v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net loss $ (14,018,820) $ (11,790,697)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 395,384 504,629
Amortization of operating lease right-of-use assets 144,566 122,180
(Gain) loss on disposal of fixed assets (2,101) (330)
Amortization of debt discount 855,202 325,305
Stock-based compensation 462,985 1,263,419
Loss on extinguishment of debt 1,583,434 0
(Gain) loss on change in warrant liability (14,578) 42,726
Loss (gain) on change in fair value of derivative liability 1,277,758 (418,681)
Mandatory default amount on convertible notes payable 623,333 0
Changes in operating assets and liabilities:    
Prepaid expenses (223,420) (135,808)
Accounts receivable 40,453 (79,023)
Other current assets (143,178) (101)
Deferred revenue, current and non-current (889,305) (107,559)
Accounts payable and accrued liabilities (402,085) (188,884)
Management and directors' fees payable 26,548 24,306
Right-of-use assets operating leases liabilities (155,957) (122,189)
Net Cash Used In Operating Activities (10,439,781) (10,560,707)
Investing Activities    
Purchases of property and equipment (11,002) (78,591)
Net Cash Used In Investing Activities (11,002) (78,591)
Financing Activities    
Net proceeds from issuances of common shares 10,608,848 2,447,214
Tax withholdings paid related to stock-based compensation (15,831) (79,468)
Proceeds from grants repayable 1,091 32,426
Net proceeds from issuances of convertible note and warrants 1,755,000 5,802,799
Proceeds from long-term debt 962,723 1,570,176
Payments on long-term debt (426,607) (411,824)
Payments on grants repayable (13,049) 0
Payments on convertible loan note (250,000) 0
Payments on finance lease obligations (26,963) (24,219)
Net Cash Provided By Financing Activities 12,595,212 9,337,104
Effect of foreign exchange on cash (470,463) 293,761
Net change in cash and cash equivalents 1,673,966 (1,008,433)
Cash and cash equivalents - Beginning of the Period 1,117,028 3,264,429
Cash and cash equivalents - End of the Period 2,790,994 2,255,996
Supplemental Disclosures of Cash Flow Information    
Interest paid 242,897 220,025
Non-Cash Financing Activities    
Deemed dividend - down round provision in warrants 460,100 0
Common stock issued upon settlement of vested RSUs 27 53
Fair value of derivative liability recognized upon issuance of convertible note 385,300 1,042,471
Issuance of warrants in connection with convertible note offering 615,852 1,998,869
Debt issuance costs recognized upon issuance of convertible note 645,000 1,697,201
Common stock issued for settlement of convertible loan note repayments 4,170,400 0
Offering costs from issuance of common stock 282,999 219,801
Non-cash note payable $ 262,552 $ 292,470

Source

10-Q PDF
XBRL