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FY2025
12 months to Dec 31, 2025
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FY2024
12 months to Dec 31, 2024
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FY2023
12 months to Dec 31, 2023
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FY2022
12 months to Dec 31, 2022
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|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
| Net loss | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Interest earned on investments held in Trust Account | ||||
| Initial loss on and change in fair value of ELOC | ||||
| Initial gain on fair value of Additional Bridge Note | ||||
| Change in fair value | ||||
| Additional Bridge Promissory note | ||||
| Exchange Note | ||||
| Change in fair value of Bifurcated Derivative | ||||
| Bridge Notes | ||||
| Extension Notes | ||||
| Change in fair value of PIPE Forward Contract Derivative | ||||
| Goodwill impairment charges | ||||
| Shares issued as part of stock grants to vendors | ||||
| Loss on issuance of financial instruments | ||||
| Change in fair value of financial instruments | ||||
| September 2024 Convertible Note, at fair value | ||||
| Additional Bridge Notes | ||||
| Exchange Note | ||||
| March 2025 convertible Note | ||||
| Total change in fair value of financial instruments | ||||
| Gain on forgiveness of debt | ||||
| Gain on extinguishment of ELOC | ||||
| Loss on termination of lease | ||||
| Deferred income taxes | ||||
| Amortization of discount on note payable | ||||
| Extension Notes | ||||
| Note Payable Issued January 12, 2023 | ||||
| Total amortization of discount on note payable | ||||
| Allowance for expected credit losses | ||||
| Depreciation and amortization | ||||
| Stock-based compensation | ||||
| Amortization of right-of-use assets | ||||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | ||||
| Due from related party | ||||
| Prepaids and other current assets | ||||
| Encompass Purchase liability | ||||
| Accounts payable and accrued liabilities | ||||
| Default interest on Bridge Note | ||||
| Accrued interest | ||||
| Bridge Notes | ||||
| Additional Bridge Promissory note | ||||
| Promissory note - M2B | ||||
| Extension Notes | ||||
| Deferred revenue | ||||
| Due to related parties | ||||
| Operating lease liabilities | ||||
| Net cash used in operating activities | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
| Investment of cash into Trust Account | ||||
| Cash withdrawn from Trust Account to pay franchise and income taxes | ||||
| Cash withdrawn from Trust Account in connection with redemptions | ||||
| Purchases of fixed assets | ||||
| Net cash used in investing activities | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Advances from related party | ||||
| Proceeds from convertible debt | ||||
| Quantum Convertible Note, related party at fair value | ||||
| Quantum Convertible Note | ||||
| September 2024 Convertible Note, at fair value | ||||
| Equity Line of Credit | ||||
| ELOC Commitment Fee Note | ||||
| Repayment on advances of related party | ||||
| Proceeds from Bridge Note | ||||
| Proceeds from M2B Note | ||||
| Payments on due on acquisition purchase | ||||
| Proceeds from loan payable, related party | ||||
| Proceeds from share repurchase liability | ||||
| Repayment on Extension Note | ||||
| Payments on Exchange note | ||||
| Repayment on Additional Bridge Financing | ||||
| Payments on September 2024 Convertible Note | ||||
| Repayment of notes payable | ||||
| Extension Note | ||||
| Additional Bridge Notes | ||||
| Note Payable Issued August 3, 2023 | ||||
| Exchange Note | ||||
| Total repayment of notes payable | ||||
| Payment to shareholder | ||||
| Proceeds from issuance of common stock | ||||
| Proceeds from notes issued during the year | ||||
| Proceeds from pre-funded warrants, net of issuance costs | ||||
| Payments on factoring payable | ||||
| Payments due on acquisition purchase | ||||
| Payments on financing lease liability | ||||
| Proceeds from reverse recapitalization with DHAC | ||||
| Net cash provided by financing activities | ||||
| NET CHANGE IN CASH | ||||
| Cash, beginning of year | ||||
| CASH, END OF THE YEAR | ||||
| Deferred underwriting fee payable | ||||
| Supplemental disclosure of cash flow information: | ||||
| Cash paid for interest expense | ||||
| Non-cash investing and financing activities: | ||||
| Financing costs included in Extension Note | ||||
| Warrants issued as financing cost in Extension Note | ||||
| Bridge Promissory note, net of discount - settled with Exchange Note | ||||
| Bridge Note - Embedded Derivative - settled with Exchange Note | ||||
| Excise tax attributable to redemption of common stock | ||||
| Common stock issued as financing cost in Extension Note | ||||
| Escrow shares released from stock payable | ||||
| Shares issued upon conversion | ||||
| Quantum Convertible Note | ||||
| September 2024 Convertible Note, at fair value | ||||
| Working Capital Funds Advances | ||||
| Quantum Note Conversion | ||||
| March 2025 convertible Note | ||||
| Shares issued as payment for March 2025 promissory Note | ||||
| Preferred shares issued as conversion of Underwriting Fee as contemplated by the business combination transaction | ||||
| Series A Preferred Stock | ||||
| Total preferred shares issued as conversion of Underwriting Fee as contemplated by the business combination transaction | ||||
| Shares issued to settled iDoc debt holders | ||||
| Shares issued as principal payment of notes | ||||
| Additional Bridge Notes | ||||
| Exchange Note | ||||
| Shares issued upon conversion of Working Capital Funds Advances | ||||
| Shares issued as part of stock grants to vendors | ||||
| Shares issued on conversion of the Exchange Note | ||||
| Preferred shares issued as conversion of VSee debt as contemplated by the business combination transaction | ||||
| Net liabilities acquired in reverse merger | ||||
| Finance lease payable reclassed from financing activities to accounts payable | ||||
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