v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities    
Net loss $ (4,899,887) $ (1,829,451)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 188,436 471,600
Non-cash operating lease expense 298,256 270,027
Loss on investment in marketable securities 275,276
Loss on transactions denominated in foreign currency 297,460
Change in fair value of digital assets 62,820
Depreciation and amortization 374,703 373,731
Changes in operating assets and liabilities:    
Accounts receivable 434,291 55,440
Interest receivable (158,904) (527,353)
Prepaid expenses and other current assets (25,118) (52,239)
Accounts payable 1,394,999 (184,702)
Accrued expenses and other current liabilities 540,559 (361,443)
Operating lease liability (390,141) (362,834)
Deferred revenue (576,837) 1,902
Total Adjustments 2,715,800 (315,871)
Net Cash Used In Operating Activities (2,184,087) (2,145,322)
Cash Flows From Investing Activities    
Investment (2,451,300)
Proceeds from maturing of short-term investments 23,800,000 6,500,000
Other receivables (2,591,176)
Issuance of short-term loan (1,340,149)
Purchases of short-term investments (64,010,000) (19,642,386)
Proceeds from sale of marketable securities 1,245,689
Loans receivable (1,052,822)
Purchases of property and equipment (32,257) (10,639)
Net Cash Used in Investing Activities (45,091,866) (14,493,174)
Cash Flows From Financing Activities    
Proceeds from issuance of common stock in share purchase agreement 2,000,000
Proceeds from short-term loans 19,196,216 5,626,654
Repayment of short-term loans (11,690,305)
Net Cash Provided By Financing Activities 7,505,911 7,626,654
Effect of Exchange Rate Changes on Cash 13,426 (7,776)
Net Decrease In Cash, Cash Equivalents, And Restricted Cash (39,756,616) (9,019,618)
Cash, cash equivalents, and restricted cash - Beginning of Period 59,242,802 21,320,583
Cash, cash equivalents, and restricted cash - End of Period 19,486,186 12,300,965
Cash and cash equivalents and restricted cash consisted of the following:    
Cash and cash equivalents 19,127,047 7,300,965
Money market funds 359,139
Restricted cash 5,000,000
Total cash and cash equivalents and restricted cash 19,486,186 12,300,965
Non-Cash Investing and Financing Activities:    
Cumulative effect adjustment upon adoption of ASU 2023-08 $ (89,428)

Source