Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Loss $ (24,939,822) $ (5,711,222) $ (56,006,439)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 4,217,563 532,466 1,308,784
Depreciation and amortization [1],[2] 2,058,527 3,271,051 2,350,640
Deferred income taxes (755,973) (1,284,166)
Loss on foreign exchange transactions 375,036 375,407 619,267
(Reversal)/provision for doubtful accounts (575,384) 2,821,611 (1,509,486)
Impairment loss 8,426,865 15,371,643 28,246,010
Loss on disposal of property, plant and equipment 946,204
Reversal of impairment (836,521)
Gain on lease modification (308,763)
Revaluation adjustment on contingent liabilities (3,714,000) (32,774,594) 13,838,197
Other interest paid – loans 1,146,440 1,250,312 847,520
Interest expense on lease liabilities 787,341 491,336
Interest expense on convertible debt obligation 1,701,964
Interest Income (45,104) (26,380)
Revaluation of digital assets (440,145)
Changes in operating assets and liabilities      
Accounts receivable (359,691) 2,570,324 1,161,349
Pledge deposit 711,026 (711,026)
Other receivables 7,437 21,027 (19,138)
Prepaid expenses and other current assets (110,703) 62,111 1,489,459
Digital assets (30,000,989)
Inventories 288,054 120,977 (545,449)
Accounts payable (1,121,354) 2,706,803 (107,372)
Accrued expenses and other current liabilities 794,158 55,342 751,442
Contract liability (1,018,760) (2,824,190) 996,324
Current tax provision (776,080) 220,570
Deferred tax liability (2,281,654)
Income tax payable 79,696 (152,117) (237,759)
Other non-current asset 1,448
Total Adjustments (21,408,195) (6,698,020) 48,591,148
Net cash used in operations (46,348,017) (12,409,242) (7,415,291)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Interest received 45,104 26,380
Internally developed software (492,900) (438,228) (743,995)
Acquisitions (2,299,231) (8,843,458)
Purchase of property, plant and equipment (7,003) (131,055) (222,680)
Proceeds from disposal of property, plant and equipment 1,264
Purchase of investment in GU (20,000)
Investment at fair value (1,000,000)
Purchase of other non-current assets (6,595,180)
Acquisition of intangible assets (279,356)
Net cash used in investing activities: (8,093,819) (2,843,410) (10,063,109)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Other interest paid - loans (1,146,440) (1,250,312) (847,520)
Amount due to/from related party, net (484,078) 1,546,010 (221,842)
Proceeds from derivative liability, net (250,000)
Proceeds from IPO, net 17,308,453
Proceeds from convertible debt, net of issuance costs 8,923,994 4,184,964
Proceeds from equity issuances 49,542,323 2,701,215
Issuance from convertible debt (509,311)
Repayment of lease liabilities (775,728) (957,430)
Proceeds from loans 10,000,000 2,000,000 972,593
Repayment of loans (2,552,874) (593,950) (1,285,181)
Net cash provided by financing activities 55,358,931 9,850,014 21,095,941
Increase (decrease) in cash and cash equivalents during the year 917,095 (5,402,638) 3,617,541
Foreign exchange impact on cash 83,085 296,822 318,090
Cash and cash equivalents, beginning of year 614,753 5,720,569 1,784,938
CASH AND CASH EQUIVALENTS, END OF THE YEAR $ 1,614,933 $ 614,753 $ 5,720,569
[1] Consists of $0 (2023: $0) of Campus segment depreciation and amortization which is included in cost of revenue and $0 (2023: $332,498) which is included in operating expenses in the accompanying statements of operations
[2] Consists of $589,415 (2023: $575,309) of Education segment depreciation and amortization which is included in cost of revenue and $1,469,112 (2023: $2,363,243) which is included in operating expenses in the accompanying statements of operations