Castellum Inc
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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FY2023 · Filed Mar 21, 2024
CTM$0.45+20.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net loss | $(17,800,178) | $(14,908,038) | $(7,546,430) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
| Depreciation and amortization | 2,528,815 | 2,032,459 | 1,886,228 |
| Amortization of discounts, premiums and deferred cost | 2,265,061 | 2,553,317 | 1,806,848 |
| Stock-based compensation | 7,495,759 | 8,796,641 | 6,919,524 |
| Deferred tax provision | (1,480,166) | 610,033 | (2,895,571) |
| Gain on sale of fixed assets | — | (303) | — |
| Financing fee and bank charges for note payable and advances on revolving credit line | — | 3,775 | — |
| Realized gain on investment | — | — | (38,851) |
| Goodwill impairment loss | 6,919,094 | — | — |
| Lease cost | 218,314 | 1,139 | 754 |
| Legal fees paid out of proceeds from note payable | — | 30,000 | — |
| Change in fair value of contingent earnout | (92,000) | 555,000 | — |
| Change in fair value of derivative liabilities | (1,054,025) | 132,000 | — |
| Gain from timing difference on issuance of shares | (107,491) | — | — |
| Changes in assets and liabilities | |||
| Accounts receivable | (1,187,118) | 634,448 | (1,217,326) |
| Proceeds from factoring accounts receivable | 850,141 | — | — |
| Prepaid expenses and other current assets | 75,614 | (321,593) | 8,119 |
| Contract asset (liability) | 96,785 | 333,621 | (817,646) |
| Payment of transaction costs in acquisition of business | — | — | (50,500) |
| Lease liability | (185,261) | — | — |
| Accounts payable and accrued expenses | (807,791) | 537,664 | 594,715 |
| Net cash (used in) provided by operating activities | (2,264,447) | 990,163 | (1,350,136) |
| Cash flows from investing activities: | |||
| Acquisition of business, cash paid to seller | (485,739) | (250,000) | — |
| Cash paid to seller from factoring | (411,975) | — | — |
| Acquisition of business, cash received from seller | 475,000 | — | 453,480 |
| Sale of investment | — | — | 365,572 |
| Purchases of fixed assets | (18,271) | (89,282) | (10,218) |
| Net cash (used in) provided by investing activities | (440,985) | (339,282) | 808,834 |
| Cash flows from financing activities: | |||
| Proceeds from revolving credit line | 325,000 | 300,000 | — |
| Payment of debt issuance costs | (15,000) | — | — |
| Proceeds from issuance of preferred and common stock | 126,000 | 625,000 | 645,000 |
| Proceeds from note payable | 1,200,000 | 1,470,000 | — |
| Proceeds from exercise of stock options | — | 12,000 | 8,000 |
| Proceeds from stock offering related to uplisting | — | 2,000,756 | — |
| Preferred stock dividend | (118,152) | (100,516) | (12,290) |
| Repayment of convertible note payable – related party | — | (500,000) | (70,000) |
| Repayment of line of credit, net | — | — | (12,249) |
| Loss on induced conversion | 300,000 | — | — |
| Repayment of amounts due to seller | (280,000) | (471,003) | — |
| Repayment of notes payable | (1,642,471) | (1,364,137) | (411,626) |
| Net cash (used in) provided by financing activities | (104,623) | 1,972,100 | 146,835 |
| Net (decrease) increase in cash | (2,810,055) | 2,622,981 | (394,467) |
| Cash - beginning of period | 4,640,896 | 2,017,915 | 2,412,382 |
| Cash - end of period | $1,830,841 | $4,640,896 | $2,017,915 |
|---|---|---|---|
| Supplemental disclosures: | |||
| Cash paid for interest | $994,449 | $912,965 | $688,930 |
| Cash paid for income taxes | $72,484 | $467,910 | $168,100 |
| Summary of noncash activities: | |||
| Extinguishment of debt discount - derivative liabilities | $171,128 | $— | $— |
| Extinguishment of debt discount - debt issuance costs | $8,034 | $— | $— |
| Debt discount on note payable | $28,000 | $500,000 | $— |
| Partial conversion of note payable | $— | $160,000 | $— |
| Common shares issued for obligation to issue shares | $— | $533,750 | $— |
| Derivative liabilities incurred for note payable | $421,000 | $692,000 | $— |
| Extinguishment of derivative liability | $33,375 | $— | $— |
| Acquisition of business, common stock issued to seller | $5,304,561 | $— | $— |
| Gain on extinguishment of convertible note payable - related party | $— | $2,667,903 | $— |
| Adjustment to contingent consideration and customer relationships | $— | $275,000 | $— |
| Fair value adjustment recognized on issuance of common stock in Securities Purchase Agreement | $— | $93,000 | $— |
| Deferred issuance costs recognized for note payable | $— | $59,300 | $— |
| Conversion of Series B preferred shares to common stock | $— | $1,805 | $— |
| Cancellation of shares offsetting acquisition of business | $— | $— | $400,000 |
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