Grey_Ghost Here is breakdown of first 3 months of the 65 million you showed used from Jan through March of 2025.
Between January 1, 2025 and March 28, 2025, the Company received $12.2 million in funding from the sale of common shares, proceeds from warrant exercise, and proceeds of debt arrangements.
Between January 1, 2025 and March 28, 2025, the Company issued approximately 22.2 million shares of common stock for proceeds of $5.0 million.
Between January 1, 2025 and March 28, 2025, the Company entered into several 2-year convertible notes (the “Convertible Notes”) with multiple individual investors (the “Holders”) with an aggregate principal amount of $2.2 million. The Convertible Notes bear interest at 11% per annum and are convertible into common shares between $0.20 and $0.245 per share at the Holder’s sole option. In addition, the Holders have an alternative option to convert the Convertible Notes into a non-dilutive financial instrument, which has the same terms at those in the non-dilutive funding agreements as described in Note 12.
On March 7, 2025, the Company entered into a Commercial Loan Agreement (the “2025 Commercial Loan”) with a commercial lender for an aggregate principal amount of $5.5 million. The 2025 Commercial Loan bears interest at 8% per annum with a 22-month term. There are no principal repayments during the first eight months of the term. The 2025 Commercial Loan is amortized in 14 installments starting on May 7, 2026. The 2025 Commercial Loan carries an original issue discount of $0.5 million.
Between January 1, 2025 and March 28, 2025, the Company issued approximately 27.9 million shares of common stock to certain lenders in lieu of cash payments of $6.3 million of debt.
Between January 1, 2025 and March 28, 2025, the Company converted $2.3 million convertible notes into 10.1 million shares of common stock.
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