SSII 8-K
SS Innovations International, Inc. (SSII)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
As used in this Current Report on Form 8-K (this “Current Report”), the terms “SSi,” “the Company,” “we,” “us” and “our” refer to SS Innovations International, Inc. and its subsidiaries.
Item 2.02 Results of Operations and Financial Condition.
The disclosure set forth in Item 7.01 of this Current Report is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On March 10, 2026, the Company issued a press release announcing financial results for the fourth quarter and the year ended December 31, 2025, and the filing with the Securities and Exchange Commission of its Annual Report on Form 10-K for the year ended December 31, 2025.
A copy of the press release is included with this Current Report as Exhibit 99.1.
The information set forth in Items 2.02 and 7.01 of this Current Report and in the press release included as Exhibit 99.1 to this Current Report, are deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report and in the press release included as Exhibit 99.1 to this Current Report, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
Forward-Looking Statements
This Current Report and the press release included as Exhibit 99.1 to this Current Report, includes statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s fourth quarter 2025 and full year 2025 preliminary results, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations and other statement that are predictive in nature. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SSi’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1* | Press Release, dated March 10, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| * | Furnished not filed |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: March 10, 2026 | SS INNOVATIONS INTERNATIONAL, INC. | |
| By: | /s/ Sudhir Srivastava | |
| Sudhir Srivastava, M.D. | ||
| Chairman and Chief Executive Officer | ||
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Exhibit 99.1
SS Innovations Reports Fourth Quarter and Full Year 2025 Financial Results
Strong growth in SSi Mantra installations, procedures and revenues
Fort Lauderdale, FL – March 10, 2026 – SS Innovations International, Inc. (the “Company” or “SS Innovations”) (Nasdaq: SSII), a developer of innovative surgical robotic technologies dedicated to making robotic surgery affordable and accessible to a global population, today announced unaudited financial results for the three and twelve months ended December 31, 2025. The Company also filed its Annual Report on Form 10-K for the year ended December 31, 2025, with the Securities and Exchange Commission on March 10, 2026.
Fourth Quarter 2025 Overview
| ● | Revenue increased 79.1% to $14.5 million from $8.1 million in the fourth quarter of 2024. |
| ● | Gross margin of 43.9% compared to 48.9% in the fourth quarter of 2024. |
| ● | Gross profit rose 60.7% to $6.4 million from $4.0 million in the fourth quarter of 2024. |
| ● | Net loss of $2.5 million, or $(0.01) per diluted share, compared to a net loss of $1.9 million, or $(0.01) per diluted share, in the fourth quarter of 2024. |
| ● | SSi Mantra surgical robotic system installations totaled 40, up 81.8% from 22 installations in the fourth quarter of 2024 and up 48.1% from 27 installations in the third quarter of 2025. |
Full Year 2025 Overview
| ● | Revenue increased 105.7% to $42.5 million from $20.6 million in 2024. |
| ● | Gross margin expanded to 46.0% from 40.9% in 2024. |
| ● | Gross profit rose 131.2% to $19.5 million from $8.5 million in 2024. |
| ● | Net loss of $12.1 million, or $(0.06) per diluted share, compared to net loss of $19.2 million, or $(0.11) per diluted share, in 2024. |
| ● | SSi Mantra surgical robotic system installations totaled 103, up 119.1% from 47 installations in 2024. |
As of December 31, 2025
| ● | Long-term debt of $0. |
| ● | Cash and cash equivalents totaled $3.2 million, excluding restricted cash. |
| ● | SSi Mantra cumulative installed base totaled 168 across ten countries and cumulative surgeries reached 7,885, including 120 telesurgeries, 390 cardiac procedures and 121 pediatric surgeries. |
CEO Commentary
Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, “In the fourth quarter of 2025, we achieved strong growth in SSi Mantra installations, procedures and revenues, capping off a successful year for SS Innovations. Among our accomplishments in 2025, we gained significant share of the surgical robotics market in India, expanded into new global geographies, and progressed along the regulatory pathways required for entering the United States and European Union markets. We also continued to pioneer robotic telesurgery, attaining multiple new procedure milestones and unveiling cutting-edge innovations such as the Tele Surgeon Console and MantraM mobile robotic telesurgery unit. Finally, the uplisting of our shares to Nasdaq has enhanced market awareness of our growth story and expanded our audience of potential investors.”
Dr. Srivastava continued, “After quarter-end we completed a private placement of common stock, which brings us new long-term oriented institutional investors and approximately $18.6 million of gross proceeds aimed to fuel SS Innovations’ growth in 2026 and beyond. Significant insider participation in this financing reflects our strong confidence in SS Innovations’ future. We will continue to invest in enhancements to our advanced, cost-effective SSi Mantra surgical robotic system and expand our capacity to lead the vast Indian market, penetrate underserved global geographies, and prepare for our entry into the United States and European Union. We anticipate that the U.S. Food and Drug Administration will complete its review of our 510(k) premarket notification for the SSi Mantra by mid-2026. We also continue along the pathway towards a European Union CE marking certification for the SSi Mantra, which we believe we can also obtain this year. In conclusion, we expect continuing strong growth in 2026 as we deploy the SSi Mantra in existing and new markets, increasing access to world-class surgical robotic care.”
