Cycurion Beats Consensus on Revenue and EPS; Gross Margin Improves Nearly 5x as Company Positions for Stronger Second Half
Rhea-AI Summary
Cycurion (NASDAQ: CYCU) reported second-quarter 2026 revenue of $3.8 million, above consensus of $3.62 million and essentially flat year-over-year, with gross profit of $1.1 million and gross margin rising to 29.1% from 6.1%. EPS was $(0.41), beating expectations of $(0.56), with net loss improving to $(4.0) million from $(5.3) million a year earlier. Adjusted EBITDA narrowed to $(1.4) million from $(2.1) million. Net debt declined 28% to $5.8 million.
Cycurion highlighted a new $54.6 million, 10-year contract with a global consulting firm, expected to generate more than $5 million in annual recurring revenue starting November 2026, and acquisitions of Secuvant and Kustom Entertainment’s video solutions, which support an estimated $30 million revenue run rate. The company is pursuing 122 opportunities worth about $34 million in potential first-year contract value and has implemented cost reduction initiatives expected to deliver over $2.2 million in annualized savings.
Positive
- Revenue beat consensus at $3.76 million vs. $3.62 million in Q2 2026
- Gross margin expanded to 29.1% from 6.1% year-over-year
- Net loss improved to $(4.0) million from $(5.3) million in Q2 2025
- Adjusted EBITDA loss narrowed to $(1.38) million from $(2.07) million
- Net debt reduced 28% year-over-year to $5.8 million
- $54.6 million, 10-year contract expected to add over $5 million in annual recurring revenue
- Estimated $30 million revenue run rate supported by acquisitions and recent wins
- Cost reductions targeted to generate more than $2.2 million in annualized savings
Negative
- Revenue declined slightly to $3.76 million from $3.89 million year-over-year
- Net loss remains significant at $(4.0) million for Q2 2026
- Operating loss was $(1.88) million despite margin improvement
- Adjusted EBITDA remains negative at $(1.38) million for Q2 2026
- Cash balance fell to $1.87 million from $5.26 million since year-end 2025
- Current liabilities increased to $19.53 million from $16.91 million
- Loss on debt settlement totaled $1.93 million in Q2 2026
- Common shares outstanding rose to 11.89 million from 3.64 million, indicating dilution
News Explained
The second-quarter report adds a liquidity data point: as of
Market reaction after 2Q26 earnings report: CYCU +6.33%
Following this news, CYCU has gained 6.33%, reflecting a notable positive market reaction. Our momentum scanner has triggered 78 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $0.74. Trading volume is exceptionally heavy at 116.8x the average, suggesting very strong buying interest.
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Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 07 | Nasdaq hearing update | Neutral | -8.8% | Nasdaq hearing date confirmed while delisting action remained stayed pending a decision |
| Aug 04 | Business divestiture | Positive | -9.3% | Kustom closed the $6.1 million divestiture of its legacy video solutions business |
| Aug 04 | Video business acquisition | Positive | -9.3% | Cycurion completed the acquisition, adding revenue, EBITDA, clients, and patents |
| Jul 31 | Warrant inducement | Negative | -44.8% | Warrant exercises targeted $4.5 million in gross proceeds with new warrants issued |
| Jul 30 | Contract award | Positive | +495.9% | Company announced its largest contract, a $54.6 million 10-year award |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent history was mixed: three of five selected events diverged from the direction implied by their headlines, including the prior acquisition and Nasdaq hearing announcements.
