v3.25.1
STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net loss $ (2,518,986) $ (10,615,035)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of original issue discount 155,409
Unrealized loss on equity investment 33,500
Gain on extinguishment of liabilities (757,854)
Equity-based compensation 6,249 1,708,218
Inventory write-down 0 1,844,210
Allowance for doubtful accounts 13,403 37,733
Changes in operating assets and liabilities    
Accounts receivable 151,732 87,216
Insurance recovery receivable 804,907
Inventories 125,379 1,514,115
Prepaid expenses and other 9,113 605,268
Interest receivable (36,888)
Accounts payable 632,634 (79,867)
Accrued compensation (420,413)
Settlement payable (101,241) (664,024)
Accrued expenses (357,208) 345,923
Accrued expenses - related parties 29,333
Deferred revenue (1,488) (6,593)
Net cash used in operating activities (1,931,830) (4,809,009)
Cash flows from investing activities    
Note receivable (3,500,000)
Equity investment (500,000)
Net cash used in investing activities (3,500,000) (500,000)
Cash flows from financing activities    
Proceeds from note payable 42,500
Proceeds from convertible notes payable and warrants 500,000
Proceeds from Series A issuance of preferred stock – net of issuance costs 950,000
Proceeds from Series B issuance of preferred stock – net of issuance costs 4,751,137
Payments on note payable (42,500)
Proceeds from rights offering – net of issuance costs 2,615,014
Net cash provided by financing activities 5,251,137 3,565,014
Net decrease in cash (180,693) (1,743,995)
Cash and restricted cash - beginning of year 336,340 2,080,335
Cash and restricted cash - end of year 155,647 336,340
Supplemental disclosure of non-cash activities investing and financing activities:    
Dividends declared but not paid 163,055 41,867
Equity warrants issued in conjunction with convertible notes payable 223,305
Series A preferred stock converted to common stock 65,000
Series A preferred dividends converted to common stock $ 9,717

Source

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