Airship AI Reports First Quarter 2025 Financial Results
Airship AI (NASDAQ: AISP) reported its Q1 2025 financial results with net revenues of $5.5 million and a gross margin of 40%. The company posted a net income of $23.7 million ($0.75 per basic share), primarily due to non-cash income of $25.4 million from changes in earnout and warrant liabilities. Despite an operating loss of $1.7 million, Airship AI maintains a strong pipeline of approximately $135 million in opportunities.
The company has implemented strategic initiatives including expanding its sales force, participating in trade shows, and hosting government-focused customer events. Airship AI established an At the Market Offering Agreement with Roth Capital Partners for potential sales of up to $25 million in common stock. For 2025, the company projects 30% revenue growth and expects to achieve positive cash flow, supported by new product launches and expansion into commercial markets.
Airship AI (NASDAQ: AISP) ha comunicato i risultati finanziari del primo trimestre 2025 con ricavi netti di 5,5 milioni di dollari e un margine lordo del 40%. L'azienda ha registrato un utile netto di 23,7 milioni di dollari (0,75 dollari per azione base), principalmente grazie a un reddito non monetario di 25,4 milioni di dollari derivante da variazioni nelle passività legate a earnout e warrant. Nonostante una perdita operativa di 1,7 milioni di dollari, Airship AI mantiene un solido portafoglio di opportunità del valore di circa 135 milioni di dollari.
L’azienda ha adottato iniziative strategiche come l’espansione della forza vendita, la partecipazione a fiere di settore e l’organizzazione di eventi dedicati ai clienti governativi. Airship AI ha stipulato un accordo di Offerta sul Mercato con Roth Capital Partners per potenziali vendite fino a 25 milioni di dollari in azioni ordinarie. Per il 2025, la società prevede una crescita dei ricavi del 30% e si aspetta di raggiungere un flusso di cassa positivo, supportato dal lancio di nuovi prodotti e dall’espansione nei mercati commerciali.
Airship AI (NASDAQ: AISP) reportó sus resultados financieros del primer trimestre de 2025 con ingresos netos de 5.5 millones de dólares y un margen bruto del 40%. La compañía registró un ingreso neto de 23.7 millones de dólares (0.75 dólares por acción básica), principalmente debido a ingresos no monetarios de 25.4 millones de dólares por cambios en pasivos relacionados con earnouts y warrants. A pesar de una pérdida operativa de 1.7 millones de dólares, Airship AI mantiene una sólida cartera de oportunidades valorada en aproximadamente 135 millones de dólares.
La empresa ha implementado iniciativas estratégicas que incluyen la expansión de su fuerza de ventas, participación en ferias comerciales y la organización de eventos dirigidos a clientes gubernamentales. Airship AI estableció un Acuerdo de Oferta en el Mercado con Roth Capital Partners para posibles ventas de hasta 25 millones de dólares en acciones comunes. Para 2025, la compañía proyecta un crecimiento de ingresos del 30% y espera lograr flujo de caja positivo, apoyado por nuevos lanzamientos de productos y la expansión en mercados comerciales.
Airship AI(NASDAQ: AISP)는 2025년 1분기 재무 결과를 발표하며 순매출 550만 달러와 총이익률 40%를 기록했습니다. 회사는 주로 수익 배분 및 워런트 부채 변동에서 발생한 2540만 달러의 비현금 수익 덕분에 2370만 달러의 순이익(기본 주당 0.75달러)을 보고했습니다. 170만 달러의 영업손실에도 불구하고 Airship AI는 약 1억 3500만 달러 규모의 강력한 기회 파이프라인을 유지하고 있습니다.
회사는 영업 인력 확장, 무역 박람회 참가, 정부 대상 고객 행사 개최 등 전략적 이니셔티브를 시행했습니다. Airship AI는 Roth Capital Partners와 최대 2500만 달러 규모의 보통주 시장 공모 계약을 체결했습니다. 2025년에는 30% 매출 성장을 예상하며, 신제품 출시와 상업 시장 확장을 통해 긍정적인 현금 흐름을 달성할 것으로 기대하고 있습니다.
Airship AI (NASDAQ : AISP) a publié ses résultats financiers du premier trimestre 2025 avec un chiffre d'affaires net de 5,5 millions de dollars et une marge brute de 40%. La société a enregistré un résultat net de 23,7 millions de dollars (0,75 dollar par action de base), principalement grâce à un revenu non monétaire de 25,4 millions de dollars lié à des variations des passifs d’earnout et de warrants. Malgré une perte d’exploitation de 1,7 million de dollars, Airship AI dispose d’un solide portefeuille d’opportunités d’environ 135 millions de dollars.