Key Terms
adjusted ebitda financial
annual recurring revenue financial
master services agreements financial
idiq vehicles regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Revenue and EPS Beat Consensus • Gross Margin Improves Nearly 5x • Landmark
MCLEAN, Va., Aug. 14, 2026 (GLOBE NEWSWIRE) -- Cycurion, Inc. (NASDAQ: CYCU) ("Cycurion" or the "Company"), a leader in AI-driven cybersecurity, national security, and public safety technology solutions, today announced financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
- Revenue of
$3.8 million , exceeding Wall Street consensus of$3.62 million (essentially flat versus$3.9 million in the second quarter of 2025) - Gross profit of
$1.1 million (29.1% gross margin), a nearly five-fold increase from$0.2 million (6.1% margin) in the prior-year period - EPS of
$(0.41) , beating consensus of$(0.56) ; net loss of$(4.0) million , improved from$(5.3) million in the second quarter of 2025 - Adjusted EBITDA of
$(1.4) million , improved from$(2.1) million in the prior-year quarter - Net debt dropped
28% to$5.8 million from$8.1 million year-over-year
"The second quarter represents a historic turning point for Cycurion," said Kevin Kelly, Chairman and Chief Executive Officer. "We beat Wall Street estimates on both revenue and earnings, gross margins expanded dramatically and we secured the largest contract in Company history while closing transformative acquisitions. Reaching an estimated
Strategic and Operational Momentum
Largest Contract in Company History
In July 2026, Cycurion secured a
Transformative Acquisitions
The acquisitions of Secuvant, LLC and Kustom Entertainment Inc.'s video solutions business significantly expand Cycurion's capabilities, customer base, and addressable market. These transactions create meaningful cross-selling opportunities across government, enterprise, and public safety customers and contribute to the Company's estimated
Accelerating Government Momentum
Cycurion continues to expand aggressively across federal, state, and local government markets:
- State & Local Government: Pursuing multi-year awards representing approximately
$5 million in potential contract revenue (including ~$1.8 million in potential first-year revenue). Key initiatives include AI-enhanced CAD/911 public safety systems, cybersecurity assessments for a major tollway authority, and health and human services modernization. - Federal Government: Generated more than
$500,000 in network infrastructure services revenue year-to-date and expects to reach approximately$1 million for full-year 2026. Current work includes VoIP implementation for a large federal agency and ongoing networking and cybersecurity infrastructure support across multiple federal customers. - Statewide Term Contracts & MSAs: Actively pursuing Master Services Agreements and IDIQ vehicles with a major U.S. municipality and the states of Florida, Illinois, Vermont, and North Carolina. These multi-year vehicles position Cycurion to deliver organizational management, cybersecurity, internal audit, data analytics, and IT solutions on an as-needed basis.
Robust Sales Pipeline
As of early August 2026, Cycurion is actively pursuing 122 open opportunities representing approximately
Cost Discipline and Balance Sheet Strength
Cycurion continues to execute cost-reduction initiatives expected to generate more than
Outlook
Cycurion enters the second half of 2026 from a position of strength, with significantly increased revenue visibility and a clear path to higher contribution from recent wins. The third quarter is already off to a strong start, supported by record-breaking new contracts that commenced late in the second quarter of 2026 or are scheduled to begin throughout the remainder of 2026. The Company’s landmark
About Cycurion
Based in McLean, Virginia, Cycurion (NASDAQ: CYCU) is a forward-thinking provider of IT cybersecurity solutions and AI, committed to delivering secure, reliable, and innovative services to clients worldwide. Specializing in cybersecurity, program management, and business continuity, Cycurion harnesses its AI-enhanced ARx platform and expert team to empower clients and safeguard their operations. Along with its subsidiaries, Axxum Technologies LLC, Cloudburst Security LLC, and Cycurion Innovation, Inc., Cycurion serves government, healthcare, and corporate clients committed to securing the digital future. For more information, visit www.cycurion.com.
About Secuvant
Secuvant is an independent IT security firm providing enterprise-grade cybersecurity services, risk management, and managed solutions to mid-market organizations. Founded in 2014, it specializes in managed security services, threat and vulnerability management and compliance using its Cyber7™ framework. For more information, visit www.secuvant.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the operations and prospective growth of Cycurion's business.
