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

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net income (loss) $ 2,778,873 $ (13,212,482)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Share-based compensation 825,808 271,542
Foreign currency exchange gain   (1,817)
Loss on issuance of common shares, warrants, and pre-funded warrants in July 2024 PIPE 3,524,535  
Change in fair value of financial instruments (22,581,477) (866,738)
Depreciation of property and equipment   321
Amortization of intangible assets   20,838
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (4,598,597) (187,321)
Accounts payable (6,105,673) 4,963,218
Accrued liabilities (1,025,564) (1,831,237)
Net cash used in operating activities (27,182,095) (10,843,676)
Cash flows from investing activities    
Purchase of short-term investments (33,051) (32,358)
Maturity of short-term investment 32,358 31,009
Net cash used in investing activities (693) (1,349)
Cash flows from financing activities    
Proceeds from issuance of Common Shares from ATM Offering, net of issuance costs 190,274  
Proceeds from issuance of common shares, pre-funded warrants and accompanying common warrants from Private Placements, net of issuance costs 27,657,497 17,745,200
Proceeds from exercise of pre-funded warrants 28,038 3,600
Net cash provided by financing activities 27,875,809 17,748,800
Effect of exchange rates on cash   (181,425)
Net increase in cash 693,021 6,722,350
Cash at beginning of year 12,598,146 5,875,796
Cash at end of year 13,291,167 12,598,146
Noncash financing activities    
Deferred share issuance costs related to January 2024 ATM Offering included in accounts payable and accrued liabilities as of December 31, 2023   195,362
Fair value of noncash compensation warrants issued to placement agents in the August 2023 PIPE   466,658
Reclassification of historical CAD denominated warrants from equity to liability   (396,375)
Reclassification of historical USD warrants from liability to equity   1,287,400
Reclassification of July 2024 PIPE warrants from liability to equity 8,689,148  
Decrease in share-based compensation liability on CAD denominated share options increasing additional paid-in-capital 222,739 681,308
Supplemental disclosure of cash flow information    
Cash paid for interest $ 76,775 $ 201,390