Select Business Highlights in Fourth Quarter 2025
| ● | On November 6, 2025, the Company announced the successful completion of the first telesurgery performed with the SSi Mantra Tele Surgeon Console. |
| ● | On December 5, 2025, the Company submitted a 510(k) premarket notification to the United States Food and Drug Administration (the “FDA”) for the SSi Mantra surgical robotic system, covering multiple indications including general, urological, colorectal, gynecological and cardiac surgeries. |
Subsequent Events
| ● | On January 6, 2026, the Company announced the development of five new 5-millimeter surgical instruments for clinical use across multiple specialties, including pediatric, cardiac, and head and neck surgery, among other procedures involving smaller anatomical structures. |
| ● | On March 9, 2026, the Company announced the completion of a private placement of its common stock, generating approximately $18.6 million in gross proceeds before deducting offering expenses, to support growth initiatives. In the offering, the Company offered and sold a total of 5,774,839 shares of common stock consisting of: an aggregate of 1,300,006 shares of common stock at an average price of $4.00 per share to certain of the Company’s directors and executive officers, or a total of approximately $5.2 million; and an aggregate of 4,474,833 shares of common stock at $3.00 per share, or approximately $13.4 million cumulatively, to non-affiliate investors. |
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Revenue Breakdown and Summary of Installations / Surgeries
| Category | Q4 2024 | Q4 2025 | Variance | Percentage | ||||||||||||
| System sales | $ | 7,735,005 | $ | 13,364,153 | $ | 5,629,148 | 72.8 | % | ||||||||
| Instrument sales | 282,332 | 844,279 | 561,947 | 199.0 | % | |||||||||||
| Warranty sales | 80,769 | 316,771 | 236,002 | 292.2 | % | |||||||||||
| Lease income | 18,087 | 9,280 | (8,807 | ) | (48.7 | )% | ||||||||||
| Total revenue | $ | 8,116,193 | $ | 14,534,483 | $ | 6,418,290 | 79.1 | % | ||||||||
| SSi Mantra installations | 22 | 40 | 18 | 81.8 | % | |||||||||||
| Cumulative installed base1 | 65 | 168 | 103 | 158.5 | % | |||||||||||
| SSi Mantra surgeries | 610 | 1,828 | 1,218 | 199.7 | % | |||||||||||
| Cumulative surgeries1 | 2,759 | 7,885 | 5,126 | 185.8 | % | |||||||||||
1 at period end
| Category | 2024 | 2025 | Variance | Percentage | ||||||||||||
| System sales | $ | 19,457,767 | $ | 38,353,048 | $ | 18,895,281 | 97.1 | % | ||||||||
| Instrument sales | 942,548 | 3,183,757 | 2,241,209 | 237.8 | % | |||||||||||
| Warranty sales | 177,518 | 877,033 | 699,515 | 394.1 | % | |||||||||||
| Lease income | 71,695 | 70,909 | (786 | ) | (1.1 | )% | ||||||||||
| Total revenue | $ | 20,649,528 | $ | 42,484,747 | $ | 21,835,219 | 105.7 | % | ||||||||
| SSi Mantra installations | 47 | 103 | 56 | 119.1 | % | |||||||||||
| SSi Mantra surgeries | 2,139 | 5,087 | 2,948 | 137.8 | % | |||||||||||
About SS Innovations
SS Innovations International, Inc. (Nasdaq: SSII) develops innovative surgical robotic technologies with a vision to make the benefits of robotic surgery affordable and accessible to a larger segment of the global population. The Company’s product range includes its proprietary “SSi Mantra” surgical robotic system and its comprehensive suite of “SSi Mudra” surgical instruments, which support a variety of robotic surgical procedures including cardiac surgery. An American company headquartered in India, SS Innovations plans to expand the global presence of its technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Visit the Company’s website at ssinnovations.com or LinkedIn for more information and updates.
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About the SSi Mantra
The SSi Mantra surgical robotic system is a user-friendly, modular, multi-arm system with many advanced technology features, including: 3 to 5 modular robotic arms, an open-faced ergonomic surgeon command center, a large 3D 4K monitor, a touch panel monitor for all patient related information display, a virtual real-time image of the robotic patient side arm carts, and the ability for superimposition of 3D models of diagnostic imaging. A vision cart provides the table-side team with the same magnified 3D 4K view as the surgeon to provide better safety and efficiency. The SSi Mantra utilizes over 40 different types of robotic endo-surgical instruments to support different specialties, including cardiac surgery. The SSi Mantra has been clinically validated in India in more than 100 different types of surgical procedures.
