Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
shares in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net Income (Loss) $ (79,655,000) $ (45,050,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 4,390,000 1,323,000
Depreciation and amortization 7,586,000 59,000
Amortization of debt discounts and paid-in-kind interest 1,197,000 1,260,000
Change in fair value of convertible debt 19,339,000  
Fair value of equity warrants in interest expense 16,657,000  
Accreted interest on convertible notes 280,000  
Change in fair value of crypto currency (310,000)  
Change in fair value of warrant liability (19,000) 29,120,000
Debt extinguishment 5,804,000  
NYIAX loss 595,000  
Changes in operating assets and liabilities:    
Accounts receivable (160,000) 117,000
Unbilled accounts receivable (342,000)  
Inventories 787,000 877,000
Prepaid expenses and other current assets (3,346,000) (215,000)
Other assets (160,000) 72,000
Accounts payable 1,876,000 (842,000)
Accrued liabilities 2,328,000 59,000
Other liabilities (51,000) (56,000)
Net cash used in operating activities (23,204,000) (13,276,000)
Cash flows from investing activities:    
Issuance of note receivable   (323,000)
Purchases of property and equipment (52,000) (28,000)
Acquisition of business, net (6,500,000)  
Net cash used in investing activities (6,552,000) (351,000)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes, net of issuance costs 26,093,000  
Proceeds from issuance of common stock, net of issuance costs 4,763,000  
Proceeds from issuance of common stock in connection with warrant exercise   3,198,000
Proceeds from issuance of common stock, prefunded warrants and warrants, net of issuance costs   19,558,000
Proceeds from issuance of short-term loan, net of issuance costs   600,000
Proceeds from exercise of Series B preferred stock 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 notes principal (2,125,000)  
Net cash provided by financing activities 28,109,000 17,137,000
Net (decrease) increase in cash and cash equivalents (1,647,000) 3,510,000
Cash and cash equivalents as of beginning of period 3,330,000 411,000
Cash and cash equivalents as of end of period 1,683,000 3,921,000
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
Repurchase of Series B preferred stock   5,842,000
Repurchase of Series B preferred stock warrants   824,000
Cashless exercise of warrants   587,000
Issuance of common stock to vendors   600,000
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  
Convertible notes issued for CSI acquisition 9,718,000  
Non cash common shares issued in CSI acquisition 10,282,000  
Shares issued for Scilex investment in exchange for Bitcoin 7,595,000  
Deposit paid in December 2024 used in CSI acquisition closing 1,000,000  
Shares payable to NYIAX in share exchange agreement 1,088,000  
Reclass liability warrant to equity 15,000  
Issuance of common stock from non-cash conversion of convertible notes $ 37,868,000  
Common stock issued for intangible asset acquisitions 3,346  
Issuance of common stock to NYIAX 4,895