L’entreprise a mis en place des initiatives stratégiques telles que l’expansion de sa force de vente, la participation à des salons professionnels et l’organisation d’événements dédiés aux clients gouvernementaux. Airship AI a conclu un accord d’offre sur le marché avec Roth Capital Partners pour des ventes potentielles allant jusqu’à 25 millions de dollars en actions ordinaires. Pour 2025, la société prévoit une croissance de 30 % du chiffre d’affaires et s’attend à générer un flux de trésorerie positif, soutenu par le lancement de nouveaux produits et son expansion sur les marchés commerciaux.
Airship AI (NASDAQ: AISP) meldete seine Finanzergebnisse für das erste Quartal 2025 mit Nettoeinnahmen von 5,5 Millionen US-Dollar und einer Bruttomarge von 40%. Das Unternehmen erzielte einen Nettoertrag von 23,7 Millionen US-Dollar (0,75 US-Dollar pro Stammaktie), hauptsächlich aufgrund von nicht zahlungswirksamem Einkommen in Höhe von 25,4 Millionen US-Dollar aus Änderungen bei Earnout- und Warrant-Verbindlichkeiten. Trotz eines operativen Verlusts von 1,7 Millionen US-Dollar verfügt Airship AI über eine starke Pipeline mit Chancen im Wert von etwa 135 Millionen US-Dollar.
Das Unternehmen hat strategische Initiativen umgesetzt, darunter die Erweiterung des Vertriebsteams, die Teilnahme an Fachmessen und die Ausrichtung von Veranstaltungen für Regierungs-Kunden. Airship AI hat eine At-the-Market-Angebotsvereinbarung mit Roth Capital Partners abgeschlossen, die potenzielle Verkäufe von bis zu 25 Millionen US-Dollar an Stammaktien ermöglicht. Für 2025 prognostiziert das Unternehmen ein Umsatzwachstum von 30% und erwartet, durch neue Produkteinführungen und die Expansion in kommerzielle Märkte einen positiven Cashflow zu erzielen.
- Strong pipeline of $135 million in opportunities across multiple verticals
- Net income of $23.7 million ($0.75 per basic share) in Q1 2025
- Projected 30% revenue growth for 2025
- Expansion of sales force with experienced professionals
- New market opportunities in commercial and retail sectors
- Operating loss of $1.7 million in Q1 2025
- Net cash used in operations of $2.1 million
- Lower margins due to increased third-party hardware sales
- Potential dilution risk from $25 million At the Market Offering
- 75% of quarterly revenue is transactional with no long-term visibility
Insights
Airship AI shows mixed Q1 results with significant accounting gains masking operational challenges amid strategic investments for future growth.
Airship AI's Q1 2025 results present a complex financial picture that requires careful unpacking. While the headline
The core business metrics tell a different story:
What's particularly noteworthy is the company's cash position of
The
Despite current operational losses, management's projection of
First Quarter 2025 Net Revenues of
Increased Investments In Our People And Digital Transformation Will Enable Us To Stay Resilient and Ready In A Rapidly Changing Marketplace
New Pro-U.S. Border Security Administration Provides Additional Macro Tailwinds for 2025 & Beyond
REDMOND, Wash., May 15, 2025 (GLOBE NEWSWIRE) -- Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today reported its financial and operational results for the first quarter ended March 31, 2025.
Q1 2025 Financial Highlights
- Net revenues for the quarter ended March 31, 2025 were
$5.5 million . - Gross profits for the quarter ended March 31, 2025 were
$2.2 million . - Gross margin percentage was
40% for the quarter ended March 31, 2025. The margins reflected increased solution sales with more third-party hardware than Airship AI software. - Operating loss was
$1.7 million for the quarter ended March 31, 2025 reflected in increased stock based compensation and increased investments in sales and marketing related expenditures which should increase future sales. - Other income for the quarter ended March 31, 2025 was
$25.4 million , primarily due to a gain from a change in the fair value of earnout liability of$9.8 million , and a change in fair value of warrant liability of$15.5 million . - Net income for the quarter ended March 31, 2025 was
$23.7 million , or$0.75 per basic share, primarily related to noncash income of$25.4 million . - Net cash used in operating activities was
$2.1 million in the quarter ended March 31, 2025. - Cash and cash equivalents were
$8.8 million as of March 31, 2025.
