Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows From Operating Activities    
Net loss $ (8,607,273) $ (14,009,906)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 303,133 1,177,140
Depreciation and amortization 1,734,230 1,745,217
Impairment of property & equipment 418,416 1,674,000
Loss on lease termination 57,903
Loss on sale of property & equipment 133,015 172,684
Gain on sale of R&D assets (50,097)
Amortization of right-of-use asset 390,686 464,304
Change in inventory reserve 90,688 (285,584)
Changes in operating assets and liabilities:    
Accounts receivable 80,160
Inventories (66,669) 2,703,682
Prepaid expenses and other current assets (31,640) 267,081
Accounts payable (1,100,243) (183,947)
Accrued liabilities (80,005) (281,259)
Operating lease liabilities (436,730) (482,897)
Contract liabilities 315,932 35,805
Net cash used in operating activities (6,878,557) (6,973,617)
Cash Flows From Investing Activities    
Security deposit 14,087 11,137
Realized gain on sale of marketable securities, available for sale (40,414)
Net sales of investment in marketable securities 4,503,356
Proceeds from sale of property & equipment 552,478 6,000
Purchase of property and equipment (2,157,199) (6,341,711)
Net cash used in investing activities (1,590,634) (1,861,632)
Cash Flows From Financing Activities    
Proceeds from issuance of common stock, net of fees of $444,899 2,555,101
Deferred offering costs (30,000)
Finance lease payments (115,455) (213,744)
Net cash provided by (used in) financing activities 2,409,646 (213,744)
Net change in cash, cash equivalents and restricted cash (6,059,545) (9,048,993)
Cash, cash equivalents and restricted cash at beginning of the period 7,706,240 16,755,233
Cash, cash equivalents and restricted cash at end of the period 1,646,695 7,706,240
Supplemental Cash Flow Information    
Cash paid for interest 347,749 435,161
Non-Cash Investing and Financing Activities    
Sale of building in exchange for note receivable 3,750,000
Reconciliation to the Consolidated Balance Sheets    
Cash and cash equivalents 1,431,578 7,491,123
Restricted cash 215,117 215,117
Total cash, cash equivalents and restricted cash $ 1,646,695 $ 7,706,240