,036) (1,302,767)
Other payables (78,897) 538,468 (335,641) 1,299,337
Deferred tax liability 7,124    
Lease liability (173,105) (153,776) (314,903) (247,492)
Net cash used in operating activities (4,243,007) (3,777,501) (9,763,088) (1,995,942)
Cash flows from investing activities:        
Disposal of asset 6,718 6,718
Purchase of assets (23,764) (23,764) (499,316)
Net cash used in investing activities (17,046) (17,046) (499,316)
Cash flows from financing activities:        
Repayment of loan payable     (500,000)
Repayment of floor plan payable (1,271,138) (356,000) (1,675,000)
Proceeds from floor plan payable 557,458 1,677,000 2,887,000
Proceeds from convertible note 2,548,060 1,154,681 13,700,000
Proceeds from notes payable 3,399,300    
Debt issuance costs (346,267) (382,212) (3,088,884)
Assets and liabilities assumed from Business Combination     (762,710)
Issuance of preferred and common shares, net of issuance costs     1,145,000 95,537
Cash distributed to stockholders     (2,329,357)
Repayment of notes payable (1,514,286)    
Net cash provided by financing activities 3,373,127 1,321,000 3,129,469 7,114,586
Effect of translation changes on cash (1,665) (6,696)
Net (decrease) increase in cash and cash equivalents (871,545) (2,473,547) (6,657,361) 4,619,328
Cash and cash equivalents, beginning of year 1,476,850 8,134,211 8,134,211 3,514,883
Cash and cash equivalents, end of year 605,305 5,660,664 1,476,850 8,134,211
Supplemental cash flow disclosure:        
Cash paid for interest 176,277 660,086 1,812,295 95,681
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      
Transfer of property and equipment to inventory     325,474
Initial classification of warrant liabilities 33,357 26,551 26,283
Initial classification of conversion option liability 49,017 105,981 2,724
Assets and liabilities acquired with the business combination     1,250,000
Conversion of preferred shares into common shares     185
Paid in kind interest on convertible note     862,974
Record right-to-use asset and lease liability per ASC 842     $ 196,797 $ 196,797
Issuance of common stock 74    
Reversal of conversion of redeemable preferred stock into common stock (185)    
Intangible asset acquired $ 1,309,098