v3.24.3
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Cash Flows from Operating Activities:                                
Net loss             $ (12,842,446)   $ (17,276,072)       $ (30,736,098)   $ (110,712,948)  
Adjustments to reconcile net (loss) income to net cash used in operating activities:                                
Depreciation and amortization             120,841   121,571       242,436   244,208  
Unrealized foreign exchange (gain)/loss             108,224   327,383       375,298   (277,838)  
Interest expense             3,009,002   3,054,946       4,791,782   3,884,695  
Share based compensation issued to related parties for consultancy services             2,190,482   1,291,429       3,646,017   39,501,701  
Share based compensation for consultancy services                             18,417,816  
Employee share based compensation             1,852,702   3,588,960       5,079,201   2,115,015  
Impairment of ROU asset, net of lease termination                             46,236  
Impairment of prepayments and other current assets                 1,156,316           731,940  
Impairment of accounts receivable                             334,952  
Impairment of loans receivable                         1,156,316   0  
Impairment of goodwill                             44,438  
Impairment of investment in ANY                             14,600,000  
Changes in current assets and liabilities:                                
Decrease/(increase) in accounts receivable             1,100   534       (3,679)   712,554  
(Increase) in prepayment and other current assets             (131,679)   (695,026)       (416,069)   (56,523)  
(Decrease) in operating lease liability                             (46,236)  
Decrease in receivable with related parties                             168,754  
Increase(decrease) in accounts payable, accrued expenses and other payables             477,428   (263,348)       2,310,465   3,340,539  
Increase (decrease) in payables to related parties             315,895   (125,000)       552,456   161,791  
Net cash used in operating activities             (4,898,451)   (8,818,307)       (13,001,875)   (26,788,906)  
Cash Flows from Investing Activities:                                
Purchase of property and equipment             (3,850)   (8,060)       (14,376)   (36,854)  
Development of intangible assets             (1,360,525)   (104,604)       (1,767,148)      
Net cash (used in) investing activities             (1,364,375)   (112,664)       (1,781,524)   (36,854)  
Cash Flows from Financing Activities:                                
Proceeds from rights issuance             1,350,000   1,653,882       7,767,674      
Call up capital received from related parties             222,306                  
Proceeds from issuance of ordinary shares                             2,499,920  
Proceeds from issuance of common stock to related parties                 199,974       199,974      
Repayment of short-term debt obligation from related parties                 (250,000)       (250,000)      
Proceeds from short-term debt from related party                 4,178,008       4,369,413      
Proceeds from short-term debt             400,000   762,505              
Proceeds from convertible debt             4,301,855   2,627,543              
Proceeds from long-term debt obligation                         2,625,000   21,500,000  
Net cash flow generated from financing activities             6,274,161   9,171,912       14,712,061   23,999,920  
Effect of exchange rate changes on cash             38,522   (159,230)       42,399   177,287  
Net change in cash             49,857   81,711       (28,939)   (2,648,553)  
Cash, beginning of the period   $ 10,441     $ 39,380   10,441   39,380       39,380   2,687,933  
Cash, end of the period $ 60,298   $ 10,441 $ 121,091   $ 39,380 60,298   121,091   $ 60,298 $ 121,091 10,441   39,380  
Supplemental disclosure of noncash investing and financing activities                                
Share-based payment for development of intangible asset                 115,190       115,190      
Cash paid for interest             0           0      
Cash paid for taxes             0           0      
Accrued interest payable converted to principal                 3,000,000       4,040,989      
Conversion of expenses under advanced subscription agreements             25,143   132,453              
As filed [Member]                                
Cash Flows from Operating Activities:                                
Net loss                 (24,568,765)           (104,105,437)  
Adjustments to reconcile net (loss) income to net cash used in operating activities:                                
Depreciation and amortization                 379,900           742,113  
Unrealized foreign exchange (gain)/loss                 63,284           (277,838)  
Interest expense                 4,134,431           3,884,695  
Share based compensation issued to related parties for consultancy services                             39,501,701  
Share based compensation for consultancy services                             18,417,816  
Employee share based compensation                 4,880,389           2,115,015  
Impairment of ROU asset, net of lease termination                             46,236  
Impairment of prepayments and other current assets                 1,156,316           731,940  
Impairment of accounts receivable                             334,952  
Impairment of goodwill                 1,080,110           7,418,302  
Changes in current assets and liabilities:                                
Decrease/(increase) in accounts receivable                 (605)           646,661  
(Increase) in prepayment and other current assets                 236,410           (215,468)  
(Decrease) in operating lease liability                             (46,236)  
Decrease in receivable with related parties                 (320,702)           (245,266)  
Increase(decrease) in accounts payable, accrued expenses and other payables                 (825,679)           4,766,607  
