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

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ 22,646,000 $ 24,555,000
Reconciliation of net loss to net cash used in operating activities    
Depreciation and ROU asset amortization 1,062,000 1,139,000
Amortization of intellectual property 70,000 135,000
Fair value of common stock issued for consulting services 261,000 150,000
Fair value of common stock issued for director fees 0 37,000
Stock-based compensation 2,275,000 2,737,000
Change in fair value of warrant liability (1,266,000) 507,000
Amortization of deferred financing costs 336,000 73,000
Loss on extinguishment of debt 639,000 0
Impairment and loss on disposal of property, plant and equipment 9,114,000 3,080,000
Inventory NRV adjustment 0 283,000
Write off of debt issuance costs 0 563,000
Accrued interest expense 0 10,000
Changes in operating assets and liabilities    
Accounts receivable 0 67,000
Inventory 7,000 396,000
Prepaid expenses and other current assets (68,000) (33,000)
Accounts payable (261,000) (21,000)
Accrued expenses 440,000 1,930,000
Other assets and liabilities (216,000) (130,000)
Net cash used in operating activities (10,253,000) (13,632,000)
Cash flows from investing activities:    
Purchases of property, plant and equipment (425,000) (7,921,000)
Proceeds from sale of equipment 4,382,000 22,000
Proceeds from note receivable - LINICO 100,000 500,000
Proceeds from refund of equipment deposit 1,141,000 0
Payments for note receivable - LION ENERGY (2,069,000) 0
Equipment deposits (231,000) (4,237,000)
Net cash provided by (used in) investing activities 2,898,000 (11,636,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of transaction costs 11,939,000 7,306,000
Proceeds from issuance of common stock for exercise of pre-funded warrants 1,000 0
Proceeds from employee stock purchase plan 0 54,000
Payments on note payable (4,500,000) 0
Principal payments on finance leases (39,000) (72,000)
Cash paid for tax withholdings on RSUs vesting (147,000) (552,000)
Cash paid for reverse split fractional shares (2,000) (1,000)
Debt issuance costs 0 (424,000)
Net cash provided by financing activities 14,086,000 12,825,000
Net increase (decrease) in cash and cash equivalents 6,731,000 (12,443,000)
Cash and cash equivalents at beginning of period 4,079,000 16,522,000
Cash and cash equivalents at end of period 10,810,000 4,079,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 528,000 333,000
Cash paid for income taxes 2,000 3,000
Supplemental disclosure of non-cash transactions    
Acquisitions of property, plant and equipment included in accounts payable 65,000 485,000
Acquisitions of property, plant and equipment paid by prior-period deposits 1,668,000 0
ELOC [Member]    
Cash flows from financing activities:    
Proceeds from ELOC, net 903,000 0
ATM [Member]    
Cash flows from financing activities:    
Proceeds from ELOC, net 5,931,000 5,014,000
Related Party [Member]    
Cash flows from financing activities:    
Proceeds from note payable $ 0 $ 1,500,000