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction contemplated by the binding agreement, including the likelihood, timing, structure or consummation of the transaction; the anticipated benefits of the transaction; the acceleration of the Company's inorganic growth strategy; the continued execution on the Company's backlog; and other statements that are not historical facts, including statements which may be accompanied by words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Cycurion and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, risks related to customer performance and satisfaction, contract modifications, delays or terminations, and the Company’s ability to fulfill contractual obligations, the outcomes of the Company's investigations, any potential legal proceedings, or the future performance of the Company's stock. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed by Cycurion with the U.S. Securities and Exchange Commission. Cycurion anticipates that subsequent events and developments may cause its plans, intentions, and expectations to change. Cycurion assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Cycurion's plans and expectations as of any subsequent date.
Non-GAAP Financial Measures
This release includes non-GAAP financial measures (EBITDA and Adjusted EBITDA). These measures are provided for supplemental informational purposes only and should not be considered substitutes for GAAP results. A reconciliation of net loss to EBITDA and Adjusted EBITDA is included in the Company’s full earnings materials filed with the SEC.
In addition to our results determined in accordance with U.S. GAAP, we believe the non-GAAP financial measures of EBITDA, and Adjusted EBITDA are useful in evaluating our operating performance. We believe that this non-GAAP financial information, when taken collectively with our GAAP results, may be helpful to readers of our financial statements because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. A reconciliation is provided below for each of these non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. Cycurion believes that EBITDA and Adjusted EBITDA provide the Board of Directors, management and investors with a clear representation of the Company's core operating performance and trends, provide greater visibility into the long-term financial performance of the Company, and eliminate the impact of items that do not relate to the ongoing operating performance of the business. Cycurion believes these non-GAAP financial measures facilitate the comparison of the Company's operating performance on a consistent basis between periods by excluding certain items that may, or could, have a disproportionately positive or negative impact on the Company's results of operations in any particular period. When viewed in combination with the Company's results prepared in accordance with GAAP, these non-GAAP financial measures help provide a broader picture of factors and trends affecting the Company's results of operations. EBITDA and Adjusted EBITDA are supplemental measures of operating performance that are not made under GAAP and do not represent, and should not be considered as an alternative to net (loss)/income, earnings per share or operating expenses, as determined by GAAP. The Company defines EBITDA as net (loss)/income, adjusted for interest expense, provision for/(benefit from) income taxes, and depreciation and amortization. The Company defines Adjusted EBITDA as EBITDA, adjusted for stock-based compensation expense, gain/(loss) on debt settlement, acquisition and transaction costs and other one-time expenses that are not part of the normal operating activities.
EBITDA and Adjusted EBITDA each has limitations as an analytical tool, and you should not consider any of them in isolation, or as a substitute for analysis of results as reported under GAAP. Other companies in the Company's industry may calculate Adjusted EBITDA differently than Cycurion does, which limits its usefulness as a comparative measure. Because of these limitations, neither EBITDA or Adjusted EBITDA should be considered as a replacement for net (loss)/income, or as a measure of profitability. Cycurion compensates for these limitations by relying primarily on the Company’s GAAP results and using non-GAAP measures only for supplemental purposes.
