Castellum, Inc.
For the period ended Dec 31, 2025. Filed Mar 9, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 9, 2026
CTM$0.45+20.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(2,398,292) | $(9,980,307) | $(17,800,178) |
| Adjustments to reconcile net loss to net cash provided (used in) by operating activities: | |||
| Depreciation and amortization | 1,498,864 | 2,220,185 | 2,528,815 |
| Amortization of discounts, premiums and deferred cost | — | 1,118,194 | 2,265,061 |
| Share-based compensation | 2,475,687 | 5,426,985 | 7,495,759 |
| Deferred tax provision | — | — | (1,480,166) |
| Gain on lease termination | — | (9,225) | — |
| Gain on sale of reporting unit | — | (39,234) | — |
| Goodwill impairment loss | — | — | 6,919,094 |
| Lease cost | 275,913 | 286,572 | 218,314 |
| Change in fair value of contingent earnout | — | — | (92,000) |
| Change in fair value of derivative liabilities | (621,000) | 725,600 | (1,054,025) |
| Gain from timing difference on issuance of shares | — | — | (107,491) |
| Changes in assets and liabilities | |||
| Accounts receivable | (2,620,686) | 1,036,587 | (1,187,118) |
| Proceeds from factoring accounts receivable | — | — | 850,141 |
| Prepaid expenses and other current assets | (118,594) | (147,602) | 75,614 |
| Contract asset and liabilities | (298,558) | (109,498) | 96,785 |
| Lease liabilities | (270,049) | (269,518) | (185,261) |
| Accounts payable and accrued expenses | 128,338 | 861,366 | (807,791) |
| Net cash (used in) provided by operating activities | (1,948,377) | 1,120,105 | (2,264,447) |
| Cash flows from investing activities: | |||
| Acquisition of business, cash paid to seller | — | — | (485,739) |
| Sale of subsidiary, cash received from buyer | 92,218 | 279,207 | — |
| Cash paid to seller from factoring | — | — | (411,975) |
| Investment in Joint Ventures | (100,250) | — | — |
| Acquisition of business, cash received from seller | — | — | 475,000 |
| Investment in captive insurance entity | — | (54,534) | — |
| Purchases of fixed assets | (151,741) | (3,317) | (18,271) |
| Net cash (used in) provided by investing activities | (159,773) | 221,356 | (440,985) |
| Cash flows from financing activities: | |||
| Proceeds from revolving credit line | — | 1,374,919 | 325,000 |
| Payment of revolving line of credit | (1,999,944) | — | — |
| Settlement of stock compensation in cash | (128,207) | — | — |
| Payment of debt issuance costs | (12,844) | (64,219) | (15,000) |
| Proceeds from issuance of preferred and common stock, and regular warrants, net of issuance costs | 15,299,817 | 12,052,704 | 126,000 |
| Proceeds from note payable | — | — | 1,200,000 |
| Proceeds from exercise of stock options | 26,500 | — | — |
| Preferred stock dividend | (107,442) | (119,277) | (118,152) |
| Loss on induced conversion | — | — | 300,000 |
| Repayment of convertible note payable - related party | — | (809,617) | — |
| Repayment of amounts due to seller | (340,000) | (730,000) | (280,000) |
| Repayment of notes payable | (8,000,000) | (2,621,764) | (1,642,471) |
| Net cash (used in) provided by financing activities | 4,737,880 | 9,082,746 | (104,623) |
| Net increase (decrease) in cash | 2,629,730 | 10,424,207 | (2,810,055) |
| Cash and restricted cash - beginning of period | 12,255,048 | 1,830,841 | 4,640,896 |
| Cash and restricted cash - end of period | $14,884,778 | $12,255,048 | $1,830,841 |
| Supplemental disclosures: | |||
|---|---|---|---|
| Cash paid for interest | $425,787 | $794,361 | $994,449 |
| Cash paid for income taxes | $188,500 | $47,315 | $72,484 |
| 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 |
| Derivative liabilities incurred for note payable | $— | $— | $421,000 |
| Extinguishment of derivative liability | $— | $— | $33,375 |
| Derecognition of lease liability | $— | $396,388 | $— |
| Derecognition of ROU asset | $— | $387,164 | $— |
| Gain on lease termination | $— | $9,225 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.