Q1 2025 & Subsequent Operational Highlights
- Backlog as of March 31, 2025 was
$2.0 million , representing firm fixed price contracts awarded in the fourth quarter of 2024 or first quarter of 2025 that will be shipped and invoiced through the remainder of calendar year 2025. Backlog is not indicative of future quarterly revenue as approximately75% of quarterly revenue is transactional and recognized in the same quarter. - Our total validated pipeline at the end of the quarter was approximately
$135 million , consisting of single and multi-year opportunities for AI-driven edge, video, and sensor and data management platform across all our customer verticals. Our pipeline includes opportunities at varying stages of progression with expected award timeframes throughout the next 18-24 months. - Due to the sensitive nature of many of our customers and deployment use cases, we are often restricted from publicly disclosing awards and or limited as to the specifics of the customer and use case. Consequently, most of our awards are executed on closed or restricted contract vehicles which further limits the sharing of information that might be otherwise available.
- We grew our internal sales and sales engineering force, adding seasoned sales professionals with deep industry expertise, partner relationships, and customer knowledge that will allow us to ramp up quickly.
- We participated in multiple customer facing tradeshows during the quarter including brand new industry wide and vertically focused shows where we had a significantly increased level of participation and or visibility as compared to historical participation.
- As part of our transition to a partner driven sales model, we participated in several partner shows and events, including those sponsored by integrators and dealers, and those by manufacturers of hardware sensors and or solutions that we integrate with and manage for our customers.
- We hosted our invite only government focused customer event outside Austin, TX, demonstrating and training on the latest in Airship AI developed and or supported solutions. This year’s focus was on solutions supporting challenges along the southern border and was well attended by agencies across the federal government.
- On April 23, 2025, we entered into an At the Market Offering Agreement with Roth Capital Partners, LLC, as sales agent, pursuant to which we may, from time to time, offer and sell shares of our common stock up to a maximum of
$25 million , which shares are registered on a registration statement that we filed with the U.S. Securities and Exchange Commission (the “SEC”), using a “shelf” registration process. Under this shelf registration process, we may offer to sell any of the securities, or any combination of the securities, described in this prospectus, in each case, in one or more offerings, up to$50 million . - On March 21, 2025, our shelf registration statement on Form S-3 for the sale of up to
$50 million of our securities was declared effective by the SEC.
2025 Outlook
30% revenue growth and positive cash flow for calendar year 2025 supported by a strong and validated pipeline of ~$135 million , improving gross profit margins, and a strong recurring revenue model.- Make tactical and strategic investments across our sales and business development organizations through organic cash flow from business operations and the potential cash exercise of public warrants.
- Release new Outpost AI product offerings as well as expand custom trained AI models supporting emerging edge analytic workflows.
- Continue innovation across our core Acropolis software platform supporting new workflows for cloud-based deployments in highly secure operational environments.
- Develop and execute expansionary opportunities in the commercial and retail markets, particularly around those companies involved in combating organized retail crime.
- Improve sourcing, supply chain management and production-based process efficiencies to help drive continued margin expansion.
- Focus on brand awareness and engagement in new verticals through targeted marketing outreach opportunities, social media platforms, Airship AI hosted technology events, and industry tradeshow events.
Management Commentary
“The first quarter of 2025 was largely overshadowed by the actions of the new administration as they worked to finalize the approval and release of budgets and special appropriations,” said Paul Allen, President of Airship AI. “In the face of these headwinds, our team was able to generate solid revenues for the quarter of
“As we worked to successfully execute awarded contracts in our current backlog, we dedicated significant time and resources to advancing pipeline opportunities. These efforts are positioning us to move quickly once budgets are approved and released. Based on current forecasts, we anticipate meaningful activity beginning mid-second quarter, with continued growth expected through the end of Q2 and into Q3.
"Simultaneously, many of our federal customers are projecting increased funding through supplemental appropriations. This has initiated a wave of market research discussions focused on potential solutions to address emerging mission needs. We anticipate that many of these conversations will evolve into tangible opportunities extending across the current and upcoming fiscal years.
"In the commercial segment, our strategic push into new market verticals, driven by partnerships with integrators and business collaborators, has been met with strong interest. Several early wins confirm both the market’s appetite for differentiated solutions and the soundness of our strategic investment in people and partners. This validation further supports continued investment to build on our momentum and drive sustained growth.
