v3.25.2
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 $ (1,757,914) $ 2,991,203 $ (48,319,475) $ (17,279,847)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:        
Depreciation and amortization expense 2,518 390,499 711,929 1,373,707
Stock compensation expense 783,762 1,114,467 1,575,952 3,739,156
Amortization of deferred origination fees (55,842)
Operating lease (2,172) 18,594
Provision (benefit) for credit losses (166,035)
Net deferred indemnified loan origination fees     (63,275) (45,806)
Interest expense     663,208
Lease expense     23,181 136,097
Credit loss (benefit) expense     (1,393,131) 290,857
Impairment of goodwill 0 0 6,058,000 13,208,276
Impairment of long-lived intangible assets     3,090,881 5,699,464
Income tax (benefit)/expense 45,953 43,859,686 (1,829,701)
Marketing expense settled via common stock     100,000
Change in fair value of warrant (1,254,240) (2,341,773) (2,803,638) 1,853,920
Change in the fair value of deferred consideration (120,040) (396,070) (361,449) (4,570,157)
Changes in operating assets and liabilities:        
Accounts receivable – trade 83,674 1,092,069 (12,734) 81,183
Accounts receivable – related party 385,168 (180,874) 1,127,297 (863,593)
Contract assets     21,170
Prepaid expenses 317,545 243,335 86,901 (220,852)
Other current liabilities (58,370) 25,203 527
Accrued interest receivable 14,214 (9,469) (2,542) (6,460)
Deferred underwriting payable     (550,000)
Other assets (286,672) 82,206 (2,967,145) 40,370
Accounts payable 486,818 (62,950) (76,672) (2,515,442)
Accounts payable – related party 89,309 (474,057) (501,709) 386,660
Accrued expenses (480,811) (59,296) 292,396 (464,424)
Contract liabilities (18,127) 44,873 6,413 20,926
Security deposit     (916) (856)
Net deferred indemnified loan origination fees 402,601
Net cash provided by (used in) operating activities (1,815,338) 2,704,637 430,477 (832,144)
Purchase of property and equipment     (208,434)
Payment to Abaca Shareholder     (3,000,000)
Proceeds from loan repayment 6,545 6,083 12,394 1,027,986
Net cash provided by investing activities 6,545 6,083 12,394 (2,180,448)
Repayment of senior secured promissory note (255,765) (1,487,507) (3,006,993) (488,834)
Net share settlement for stock compensation expense (12,771)
Net cash used in financing activities (268,536) (1,487,507) (3,006,993) (488,834)
Net (decrease) increase in cash and cash equivalents (2,077,329) 1,223,213 (2,564,122) (3,501,426)
Cash and cash equivalents – beginning of period 2,324,647 4,888,769 4,888,769 8,390,195
Cash and cash equivalents – end of period 247,318 6,111,982 2,324,647 4,888,769
Supplemental disclosure of cash flow information        
Interest paid 228,901 325,327 416,852 450,258
Supplemental disclosure of non-cash investing and financial activities        
Marketing expense settled via common stock     50,000
Shares issued for the settlement of abaca acquisition     4,085,076
Operating lease right of use assets recognized    
Operating lease liabilities recognized    
Shares issued for the settlement of PCCU debt obligation     38,406,408
Cumulative effect from adoption of CECL     581,318
Reversal of deferred underwriting cost     900,500
Interest recognized on PCCU settlement     639,521
Reclassification of forward purchase receivable $ (4,584,221)