v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities    
Net loss $ (9,733,854) $ (5,712,402)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 379,198 673,908
Non-cash operating lease expense 600,654 549,977
Gain on investment in marketable securities (512,593)
Non-cash payment of legal fees 247,772  
Loss on transactions denominated in foreign currency 1,274,967
Change in fair value of digital assets 35,221
Depreciation and amortization 772,150 780,168
Changes in operating assets and liabilities:    
Accounts receivable 426,329 164,010
Insurance recovery receivable (1,313,766)
Interest receivable 161,713 (1,303,175)
Other receivables (13,787)
Prepaid expenses and other current assets (125,387) 40,468
Deposit 3,700,000
Accounts payable 2,051,566 641,038
Accrued expenses and other current liabilities 281,649 140,369
Operating lease liability (784,424) (760,066)
Deferred revenue (521,535) 246,517
Total Adjustments 6,659,727 1,173,214
Net Cash Used In Operating Activities (3,074,127) (4,539,188)
Cash Flows From Investing Activities    
Investment in unconsolidated affiliate (2,451,300)
Purchase of land use rights (1,680,862)
Proceeds from maturity of short-term investments 102,366,429 41,576,326
Purchases of short-term investments (127,458,499) (39,876,326)
Proceeds from sale of marketable securities 1,245,689
Issuance of loans receivable (10,552,822) (1,340,149)
Proceeds from repayment of short-term loan 4,500,000 1,340,149
Purchases of property and equipment (55,536) (13,414)
Net Cash (Used In) Provided By Investing Activities (34,086,901) 1,686,586
Cash Flows From Financing Activities    
Proceeds from issuance of common stock in share purchase agreement 2,000,000
Return of proceeds upon cancellation of common stock previously issued pursuant to a share purchase agreement (6,600,000) (2,000,000)
Proceeds from short-term loans 30,248,163 19,846,197
Repayment of short-term loans (22,692,471)
Net Cash Provided By Financing Activities 955,692 19,846,197
Effect of Exchange Rate Changes on Cash 38,509 (10,543)
Net (Decrease) Increase In Cash, Cash Equivalents, And Restricted Cash (36,166,827) 16,983,052
Cash, cash equivalents, and restricted cash - Beginning of Period 59,242,802 21,320,583
Cash, cash equivalents, and restricted cash - End of Period 23,075,975 38,303,635
Cash and cash equivalents and restricted cash consisted of the following:    
Cash and cash equivalents 7,287,470 33,303,635
Money market funds 15,788,505
Restricted cash 5,000,000
Cash and cash equivalents and restricted cash 23,075,975 38,303,635
Non-Cash Investing and Financing Activities:    
Cumulative effect adjustment upon adoption of ASU 2023-08 (89,428)
ROU asset and lease liability $ 85,095

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