Cycurion Investor Relations:
(888) 341-6680
investors@cycurion.com
Cycurion Media Relations:
(888) 341-6680
media@cycurion.com
| Quarterly Results of Operations and Non-GAAP Financial Measures | |||||||||||
| (Unaudited) | |||||||||||
| Quarterly Consolidated Results of Operations | |||||||||||
| For the Three Months Ended | |||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | |||||||||
| Revenue | $ | 3,757,076 | $ | 3,268,620 | $ | 3,887,915 | |||||
| Cost of revenue | 2,663,739 | 2,580,262 | 3,651,978 | ||||||||
| Gross profit | 1,093,337 | 688,358 | 235,937 | ||||||||
| Gross margin | 29.1 | % | 21.1 | % | 6.1 | % | |||||
| Operating expenses: | |||||||||||
| Selling, general and administrative expenses | 2,641,320 | 2,743,695 | 2,313,343 | ||||||||
| Stock compensation expenses | 336,722 | 315,833 | 1,012,443 | ||||||||
| Business combination expenses | — | — | 676,228 | ||||||||
| Total operating expenses | 2,978,042 | 3,059,528 | 4,002,014 | ||||||||
| Operating loss | (1,884,705 | ) | (2,371,170 | ) | (3,766,077 | ) | |||||
| Interest income | 3,506 | 14,236 | — | ||||||||
| Interest expense | (227,941 | ) | (204,852 | ) | (615,392 | ) | |||||
| Loss on debt settlement, net | (1,930,427 | ) | — | (907,983 | ) | ||||||
| Other expense | — | — | (962 | ) | |||||||
| Other expense, net | (2,154,862 | ) | (190,616 | ) | (1,524,337 | ) | |||||
| Loss before income taxes | (4,039,567 | ) | (2,561,786 | ) | (5,290,414 | ) | |||||
| Provision for income tax | — | — | — | ||||||||
| Net loss | (4,039,567 | ) | (2,561,786 | ) | (5,290,414 | ) | |||||
| Less: Net loss attributable to non-controlling interest | 283,793 | 433,324 | 101,659 | ||||||||
| Net loss attributable to Cycurion | $ | (3,755,774 | ) | $ | (2,128,462 | ) | $ | (5,188,755 | ) | ||
| Quarterly Reconciliation of Net Loss to EBITDA (Non-GAAP) and Adjusted EBITDA (Non-GAAP) | |||||||||||
| For the Three Months Ended | |||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | |||||||||
| Net loss | $ | (4,039,567 | ) | $ | (2,561,786 | ) | $ | (5,290,414 | ) | ||
| Interest income | (3,506 | ) | (14,236 | ) | — | ||||||
| Interest expense | 227,941 | 204,852 | 615,392 | ||||||||
| Depreciation and amortization | — | — | 10,530 | ||||||||
| EBITDA (Non-GAAP) | (3,815,132 | ) | (2,371,170 | ) | (4,664,492 | ) | |||||
| Loss on debt settlement, net (1) | 1,930,427 | — | 907,983 | ||||||||
| Transaction related expenses (2) | 75,237 | — | 676,228 | ||||||||
| One-time expenses (3) | 90,000 | — | — | ||||||||
| Stock compensation expenses (4) | 336,722 | 315,833 | 1,012,443 | ||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,382,746 | ) | $ | (2,055,337 | ) | $ | (2,067,838 | ) | ||
| (1) | Loss on debt settlement, net represents the conversion of the promissory notes primarily related to the deemed issuance cost of preferred stock issued to satisfy default interest obligations. |
| (2) | Acquisition and transaction/business combination costs generally represent professional fees and direct expenses related to acquisitions and public offerings. |
| (3) | One-time expenses represent non-ordinary course costs in connection with a change in a contract or a change in the makeup of our personnel often related to an acquisition, such as severance payments, recruiting fees and retention charges. |
| (4) | Stock compensation expense represents a portion of compensation paid to our employees and executives through stock-based instruments. |
| CYCURION, INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (Unaudited) | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| Assets: | |||||||
| Cash and cash equivalents | $ | 1,873,287 | $ | 5,255,235 | |||
