v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net Income (Loss) $ (46,679,000) $ (39,958,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,799,000 777,000
Depreciation and amortization 4,825,000 48,000
Amortization of debt discounts 431,000 1,260,000
Change in fair value of convertible debt 7,595,000  
Fair value of equity warrants in interest expense 16,657,000  
Accreted interest on CSI Convertible Notes 89,000  
Shares payable to NYIAX 1,088,000  
Change in fair value of warrant liability (19,000) 29,126,000
Changes in operating assets and liabilities:    
Accounts receivable (119,000) 177,000
Unbilled accounts receivable 21,000  
Inventories 416,000 407,000
Prepaid expenses and other current assets 182,000 (418,000)
Other assets 54,000 53,000
Accounts payable 962,000 (534,000)
Accrued liabilities (68,000) 46,000
Other liabilities (65,000) (29,000)
Net cash used in operating activities (12,831,000) (9,045,000)
Cash flows from investing activities:    
Issuance of note receivable   (150,000)
Purchases of property and equipment (52,000) (20,000)
Cash paid for acquisition of CSI, net (6,500,000)  
Net cash used in investing activities (6,552,000) (170,000)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes, net of issuance costs 13,698,000  
Proceeds from issuance of common stock, net of issuance costs 4,722,000  
Proceeds from issuance of common stock in connection with warrant exercise   556,000
Proceeds from issuance of common stock and warrants, net of offering costs   19,980,000
Proceeds from issuance of short-term loan, net of issuance costs   600,000
Proceeds from exercise of warrants   714,000
Repurchase of Series B preferred stock warrants   (6,266,000)
Repayment of short-term loan   (667,000)
Repurchase of common stock warrants (622,000)  
Repayment of convertible notes principal and accrued interest (1,083,000)  
Net cash provided by financing activities 16,715,000 14,917,000
Net decrease in cash and cash equivalents (2,668,000) 5,702,000
Cash and cash equivalents as of beginning of period 3,330,000 411,000
Cash and cash equivalents as of end of period 662,000 6,113,000
Noncash Investing and Financing Activities:    
Conversion of liability warrants to equity warrants   41,851,000
Issuance of warrant liability in connection with financing   8,701,000
Deemed dividend on conversion of Series B preferred stock and repurchase of Series B preferred stock   5,842,000
Unpaid financings issuance costs   421,000
Cashless exercise of warrants   587,000
Issuance of common stock to vendors   360,000
warrant exercise in connection with loan settlement   333,000
Issuance of common stock in connection with Series B preferred stock   $ 325,000
Capitalized acquisition costs 117,000  
CSI Convertible Notes issued for CSI acquisition 9,718,000  
Non cash common shares issued in CSI acquisition 10,282,000  
Deposit paid in December 2024 used in CSI acquisition closing 1,000,000  
Shares payable to NYIAX 1,088,000  
Reclass liability warrant to equity 15,000  
May 2025 10% note conversions $ 1,545,000  

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