v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (3,026,007) $ (10,802,111)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Stock-based compensation 119,238 1,088,923
Amortization of discount of notes payable 0 241,444
Amortization of right to use assets 46,156 31,782
Amortization of patent rights 204,600 204,600
Depreciation expense 137,541 11,702
Impairment loss 50,000 43,000
Non-cash interest income (33,006) (57,191)
Loss on change in fair value of profit share (5,926) 3,959,065
Changes in operating assets and liabilities    
Accounts receivable (243,403) 1,310,421
Inventory 173,727 173,351
Prepaid expenses and other assets (12,223) (16,004)
Accrued salaries (7,319) 30,344
Accounts payable and accrued liabilities 1,907,055 144,547
Income tax payable 32,190 (437,821)
Operating lease liability (42,733) (31,219)
Net cash used in operating activities (700,110) (4,105,167)
Cash flows used in investing activities    
Purchase of property and equipment (29,296) (809,432)
Net cash used in investing activities (29,296) (809,432)
Cash flows used in financing activities    
Deferred offering costs (481,250) 0
Proceeds from exercise of stock options 0 17,500
Repayment of secured notes payable 0 (271,686)
Repayment of unsecured notes payable 0 (12,314,895)
Net cash used in financing activities (481,250) (12,569,081)
Net decrease in cash and cash equivalents (1,210,656) (17,483,680)
Cash and cash equivalents - beginning of period 3,456,082 20,939,762
Cash and cash equivalents - end of period 2,245,426 3,456,082
Cash paid during the period for:    
Interest 0 4,023
Income taxes 52,820 143,269
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Capital from related party debt extinguishments 0 10,827,195
Recognition of ROU asset and operating lease liability $ 0 $ 326,285

Source

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