v3.26.1
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flow from operating activities    
Net loss $ (19,928,085) $ (19,278,511)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on debt extinguishment 8,322,400
Depreciation and amortization 1,491,985 1,795,566
Share-based compensation expense 4,625,921 4,730,277
Interest expense, net 4,394,114 2,631,148
Foreign exchange gain/(loss), net (129,937) 945,391
Other non-cash 204,132 416,629
Changes in operating assets and liabilities:    
Accounts receivable 101,321 (554,030)
Inventories 42,118 (30,188)
Other current assets (557,526) 787,601
Accounts payable (1,846,724) 279,687
Deferred revenue 365,067 155,094
Accrued expenses, employee benefit and other current liabilities 345,412 (51,883)
A. Net cash used in operating activities (2,569,802) (8,173,219)
Cash flow from investing activities    
Purchase of treasury shares (287,254) (195,438)
Purchase of property and equipment (222,020) (282,430)
B. Net cash used in investing activities (509,274) (477,868)
Cash flow from financing activities    
Proceeds from issuance of convertible notes 7,745,487 8,375,750
Repayment of term loans (833,334)
Proceeds from exercise of employee share options 30,390 167,930
C. Net cash generated from financing activities 7,775,877 7,710,346
D. Increase/(Decrease) in cash and cash equivalents (A+B+C) 4,696,801 (940,741)
E. Cash and cash equivalents at beginning of the period 7,805,859 5,148,857
Cash and cash equivalents at ending of the period (D+E) 12,502,660 4,208,116
Supplemental disclosures of cash flow information:    
Interest paid, net (4,030,836) (3,163,818)
Conversion of convertible notes into shares 500,000 1,100,000
Carrying amount of convertible notes extinguished (5,558,600)
Fair value of amended convertible notes issued $ 16,442,000