v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Activities:    
Net loss $ (23,503,329) $ (27,257,985)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 983,706 1,113,184
Amortization of operating lease right-of-use assets 232,695 225,748
Amortization of debt discount 1,957,147 0
(Gain) / Loss on disposal of fixed assets (1,829) 34,731
Stock based compensation 1,739,711 1,268,543
Gain on change in derivative liability (128,729) 0
Gain on change in fair value of warrant liability (76,908) (28,763)
Changes in operating assets and liabilities:    
Accounts receivable (207,234) 132,045
Prepaid expenses (95,020) 182,710
Other current assets 150,736 16,980
Accounts payable and accrued liabilities 77,977 (1,217,013)
Deferred revenue (601,092) (106,600)
Management and directors' fees payable 50,853 0
Operating lease liabilities (262,018) (257,204)
Net Cash Used In Operating Activities (19,683,334) (25,893,624)
Investing Activities:    
Purchases of property and equipment (89,558) (277,499)
Purchase of license 0 (296,353)
Net Cash Used In Investing Activities (89,558) (573,852)
Financing Activities:    
Net proceeds from issuance of common shares 11,170,410 8,592,177
Tax withholdings paid related to stock-based compensation (210,034) (139,939)
Proceeds from grants repayable 111,043 0
Proceeds from long-term debt 1,980,178 1,368,502
Net proceeds from issuance of convertible note and warrants 5,802,779 0
Payments on long-term debt (877,550) (1,087,550)
Payments on convertible loan note (833,334) 0
Payments on grants repayable 0 (28,213)
Payments on financing leases (50,634) (47,723)
Net Cash Provided By Financing Activities 17,092,858 8,657,254
Effect of foreign exchange on cash and cash equivalents 532,633 344,668
Net Change in Cash and Cash Equivalents (2,147,401) (17,465,554)
Cash and Cash Equivalents - Beginning of Year 3,264,429 20,729,983
Cash and Cash Equivalents - End of Year 1,117,028 3,264,429
Supplemental Disclosures of Cash Flow Information:    
Cash paid for Interest 280,718 340,362
Non-Cash Investing and Financing Activities:    
Common stock issued for settlement of vested RSUs 2,091 731
Fair value of derivative liability recognized upon issuance of convertible note 1,042,471 0
Issuance of warrants in connection with convertible note offering 1,983,842 0
Debt issuance cost recognized upon issuance of convertible note 1,740,825 0
Common stock issued for license rights 0 125,258
Offering costs from issuance of common stock 605,514 325,090
Non-cash note payable $ 292,470 $ 294,603

Source

10-K PDF
XBRL