v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 458,603 $ (3,527,383)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 587,252 1,124,410
Gain on disposal of property and equipment (9,674)
Credit loss expense 75,000 179,034
Inventory obsolescence 62,800 199,278
Share-based compensation 1,028,335 1,304,904
Noncash lease expense 81,784 274,055
Share of losses from equity method investments 462,507 143,608
Back-end fee 181,944 176,079
Paid-in-kind interest 411,324
Accretion of finance liabilities 27,113 43,630
Amortization and write-off of debt issuance costs 73,541 59,280
Changes in operating assets and liabilities:    
Accounts receivable, net (1,709,332) 368,284
Accounts receivable – related parties (2,254)
Inventory, net 765,153 (605,628)
Prepaid and other assets 166,162 32,759
Accounts payable (1,433,365) 595,836
Accounts payable – related parties 15,847 10,892
Accrued royalties and expenses (105,442) 67,224
Accrued bonuses and commissions (3,120,078) (2,566,461)
Operating lease liabilities (83,231) (278,081)
Net cash used in operating activities (2,465,407) (1,998,884)
Cash flows from investing activities:    
Purchases of property and equipment (43,772) (1,722,649)
Proceeds from disposal of property and equipment 60,000
Investment in equity securities (3,517,206)
Net cash used in investing activities (43,772) (5,179,855)
Cash flows from financing activities:    
Loan proceeds, net of debt issuance costs of zero in 2026 and $183,750 in 2025 12,066,250
Net settlement of equity-based awards (397,219)
Cash payment of finance and earnout liabilities (78,000) (78,000)
Net cash provided by (used in) financing activities (475,219) 11,988,250
Net increase (decrease) in cash (2,984,398) 4,809,511
Cash, beginning of period 16,578,857 15,878,295
Cash, end of period 13,594,459 20,687,806
Cash paid during the period for:    
Interest 1,516,747 626,779
Taxes 143 52,984
Supplemental noncash investing and financing activities:    
Non-monetary exchange to acquire intangible assets 2,084,278
Conversion of note receivable into equity method investment $ 1,101,478