Increase (decrease) in payables to related parties                 670,050           (234,880)  
Net cash used in operating activities                 (8,962,030)           (26,762,923)  
Cash Flows from Investing Activities:                                
Purchase of property and equipment                 (104,604)           (25,973)  
Development of intangible assets                 (8,060)              
Net cash (used in) investing activities                 (112,664)           (25,973)  
Cash Flows from Financing Activities:                                
Proceeds from rights issuance                 1,653,882              
Proceeds from issuance of ordinary shares                             2,499,920  
Proceeds from issuance of common stock to related parties                 199,974              
Repayment of short-term debt obligation from related parties                 (250,000)              
Proceeds from short-term debt from related party                 4,178,008              
Proceeds from short-term debt                 762,505              
Proceeds from convertible debt                 2,627,543              
Proceeds from long-term debt obligation                             21,500,000  
Net cash flow generated from financing activities                 9,171,912           23,999,920  
Effect of exchange rate changes on cash                 (16,563)           140,658  
Net change in cash                 80,655           (2,648,318)  
Cash, beginning of the period         41,709       41,709       41,709   2,690,024  
Cash, end of the period       122,364   41,709     122,364     122,364     41,709  
Armada Acquisition Corp I [Member]                                
Cash Flows from Operating Activities:                                
Net loss (1,423,095) (380,846) (360,314) (559,584) (27,143) 607,027   $ (741,160)   $ 579,884 (2,164,255) 20,300   $ (320,150)   $ (3,622,794)
Adjustments to reconcile net (loss) income to net cash used in operating activities:                                
Interest expense 220,050 118,811 5,387 0 0 0   124,198   0 344,248 0        
Interest earned on cash and marketable securities held in Trust Account     (334,836)     (1,289,673)   (604,992)   (2,264,081) (811,281) (2,697,147)   (3,084,260)   (1,025,942)
Stock-based compensation 526,209 25,200 50,400 134,363 27,963 27,963   75,600   55,926 601,809 190,289   218,254   111,852
Share based compensation for consultancy services               75,600   55,926            
Changes in current assets and liabilities:                                
Prepaid expenses     20,071     55,678   29,824   58,206 (8,183) 25,706   28,337   398,920
Accounts payable and accrued expenses               684,212   407,667 1,327,705 979,793        
Accounts payable     424,300     24,344               1,570,515   2,954,179
Income tax payable     67,834     260,331   43,761   35,497 39,243 117,873   (134,838)   145,621
Franchise tax payable     11,819     50,000   10,500   (68,800) 33,900 (28,000)   (137,900)   124,329
Net cash used in operating activities     (115,339)     (264,331)   (378,057)   (1,195,701) (636,814) (1,391,186)   (1,860,042)   (913,835)
Cash Flows from Investing Activities:                                
Withdrawals from trust for redemptions               10,384,496   117,079,879 10,384,496 117,079,879        
Withdrawals from Trust Account to pay for income and franchise taxes               156,174   804,072 156,174 804,072        
Withdrawals from Trust Account for redemptions of common stock                           129,175,094   0
Withdrawals from Trust Account to pay for taxes                           1,071,864   182,069
Principal deposited in Trust Account     (212,701)     0   (382,840)   (1,500,000) (531,697) (1,500,000)   (1,641,801)   0
Net cash (used in) investing activities     (212,701)     (1,500,000)   10,157,830   116,383,951 10,008,973 116,383,951   128,605,157   182,069
Cash Flows from Financing Activities:                                
Proceeds from issuance of promissory note to related party     212,161     1,950,000   212,161   1,950,000 492,287 1,950,000   2,316,985   483,034
Proceeds from subscription agreement     110,000     0   440,000   0 473,008 0        
Repayment of Promissory Notes to Related Party                           (4,300)   (231,280)
Redemptions of shares               (10,384,496)   (117,079,879) (10,384,496) (117,079,879)   (129,175,094)   0
Net cash flow generated from financing activities     322,161     1,950,000   (9,732,335)   (115,129,879) (9,419,201) (115,129,879)   (126,862,409)   251,754
Net change in cash     (5,879)     185,669   47,438   58,371 (47,042) (137,114)   (117,294)   (480,012)
Cash, beginning of the period 107,722 54,405 60,284 235,949 363,247 177,578 54,405 60,284 363,247 177,578 60,284 177,578 363,247 177,578   657,590
Cash, end of the period $ 13,242 107,722 54,405 $ 40,464 235,949 363,247 $ 13,242 107,722 $ 40,464 235,949 13,242 40,464 $ 54,405 60,284 $ 363,247 177,578
Supplemental disclosure of noncash investing and financing activities                                
Remeasurement of common stock subject to possible redemption                     1,108,476 3,477,548   3,943,038   548,862
Subsequent remeasurement of common stock subject to possible redemption     467,884     2,479,343   815,136   3,148,417            
Excise tax payable on redemption   $ (103,845)     $ (1,170,799)     103,845   1,170,799 103,845 1,170,799   (1,291,751)    
Cost of issuance of debt under Polar agreement     $ 108,634     $ 0   434,460   0            
Cash paid for taxes               $ 71,153     114,078 0        
Cost of issuance of debt under subscription agreements                     $ 462,751 $ 0        
Excise tax on redemptions                           $ 1,291,751   $ 0
Armada Acquisition Corp I [Member] | As filed [Member]                                
Supplemental disclosure of noncash investing and financing activities                                
Cash paid for taxes                   $ 407,687