v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net loss $ (6,703,557) $ (5,476,627)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 207,371 251,941
Amortization of operating lease right-of-use assets 47,040 56,325
Amortization of debt discount 450,134 0
Stock-based compensation 224,981 451,374
Loss on extinguishment of debt 1,011,334 0
Gain on change in derivative liability (98,642) 0
Gain on change in fair value of warrant liability (13,416) (20,038)
Changes in operating assets and liabilities:    
Prepaid expenses (436,458) 88,599
Accounts receivable 65,566 (77,256)
Other current assets (98,785) 87,376
Deferred revenue, current and non-current (713,041) 0
Accounts payable and accrued liabilities 850,761 372,042
Management and directors' fees payable (12,156) 24,306
Right-of-use assets operating leases liabilities (61,264) (56,060)
Net Cash Used In Operating Activities (5,280,132) (4,298,018)
Investing Activities    
Purchases of property and equipment (9,214) (1,808)
Net Cash Used In Investing Activities (9,214) (1,808)
Financing Activities    
Net proceeds from issuances of common shares 5,173,805 2,384,654
Tax withholdings paid related to stock-based compensation (15,706) (24,411)
Net proceeds from issuances of convertible note and warrants 1,755,000 0
Proceeds from long-term debt 962,723 1,570,176
Payments on long-term debt (246,186) (251,759)
Payments on finance lease obligations (13,460) (11,580)
Net Cash Provided By Financing Activities 7,616,176 3,667,080
Effect of foreign exchange on cash (341,041) (31,341)
Net change in cash and cash equivalents 1,985,789 (664,087)
Cash and cash equivalents - Beginning of the Period 1,117,028 3,264,429
Cash and cash equivalents - End of the Period 3,102,817 2,600,342
Supplemental Disclosures of Cash Flow Information    
Interest paid 125,842 96,669
Non-Cash Financing Activities    
Common stock issued upon settlement of vested RSUs 518 98
Fair value of derivative liability recognized upon issuance of convertible note 385,300 0
Issuance of warrants in connection with convertible note offering 615,852 0
Debt issuance costs recognized upon issuance of convertible note 645,000 0
Common stock issued for settlement of convertible loan note repayments 2,803,200 0
Offering costs from issuance of common stock 236,537 134,329
Non-cash note payable $ 262,552 $ 292,470

Source

10-Q PDF
XBRL