Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (11,627,122) $ (23,359,334)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sale of marketable securities (2,176) (976)
Change in fair value of marketable securities (38,671) (671)
Change in fair value of derivatives (983,000) 388,000
Change in fair value of warrants 4,410,000
Change in fair value of contingent consideration 1,529,000
Impairment of intangible assets 1,500,000
Loss on issuance of Series F-1 Convertible Preferred Stock 3,737,000
Loss on issuance of Series G Convertible Preferred Stock 5,109,000
Stock based compensation:    
Options/RSUs issued to directors 1,220,608 476,563
Options/RSUs issued to key employees 104,506 507,390
Options/RSUs issued to non-employees 777,069 73,318
Shares issued for services 72,341 600,000
Change in assets and liabilities    
Accounts receivables (18,200)
Prepaid expenses 119,635 (504)
Trade and other payables (881,382) (814,114)
License fees payable (838,227)
Operating leases (1,481)
Deferred compensation payable (100,538)
Net cash used in operating activities (9,065,619) (8,976,347)
Cash flows from investing activities:    
Purchase of technology license (2,009,022)
Purchases of marketable securities (19,062,985) (12,851,809)
Proceeds from sale of marketable securities 12,647,647 6,750,480
Net cash (used in investing activities (8,424,360) (6,101,329)
Cash flows from financing activities    
Net proceeds from the issuance of Series F Convertible Preferred Stock
Net proceeds from the issuance of Series F-1 Convertible Preferred Stock 5,050,000
Net proceeds from the issuance of Series G Convertible Preferred Stock 8,950,000
Net proceeds from the issuance of Series H Convertible Preferred Stock 6,654,838
Net proceeds from the exercise of warrants for common stock 11,726,609
Redemption of Convertible Preferred Stock   (73,472)
Dividend on Convertible Preferred Stock (77,626) (1,356,708)
Premium on Convertible Preferred Stock
Net cash provided by financing activities 18,303,821 12,569,820
Net increase/(decrease) in cash and cash equivalents 813,842 (2,507,856)
Cash and cash equivalents at beginning of year 173,154 2,681,010
Cash and cash equivalents at end of year 986,996 173,154
Cash paid for:    
Interest
Income Taxes
Supplemental Schedule of Non-Cash Financing and Investing Activities    
Fair value of Series G Convertible Preferred Stock issued in-lieu of dividends 1,866,000
Initial fair value of derivative liabilities pursuant to the issuance of Series H Convertible Preferred Stock and Warrants 1,837,000
Contingent Consideration Payable for the issuance of Series I Convertible Preferred Stock 9,380,000
Initial fair value of the LightSolver technology license 12,077,977
Initial fair value of warrant liabilities pursuant to the issuance of Series F-1 Convertible Preferred Stock and Warrants 7,933,000
Initial fair value of derivative liabilities pursuant to the issuance of Series F-1 Convertible Preferred Stock and Warrants 854,000
Initial fair value of warrant liabilities pursuant to the issuance of Series G Convertible Preferred Stock and Warrants 14,059,000
Reclass of warrant liability to equity upon warrant modification for the Series F Warrants 7,961,000
Reclass of warrant liability to equity upon warrant modification for the Series F-1 Warrants 6,965,000
Reclass of warrant liability to equity upon warrant modification for the Series G Warrants 12,343,000
Modification of Series F Convertible Preferred Stock $ 4,673,735