"These collected efforts have also affirmed that we are on the right track with our digital transformation strategy, focused squarely on how AI at the far and near edge can solve for our customers’ existing and emerging threats in the public safety and security space. Building on our existing investments in the AI Factory, we expect to launch several new products in 2025, including advanced computer vision analytics powered by machine learning and a Generative AI application that will transform how customers access and interact with their data.
“Finally, amid broader macroeconomic conditions, we are closely monitoring tariff developments. As a U.S.-based software company, we do not expect these tariffs to significantly impact our core business. In areas where we provide hardware solutions, such as our Outpost AI edge appliance, we work proactively with global suppliers to maintain optimal inventory levels. This approach helps us manage costs effectively and ensure timely, competitively priced delivery of our products and services.
“The combination of our strong existing pipeline focused on leveraging existing budgets, increased business development opportunities leveraging supplemental appropriations, and the investments in people and customers already made leaves us confident in our ability to execute against our stated objectives of
About Airship AI Holdings, Inc.
Founded in 2006, Airship AI (NASDAQ: AISP) is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.
For more information, visit https://airship.ai.
Forward-Looking Statements
The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of financial, performance and operational metrics and projections of market opportunity; (2) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (3) the projected technological developments of Airship AI; and (4) current and future potential commercial and customer relationships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Airship AI’s management and are not predictions of actual performance. These forward-looking statements are also subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other documents that the Company has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Investor Contact:
Chris Tyson/Larry Holub
MZ North America
949-491-8235
AISP@mzgroup.us
| AIRSHIP AI HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2025 and December 31, 2024 | ||||||||
| March 31, 2025 | December 31, 2024 (1) | |||||||
| ASSETS | Unaudited | |||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 8,812,178 | $ | 11,414,830 | ||||
| Accounts receivable, net of allowance for credit losses of | 2,782,650 | 1,226,757 | ||||||
| Prepaid expenses and other | 67,311 | 17,883 | ||||||
| Total current assets | 11,662,139 | 12,659,470 | ||||||
| OTHER ASSETS | ||||||||
| Other assets | 165,960 | 165,960 | ||||||
| Operating lease right of use asset | 1,102,967 | 882,024 | ||||||
| TOTAL ASSETS | $ | 12,931,066 | $ | 13,707,454 | ||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable - trade | $ | 2,179,847 | $ | 759,480 | ||||
| Advances from founders | 700,000 | 1,300,000 | ||||||
| Accrued expenses | 60,551 | 51,649 | ||||||
| Current portion of operating lease liability | 405,916 | 305,178 | ||||||
| Deferred revenue- current portion | 2,948,695 | 3,238,483 | ||||||
| Total current liabilities | 6,295,009 | 5,654,790 | ||||||
| NON-CURRENT LIABILITIES: | ||||||||
| Operating lease liability, net of current portion | 758,376 | 638,525 | ||||||
| Warrant liability | 18,659,435 | 34,180,618 | ||||||
| Earnout liability | 8,199,079 | 23,304,808 | ||||||
| Deferred revenue- non-current | 2,528,716 | 2,951,850 | ||||||
| Total liabilities | 36,440,615 | 66,730,591 | ||||||
| COMMITMENTS AND CONTINGENCIES (Note 9) | ||||||||
| STOCKHOLDERS' DEFICIT: | ||||||||
| Preferred stock - no par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024 | - | - | ||||||
| Common stock - | 3,182 | 3,056 | ||||||
| Additional paid in capital | 27,731,753 | 21,918,867 | ||||||
| Accumulated deficit | (51,233,605 | ) | (74,941,590 | ) | ||||
| Accumulated other comprehensive loss | (10,879 | ) | (3,470 | ) | ||||
| Total stockholders' deficit | (23,509,549 | ) | (53,023,137 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ | 12,931,066 | $ | 13,707,454 | ||||
| AIRSHIP AI HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the three months ended March 31, 2025 and 2024 (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, 2025 | March 31, 2024 | |||||||
| Unaudited | Unaudited | |||||||