Forward Looking Statements
This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or SS Innovations’ future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Investor Contact:
The Equity Group
Kalle Ahl, CFA
T: (303) 953-9878
Devin Sullivan, Managing Director
T: (212) 836-9608
Media Contact:
RooneyPartners LLC
Kate Barrette
T: (212) 223-0561
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SS INNOVATIONS INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(Audited)
| As of | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 3,206,406 | $ | 466,500 | ||||
| Restricted cash | 5,937,650 | 5,838,508 | ||||||
| Accounts receivable, net | 12,398,542 | 4,466,047 | ||||||
| Inventory, net | 17,064,002 | 10,206,898 | ||||||
| Prepaids and other current assets | 10,194,059 | 6,438,338 | ||||||
| Total Current Assets | 48,800,659 | 27,416,291 | ||||||
| Property, plant, and equipment, net | 9,100,546 | 5,385,955 | ||||||
| Right of use asset | 2,754,020 | 2,623,880 | ||||||
| Deferred tax assets, net | 533,727 | - | ||||||
| Accounts receivable, net | 8,566,654 | 3,299,032 | ||||||
| Restricted cash | 458,964 | 318,527 | ||||||
| Prepaids and other non current assets | 4,011,647 | 3,341,528 | ||||||
| Total Assets | $ | 74,226,217 | $ | 42,385,213 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Bank overdraft facility | $ | 11,442,948 | $ | 7,994,906 | ||||
| Notes payable | - | 7,450,000 | ||||||
| Current portion of operating lease liabilities | 579,169 | 409,518 | ||||||
| Accounts payable | 5,127,193 | 2,312,382 | ||||||
| Deferred revenue | 3,266,686 | 1,278,602 | ||||||
| Accrued expenses & other current liabilities | 5,825,702 | 1,884,814 | ||||||
| Total Current Liabilities | 26,241,698 | 21,330,222 | ||||||
| Operating lease liabilities, less current portion | 2,337,697 | 2,349,118 | ||||||
| Deferred Revenue | 7,139,807 | 5,173,953 | ||||||
| Other non current liabilities | 288,764 | 74,817 | ||||||
| Total Liabilities | $ | 36,007,966 | $ | 28,928,110 | ||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, authorized 5,000,000 shares of Series A, Non-Convertible Preferred Stock, $0.0001 par value per share; 1,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | 1 | 1 | ||||||
| Common stock, 250,000,000 shares authorized, $0.0001 par value, 194,165,141 shares and 171,579,284 shares issued and outstanding as of December 31, 2025 and December 31, 2024 respectively | 19,416 | 17,157 | ||||||
| Accumulated other comprehensive income (loss) | (2,022,660 | ) | (749,625 | ) | ||||
| Additional paid in capital | 95,111,511 | 56,952,200 | ||||||
| Capital reserve | 899,917 | 899,917 | ||||||
| Accumulated deficit | (55,789,934 | ) | (43,662,547 | ) | ||||
| Total stockholders’ equity | 38,218,251 | 13,457,103 | ||||||
| Total liabilities and stockholders’ equity | $ | 74,226,217 | $ | 42,385,213 | ||||
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SS INNOVATIONS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Audited)
For the three December 31, 2025 | For the three months ended December 31, 2024 | |||||||
| REVENUES | ||||||||
| System sales | 13,364,153 | 7,735,005 | ||||||
| Instruments sale | 844,279 | 282,332 | ||||||
| Warranty sale | 316,771 | 80,769 | ||||||
| Lease income | 9,280 | 18,087 | ||||||
| Total revenue | $ | 14,534,483 | $ | 8,116,193 | ||||
| Cost of revenue | (8,157,430 | ) | (4,147,202 | ) | ||||
| GROSS PROFIT | 6,377,053 | 3,968,991 | ||||||
| OPERATING EXPENSES: | ||||||||
| Research & development expense | 1,390,826 | 761,937 | ||||||
| Stock compensation expense | 2,023,433 | 2,338,887 | ||||||
| Depreciation and amortization expense | 309,491 | 145,926 | ||||||
| Selling, general and administrative expense | 3,388,300 | 2,560,927 | ||||||
| TOTAL OPERATING EXPENSES | 7,112,050 | 5,807,677 | ||||||
| Loss from operations | (734,997 | ) | (1,838,686 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest Expense | (335,296 | ) | (292,954 | ) | ||||
| Interest and other income, net | 364,566 | 208,249 | ||||||
| TOTAL INCOME / (EXPENSE), NET | 29,270 | (84,705 | ) | |||||
| LOSS BEFORE INCOME TAXES | (705,727 | ) | (1,923,391 | ) | ||||
