v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net (loss) income $ (10,802,111) $ 5,668,314
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Stock-based compensation - amortization of prepaid services 0 486,667
Stock-based compensation 1,088,923 33,782
Amortization of discount of notes payable 241,444 1,336,171
Amortization of right to use assets 31,782 40,924
Amortization of patent rights 204,600 205,534
Depreciation expense 11,702 12,927
Impairment loss 43,000 219,707
Non-cash interest revenue (57,191) (79,301)
Loss on change in fair value of profit share 3,959,065 11,209,677
Changes in operating assets and liabilities    
Accounts receivable 1,310,421 859,396
Inventory 173,351 195,967
Prepaid expenses and other assets (16,004) 88,772
Accrued salaries 30,344 (58,542)
Accounts payable and accrued liabilities 144,547 (1,388,385)
Income tax payable (437,821) 437,821
Operating lease liability (31,219) (43,394)
Net cash (used in) provided by operating activities (4,105,167) 19,226,037
Cash flows used in investing activities    
Purchase of property and equipment (809,432) 0
Net cash used in investing activities (809,432) 0
Cash flows from financing activities    
Proceeds from exercise of stock options 17,500 209,500
Repayment of secured notes payable (271,686) 0
Repayment of unsecured notes payable (12,314,895)  
Net cash (used in) provided by financing activities (12,569,081) 209,500
Net (decrease) increase in cash and cash equivalents (17,483,680) 19,435,537
Cash and cash equivalents - beginning of period 20,939,762 1,504,225
Cash and cash equivalents - end of period 3,456,082 20,939,762
Cash paid during the period for:    
Interest 4,023 19,721
Income taxes 143,269 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Capital from related party debt extinguishments 10,827,195 0
Recognition of ROU asset and operating lease liability $ 326,285 $ 0

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