Company: NDRA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110887
Chunk: 37

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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5, we used $3,570,847
of cash in operating activities primarily as a result of our net loss of $3,858,201, offset by share-based compensation of $316,531, amortization
of right of use assets of $83,834, depreciation expense of $33,928, change in fair value of warrant liability of $(203,400), and net changes
in operating assets and liabilities of $56,461.

During the nine months ended September 30, 2024,
we used $5,884,842 of cash in operating activities primarily as a result of our net loss of $7,358,943, offset by share-based compensation
of $467,240, amortization of right of use assets of $124,320, inventory reserve of $4,687, depreciation expense of $35,489, fixed assets
write-off of $8,808, warrant expense of $7,323,685, change in fair value of warrant liability of $(3,341,829), gain on settlement of warrant
exercises of $(3,071,252), and net in operating assets and liabilities of $77,047.

19

Investing Activities

During the nine months ended September 30, 2025, we used $17,280 in
investing activities related to purchases of fixed assets. During the nine months ended September 30, 2024, we used $16,000 in investing
activities related to purchases of fixed assets, and received $3,204 in proceeds from sale of fixed assets.

Financing Activities

During the nine months ended September 30, 2025, our financing activities
provided $1,152,684 in proceeds from issuances of common stock. During the nine months ended September 30, 2024, our financing activities
provided $1,148,470 in proceeds from issuances of common stock, $5,368,363 in proceeds from warrant exercises. We also used $28,484 to
repay a loan from TD Bank under the Canadian Emergency Business Account.

Long-Term Liquidity

We have not completed the commercialization of
any of our TAEUS technology platform applications. We expect to continue to incur significant expenses relating to the development of
our TAEUS technology for the foreseeable future. We anticipate that our expenses will increase substantially as we:

    ●
    advance the engineering design and development of our TAEUS technology;

    ●
    acquire parts and build