Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ (9,563,000) $ 2,707,000
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 648,000 380,000
Depreciation and amortization 2,321,000 20,000
Amortization of debt discounts 120,000 1,260,000
Change in fair value of warrant liability (17,000) (8,129,000)
Changes in operating assets and liabilities:    
Accounts receivable 69,000 4,000
Inventories 276,000 158,000
Prepaid expenses and other current assets 359,000 35,000
Other assets 54,000 34,000
Accounts payable (291,000) 223,000
Accrued liabilities 30,000 (229,000)
Other liabilities (30,000) (3,000)
Net cash used in operating activities (6,024,000) (3,540,000)
Cash flows from investing activities:    
Deposits for business combination (1,000,000)  
Purchases of property and equipment (52,000) (6,000)
Net cash used in investing activities (1,052,000) (6,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 4,945,000  
Proceeds from issuance of short-term loan, net of issuance costs   600,000
Proceeds from issuance of common stock and prefunded warrants, net of issuance costs   11,517,000
Proceeds from exercise of warrants   714,000
Repurchase of common stock warrants (622,000)  
Repurchase of Series B preferred stock and warrants   (6,266,000)
Repayment of convertible note principal and accrued interest (406,000)  
Repayment of short-term loan   (667,000)
Net cash provided by financing activities 3,917,000 5,898,000
Net decrease in cash and cash equivalents (3,159,000) 2,352,000
Cash and cash equivalents as of beginning of period 3,330,000 411,000
Cash and cash equivalents as of end of period 171,000 2,763,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 62,000 272,000
Noncash Investing and Financing Activities:    
Capitalized acquistion costs 117,000  
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 86,000 714,000
Unpaid deferred offering costs 117,000  
Reclass liability warrant to equity $ 15,000  
Cashless exercise of warrants   587,000
warrant exercise in connection with loan settlement   (333,000)
Issuance of common stock in connection with Series B preferred stock   $ 325,000