Castellum, Inc.
For the period ended Dec 31, 2025. Filed Mar 9, 2026.
View on SEC.govAbout this filing
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$0.45-9.9%Stored close · as of Nov 12, 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
Checking your notes…
| 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.