Castellum Inc
For the period ended Dec 31, 2024. Filed Mar 11, 2025.
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FY2024 · Filed Mar 11, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net loss | $(9,980,307) | $(17,800,178) | $(14,908,038) |
| Adjustments to reconcile net loss to net cash provided (used in) by operating activities: | |||
| Depreciation and amortization | 2,220,185 | 2,528,815 | 2,032,459 |
| Amortization of discounts, premiums and deferred cost | 1,118,194 | 2,265,061 | 2,553,317 |
| Share-based compensation | 5,426,985 | 7,495,759 | 8,796,641 |
| Deferred tax provision | — | (1,480,166) | 610,033 |
| Gain on lease termination | (9,225) | — | — |
| Gain on sale of reporting unit | (39,234) | — | — |
| Gain on sale of fixed assets | — | — | (303) |
| Financing fee and bank charges for note payable and advances on revolving credit line | — | — | 3,775 |
| Goodwill impairment loss | — | 6,919,094 | — |
| Lease cost | 286,572 | 218,314 | 1,139 |
| 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 | 725,600 | (1,054,025) | 132,000 |
| Gain from timing difference on issuance of shares | — | (107,491) | — |
| Changes in assets and liabilities | |||
| Accounts receivable | 1,036,587 | (1,187,118) | 634,448 |
| Proceeds from factoring accounts receivable | — | 850,141 | — |
| Prepaid expenses and other current assets | (147,602) | 75,614 | (321,593) |
| Contract asset (liability) | (109,498) | 96,785 | 333,621 |
| Lease liabilities | (269,518) | (185,261) | — |
| Accounts payable and accrued expenses | 861,366 | (807,791) | 537,664 |
| Net cash provided (used in) by operating activities | 1,120,105 | (2,264,447) | 990,163 |
| Cash flows from investing activities: | |||
| Acquisition of business, cash paid to seller | — | (485,739) | (250,000) |
| Sale of subsidiary, cash received from buyer | 279,207 | — | — |
| Cash paid to seller from factoring | — | (411,975) | — |
| Acquisition of business, cash received from seller | — | 475,000 | — |
| Investment in captive insurance entity | (54,534) | — | — |
| Purchases of fixed assets | (3,317) | (18,271) | (89,282) |
| Net cash provided (used in) by investing activities | 221,356 | (440,985) | (339,282) |
| Cash flows from financing activities: | |||
| Proceeds from revolving credit line | 1,374,919 | 325,000 | 300,000 |
| Payment of debt issuance costs | (64,219) | (15,000) | — |
| Proceeds from issuance of preferred and common stock | 12,052,704 | 126,000 | 625,000 |
| Proceeds from note payable | — | 1,200,000 | 1,470,000 |
| Proceeds from exercise of stock options | — | — | 12,000 |
| Proceeds from stock offering related to uplisting | — | — | 2,000,756 |
| Preferred stock dividend | (119,277) | (118,152) | (100,516) |
| Loss on induced conversion | — | 300,000 | — |
| Repayment of convertible note payable - related party | (809,617) | — | (500,000) |
| Repayment of amounts due to seller | (730,000) | (280,000) | (471,003) |
| Repayment of notes payable | (2,621,764) | (1,642,471) | (1,364,137) |
| Net cash provided (used in) by financing activities | 9,082,746 | (104,623) | 1,972,100 |
| Net increase (decrease) in cash | 10,424,207 | (2,810,055) | 2,622,981 |
| Cash and restricted cash - beginning of period | 1,830,841 | 4,640,896 | 2,017,915 |
| Cash and restricted cash - end of period | $12,255,048 | $1,830,841 | $4,640,896 |
|---|---|---|---|
| Supplemental disclosures: | |||
| Cash paid for interest | $794,361 | $994,449 | $912,965 |
| Cash paid for income taxes | $47,315 | $72,484 | $467,910 |
| 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 | $— |
| 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 |
| Derecognition of lease liability | $396,388 | $— | $— |
| Derecognition of ROU asset | $387,164 | $— | $— |
| Gain on lease termination | $9,225 | $— | $— |
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