| Accounts receivable, net | 3,721,520 | 2,687,479 | |||||
| Prepaid expenses and other current assets | 222,886 | 60,133 | |||||
| Other receivables | 133,058 | — | |||||
| Total current assets | 5,950,751 | 8,002,847 | |||||
| Software development costs, net | 4,798,981 | 4,606,981 | |||||
| Goodwill and intangibles | 27,617,398 | 20,842,508 | |||||
| Total non-current assets | 32,416,379 | 25,449,489 | |||||
| Total assets | $ | 38,367,130 | $ | 33,452,336 | |||
| Liabilities and Stockholders' Equity: | |||||||
| Liabilities: | |||||||
| Bank loan-revolving credit line | $ | 2,421,305 | $ | 2,933,396 | |||
| Loans payable - current portion | 269,068 | 669,693 | |||||
| Factoring liability | 1,300,470 | 1,511,678 | |||||
| Convertible notes | 2,686,748 | 192,897 | |||||
| Promissory notes | 1,161,960 | 2,499,662 | |||||
| Loans payable - related parties | 123,650 | 123,650 | |||||
| Accounts payable | 1,290,801 | 1,314,772 | |||||
| Accrued liabilities | 7,613,943 | 4,228,337 | |||||
| Accrued compensation and benefits | 1,063,856 | 919,825 | |||||
| Accrued interest payable | 432,748 | 1,347,787 | |||||
| Excise tax payable | 1,167,173 | 1,167,173 | |||||
| Total current liabilities | 19,531,722 | 16,908,870 | |||||
| Loans payable - non-current portion | 627,010 | 300,000 | |||||
| Total non-current liabilities | 627,010 | 300,000 | |||||
| Total liabilities | 20,158,732 | 17,208,870 | |||||
| Stockholders' Equity: | |||||||
| Preferred stock ( | |||||||
| Series A convertible preferred stock ( | — | — | |||||
| Series B convertible preferred stock ( | — | — | |||||
| Series C convertible preferred stock ( | — | — | |||||
| Series D convertible preferred stock ( | 15 | 15 | |||||
| Series E convertible preferred stock ( | — | — | |||||
| Series F convertible preferred stock ( | — | — | |||||
| Series G convertible preferred stock ( | — | — | |||||
| Series H convertible preferred stock ( | — | — | |||||
| Series I convertible preferred stock ( | 89 | — | |||||
| Common stock ( | 1,189 | 364 | |||||
| Additional paid in capital | 55,545,133 | 46,979,762 | |||||
| Accumulated deficit | (32,763,317 | ) | (26,879,081 | ) | |||
| Total stockholders' equity attributable to Cycurion | 22,783,109 | 20,101,060 | |||||
| Deficit attributable to noncontrolling interests | (4,574,711 | ) | (3,857,594 | ) | |||
| Total stockholders' equity | 18,208,398 | 16,243,466 | |||||
| Total liabilities and stockholders’ equity | $ | 38,367,130 | $ | 33,452,336 | |||
| CYCURION, INC. AND SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||||||
| (Unaudited) | |||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue | $ | 3,757,076 | $ | 3,887,915 | $ | 7,025,696 | $ | 7,757,965 | |||||||
| Cost of revenue | 2,663,739 | 3,651,978 | 5,244,001 | 6,844,265 | |||||||||||
| Gross profit | 1,093,337 | 235,937 | 1,781,695 | 913,700 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative expenses | 2,641,320 | 2,313,343 | 5,385,015 | 2,650,716 | |||||||||||
| Stock compensation expenses | 336,722 | 1,012,443 | 652,555 | 1,012,443 | |||||||||||
| Business combination expenses | — | 676,228 | — | 11,114,122 | |||||||||||
| Total operating expenses | 2,978,042 | 4,002,014 | 6,037,570 | 14,777,281 | |||||||||||
| Operating loss | (1,884,705 | ) | (3,766,077 | ) | (4,255,875 | ) | (13,863,581 | ) | |||||||
| Other income/(expenses): | |||||||||||||||
| Interest income | 3,506 | — | 17,742 | — | |||||||||||
| Interest expense | (227,941 | ) | (615,392 | ) | (432,793 | ) | (794,283 | ) | |||||||
| Loss on debt settlement, net | (1,930,427 | ) | (907,983 | ) | (1,930,427 | ) | (766,330 | ) | |||||||