| NET REVENUES: | ||||||||
| Product | $ | 4,497,240 | $ | 9,398,776 | ||||
| Post contract support | 998,051 | 1,176,239 | ||||||
| Other services | 7,737 | - | ||||||
| 5,503,028 | 10,575,015 | |||||||
| COST OF NET REVENUES: | ||||||||
| Cost of Sales | 2,923,087 | 7,789,409 | ||||||
| Post contract support | 312,021 | 157,479 | ||||||
| Other services | 32,916 | - | ||||||
| 3,268,024 | 7,946,888 | |||||||
| GROSS PROFIT | 2,235,004 | 2,628,127 | ||||||
| RESEARCH AND DEVELOPMENT EXPENSES | 719,382 | 695,366 | ||||||
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 3,229,979 | 3,335,294 | ||||||
| TOTAL OPERATING EXPENSES | 3,949,361 | 4,030,660 | ||||||
| OPERATING LOSS | (1,714,357 | ) | (1,402,533 | ) | ||||
| OTHER INCOME (EXPENSE) : | ||||||||
| Gain (loss) from change in fair value of earnout liability | 9,823,605 | (21,484,850 | ) | |||||
| Gain (loss) from change in fair value of warrant liability | 15,521,183 | (6,847,091 | ) | |||||
| Loss from change in fair value of convertible debt | - | (2,039,377 | ) | |||||
| Loss on note conversion | - | (158,794 | ) | |||||
| Interest income (expense), net | 77,554 | (31,824 | ) | |||||
| Total other income (expense), net | 25,422,342 | (30,561,936 | ) | |||||
| INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 23,707,985 | (31,964,469 | ) | |||||
| Provision for income taxes | - | - | ||||||
| NET INCOME (LOSS) | 23,707,985 | (31,964,469 | ) | |||||
| OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||
| Foreign currency translation (loss) income, net | (7,409 | ) | 3,239 | |||||
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 23,700,576 | $ | (31,961,230 | ) | |||
| NET INCOME (LOSS) PER SHARE: | ||||||||
| Basic | $ | 0.75 | $ | (1.40 | ) | |||
| Diluted | $ | 0.61 | $ | (1.40 | ) | |||
| Weighted average shares of common stock outstanding | ||||||||
| Basic | 31,704,117 | 22,898,487 | ||||||
| Diluted | 38,820,839 | 22,898,487 | ||||||
| AIRSHIP AI HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended March 31, 2025 and 2024 (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, 2025 | March 31, 2024 | |||||||
| Unaudited | Unaudited | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income (loss) | $ | 23,707,985 | $ | (31,964,469 | ) | |||
| Adjustments to reconcile net income (loss) to net cash used in operating activities | ||||||||
| Depreciation and amortization | - | 1,861 | ||||||
| Stock-based compensation | 428,286 | 268,989 | ||||||
| Amortization of operating lease right of use asset | 83,396 | 80,291 | ||||||
| (Gain) loss from change in fair value of warrant liability | (15,521,183 | ) | 6,847,091 | |||||
| (Gain) loss from change in fair value of earnout liability | (9,823,605 | ) | 21,484,850 | |||||
| Loss from change in fair value of convertible note | - | 2,039,377 | ||||||
| Loss on note conversion | - | 158,794 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (1,555,893 | ) | (55,525 | ) | ||||
| Prepaid expenses and other | (49,428 | ) | 2,010 | |||||
| Other assets | - | 1,901 | ||||||
| Operating lease liability | (83,750 | ) | (67,211 | ) | ||||
| Payroll and income tax receivable | - | (2,410 | ) | |||||
| Accounts payable - trade and accrued expenses | 1,429,270 | 433,415 | ||||||
| Deferred revenue | (712,922 | ) | (924,048 | ) | ||||
| NET CASH USED IN OPERATING ACTIVITIES | (2,097,844 | ) | (1,695,084 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from warrant exercise, net | 59,400 | 293,249 | ||||||
| Repayment of advances from founders | (600,000 | ) | - | |||||
| Proceeds from stock option exercises | 43,201 | - | ||||||
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (497,399 | ) | 293,249 | |||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (2,595,243 | ) | (1,401,835 | ) | ||||
| Effect from exchange rate on cash | (7,409 | ) | 3,239 | |||||
| CASH AND CASH EQUIVALENTS, beginning of period | 11,414,830 | 3,124,413 | ||||||
| CASH AND CASH EQUIVALENTS, end of period | $ | 8,812,178 | $ | 1,725,817 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Interest paid | $ | - | $ | - | ||||
| Taxes paid | $ | - | $ | 2,410 | ||||
| Noncash investing and financing | ||||||||
| Issuance of common stock for debt conversion | $ | - | $ | 835,610 | ||||
| Issuance of common stock for earnout shares | $ | 5,282,125 | $ | - | ||||
| Recognition of operating right-of-use asset | $ | 304,339 | $ | - | ||||
| Recognition of operating lease liability | $ | 304,339 | $ | - | ||||
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