Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (35,957,889)	$ (8,211,297)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,277,569	3,314,781
Asset impairment charge	26,472,407
Gain on disposal of property and equipment	(9,674)
Credit loss expense	459,233	230,930
Inventory obsolescence	489,572	356,261
Share-based compensation	3,972,788	3,240,362
Noncash lease expense	446,285	306,240
Share of losses from equity method investments	627,732	31,448
Back-end fee	578,901	219,689
Paid-in-kind interest	1,593,416	424,067
Accretion of finance liabilities	120,022	166,595
Amortization and write-off of debt issuance costs	206,363	150,219
Change in fair value of earnout liabilities		67,549
Changes in operating assets and liabilities:
Accounts receivable, net	(144,959)	(2,777,243)
Accounts receivable – related parties	40,566	(35,009)
Inventory, net	(1,122,497)	1,352,923
Prepaid and other assets	318,266	178,963
Accounts payable	(359,968)	(622,719)
Accounts payable – related parties	(3,575)	72,806
Accrued royalties and expenses	403,767	249,910
Accrued bonuses and commissions	1,879,615	580,031
Operating lease liabilities	(446,372)	(252,337)
Net cash provided by (used in) operating activities	2,841,568	(955,831)
Cash flows from investing activities:
Purchases of property and equipment	(4,543,491)	(133,676)
Proceeds from disposal of property and equipment	60,000
Purchases of intangible assets	(23,452)
Investment in equity securities	(5,899,524)	(5,268,582)
Convertible loan receivable		(1,079,391)
CarePICS Acquisition	(2,122,146)
Net cash used in investing activities	(12,528,613)	(6,481,649)
Cash flows from financing activities:
Loan proceeds, net of debt issuance costs of $228,183 in 2025 and $1,160,740 in 2024	12,021,817	29,339,260
Pay off line of credit		(9,750,000)
Pay off debt assumed in CarePICS Acquisition	(1,650,000)
Equity offering net expenses		(75,000)
Net settlement of equity-based awards	(764,421)	(87,807)
Cash payment of finance and earnout liabilities	(859,000)	(859,000)
Net cash provided by financing activities	8,748,396	18,567,453
Net increase (decrease) in cash	(938,649)	11,129,973
Cash, beginning of period	15,878,295	5,147,216
Cash, end of period	14,939,646	16,277,189
Cash paid during the period for:
Interest	2,428,062	948,759
Supplemental noncash investing and financing activities:
Non-monetary exchange to acquire intangible assets	2,084,278
Conversion of note receivable into equity method investment	1,101,478
Earnout liability generated by CarePICS Acquisition	1,355,603
Right of use assets obtained in exchange for lease obligations	$ 1,153,099

Sanara MedTech Inc. 10-Q