|
FY2025
12 months to Dec 31, 2025
|
FY2024
12 months to Dec 31, 2024
|
|
|---|---|---|
| OPERATING ACTIVITIES | ||
| NET LOSS | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | ||
| Loss on debt extinguishment | ||
| Gain on sale of building and equipment | ||
| Amortization of right-of-use assets | ||
| Write-down of obsolete and slow-moving inventory | ||
| Non-cash interest expense | ||
| Stock-based compensation expense | ||
| Change in allowance for credit losses | ||
| Changes in operating assets and liabilities: | ||
| Accounts receivable | ||
| Inventories | ||
| Prepaid expenses and vendor deposits | ||
| Other current assets | ||
| Due to related party | ||
| Other assets | ||
| Accounts payable and accrued expenses | ||
| Contract liabilities | ||
| Other liabilities | ||
| Lease liabilities | ||
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ||
| INVESTING ACTIVITIES | ||
| Payment for acquisition | ||
| Proceeds from sale of Saugerties, NY building | ||
| Due from related party | ||
| Proceeds from sale equipment | ||
| Purchases of property and equipment | ||
| NET CASH USED IN INVESTING ACTIVITIES | ||
| FINANCING ACTIVITIES | ||
| Proceeds from security purchase agreement | ||
| Principal payments on loan payable | ||
| Principal payments on finance lease liability | ||
| Proceeds from acquisition loan | ||
| Proceeds from initial public offering (IPO) | ||
| Proceeds from Series A preferred stock offering | ||
| Payment for IPO-related cost | ||
| Investment from parent company | ||
| Due from related party | ||
| Proceeds from warrant exercised | ||
| NET CASH PROVIDED BY FINANCING ACTIVITIES | ||
| NET INCREASE IN CASH | ||
| CASH AND CASH EQUIVALENTS — BEGINNING OF YEAR | ||
| CASH AND CASH EQUIVALENTS — END OF YEAR | ||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
| Cash paid for interest | ||
| NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
| Promissory note related to acquisition | ||
| Right-of-use assets obtained in exchange for finance lease liabilities | ||
| Right-of-use assets obtained in exchange for operating lease liabilities | ||
| Conversion of related party receivable into investment in related party |
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