| Other expense, net | — | (962 | ) | — | (114,706 | ) | |||||||||
| Other expenses, net | (2,154,862 | ) | (1,524,337 | ) | (2,345,478 | ) | (1,675,319 | ) | |||||||
| Loss before income taxes | (4,039,567 | ) | (5,290,414 | ) | (6,601,353 | ) | (15,538,900 | ) | |||||||
| Provision for income tax | — | — | — | — | |||||||||||
| Net loss | (4,039,567 | ) | (5,290,414 | ) | (6,601,353 | ) | (15,538,900 | ) | |||||||
| Less: Net loss attributable to non-controlling interest | 283,793 | 101,659 | 717,117 | 101,659 | |||||||||||
| Net loss attributable to Cycurion | $ | (3,755,774 | ) | $ | (5,188,755 | ) | $ | (5,884,236 | ) | $ | (15,437,241 | ) | |||
| Comprehensive loss | $ | (3,755,774 | ) | $ | (5,188,755 | ) | $ | (5,884,236 | ) | $ | (15,437,241 | ) | |||
| Loss per share: | |||||||||||||||
| Basic | $ | (0.41 | ) | $ | (4.31 | ) | $ | (0.86 | ) | $ | (16.55 | ) | |||
| Diluted | $ | (0.41 | ) | $ | (3.38 | ) | $ | (0.86 | ) | $ | (16.45 | ) | |||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 9,065,675 | 1,204,462 | 6,826,267 | 932,849 | |||||||||||
| Diluted | 9,065,675 | 1,532,549 | 6,826,267 | 936,209 | |||||||||||
| CYCURION, INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited) | |||||||
| For the Six Months Ended June 30, | |||||||
| 2026 | 2025 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (6,601,353 | ) | $ | (15,538,900 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Stock compensation expenses | 652,555 | 1,284,777 | |||||
| Stock-based compensation - business combination related | - | 9,250,000 | |||||
| Amortization of debt discount | 1,187 | 213,036 | |||||
| Depreciation of property and equipment | - | 3,489 | |||||
| Amortization of software development costs | - | 17,083 | |||||
| Loss on debt settlement, net | 1,930,427 | 766,330 | |||||
| Finance expense | - | 100,000 | |||||
| Changes in assets and liabilities: | |||||||
| Accounts receivable, net and other receivables | (1,010,583 | ) | (1,478,433 | ) | |||
| Prepaid expenses and other current assets | (61,498 | ) | 45,204 | ||||
| Accounts payable and accrued liabilities | (1,221,050 | ) | (738,998 | ) | |||
| Accrued compensation and benefits | (111,386 | ) | (17,042 | ) | |||
| Accrued interest payable | 247,525 | (209,668 | ) | ||||
| Net cash used in operating activities | (6,174,176 | ) | (6,303,122 | ) | |||
| Cash flows from investing activities: | |||||||
| Net cash acquired on business combination | 208,014 | 34,983 | |||||
| Capitalized software development costs | (192,000 | ) | (174,000 | ) | |||
| Cash withdrawn from Trust Account in connection with redemption | - | 1,001,216 | |||||
| Release of Trust Account to Company's bank account | - | 833,324 | |||||
| Net cash provided by investing activities | 16,014 | 1,695,523 | |||||
| Cash flows from financing activities: | |||||||
| Proceeds from exercise of warrants | 167 | 3,664,671 | |||||
| Redemption of common stock subject to redemption | - | (1,001,216 | ) | ||||
| Proceeds from capital raise | 3,288,138 | 265,504 | |||||
| Repayments of revolving line of credit | (512,091 | ) | (12,900 | ) | |||
| Repayment of bank borrowings | - | (155,114 | ) | ||||
| Proceeds from convertible notes payable | - | 2,376,500 | |||||
| Proceeds from notes payable | - | 513,200 | |||||
| Repayments of notes payable | - | (70,000 | ) | ||||
| Net cash provided by financing activities | 2,776,214 | 5,580,645 | |||||
| Net (decrease)/increase in cash and cash equivalents | (3,381,948 | ) | 973,046 | ||||
| Cash and cash equivalents, beginning of period | 5,255,235 | 40,790 | |||||
| Cash and cash equivalents, end of period | $ | 1,873,287 | $ | 1,013,836 | |||