| Income tax expense | 1,765,653 | - | ||||||
| NET LOSS | $ | (2,471,380 | ) | $ | (1,923,391 | ) | ||
| CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS | ||||||||
| NET LOSS | $ | (2,471,380 | ) | $ | (1,923,391 | ) | ||
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
| Foreign currency translation loss | (685,735 | ) | (385,368 | ) | ||||
| Retirement Benefit (net of tax) | (48,444 | ) | (24,086 | ) | ||||
| RECLASSIFICATION ADJUSTMENTS: | ||||||||
| Retirement Benefit (net of tax) | 1,433 | - | ||||||
| Income tax effects relating to retirement benefit | 14,912 | - | ||||||
| TOTAL OTHER COMPREHENSIVE LOSS | (717,834 | ) | (409,454 | ) | ||||
| TOTAL COMPREHENSIVE LOSS | $ | (3,189,214 | ) | $ | (2,332,845 | ) | ||
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SS INNOVATIONS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Audited)
| For The Year Ended | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| REVENUES | ||||||||
| System sales | 38,353,048 | 19,457,767 | ||||||
| Instruments sale | 3,183,757 | 942,548 | ||||||
| Warranty sale | 877,033 | 177,518 | ||||||
| Lease income | 70,909 | 71,695 | ||||||
| Total revenue | $ | 42,484,747 | $ | 20,649,528 | ||||
| Cost of revenue | (22,940,492 | ) | (12,197,162 | ) | ||||
| GROSS PROFIT | 19,544,255 | 8,452,366 | ||||||
| OPERATING EXPENSES: | ||||||||
| Research & development expense | 3,685,840 | 2,491,771 | ||||||
| Stock compensation expense | 8,128,103 | 14,342,784 | ||||||
| Depreciation and amortization expense | 1,075,907 | 436,005 | ||||||
| Selling, general and administrative expense | 14,848,439 | 10,157,768 | ||||||
| TOTAL OPERATING EXPENSES | 27,738,289 | 27,428,328 | ||||||
| Loss from operations | (8,194,034 | ) | (18,975,962 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest Expense | (1,108,637 | ) | (973,235 | ) | ||||
| Interest and other income, net | 1,141,724 | 798,000 | ||||||
| TOTAL INCOME / (EXPENSE), NET | 33,087 | (175,235 | ) | |||||
| LOSS BEFORE INCOME TAXES | (8,160,947 | ) | (19,151,197 | ) | ||||
| Income tax expense | 3,966,440 | - | ||||||
| NET LOSS | $ | (12,127,387 | ) | $ | (19,151,197 | ) | ||
| Net loss per share - basic and diluted | $ | (0.06 | ) | $ | (0.11 | ) | ||
| Weighted average - basic shares | 190,009,159 | 170,847,444 | ||||||
| Weighted average - diluted shares | 198,699,461 | 181,203,673 | ||||||
| CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS | ||||||||
| NET LOSS | $ | (12,127,387 | ) | $ | (19,151,197 | ) | ||
| OTHER COMPREHENSIVE INCOME (LOSS): | ||||||||
| Foreign currency translation loss | (1,225,696 | ) | (539,900 | ) | ||||
| Retirement Benefit | (68,809 | ) | (14,226 | ) | ||||
| RECLASSIFICATION ADJUSTMENTS: | ||||||||
| Retirement Benefit | 1,433 | - | ||||||
| Income tax effects relating to retirement benefit | 20,037 | - | ||||||
| TOTAL OTHER COMPREHENSIVE LOSS | (1,273,035 | ) | (554,126 | ) | ||||
| TOTAL COMPREHENSIVE LOSS | $ | (13,400,422 | ) | $ | (19,705,323 | ) | ||
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SS INNOVATIONS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Audited)
| For the Year Ended | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (12,127,387 | ) | $ | (19,151,197 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 1,075,907 | 436,005 | ||||||
| Operating lease expense | 827,521 | 753,449 | ||||||
| Interest Expense | 271,633 | 317,234 | ||||||
| Interest and other income, net | (625,883 | ) | (418,426 | ) | ||||
| Property, plant and equipment written off | - | 48,456 | ||||||
| Provision for credit loss reserve, net | 324,345 | 955,762 | ||||||
| Deferred income tax benefit | (512,865 | ) | - | |||||
| Stock compensation expense | 8,128,103 | 14,342,784 | ||||||
| Provision for slow moving inventory | (110,332 | ) | - | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | (13,037,284 | ) | (4,890,032 | ) | ||||
| Inventory, net | (8,070,786 | ) | (7,691,518 | ) | ||||
| Deferred revenue | 3,953,938 | 5,357,075 | ||||||
| Prepaids and other assets | (5,101,794 | ) | (1,411,621 | ) | ||||
| Accounts payable | 2,877,810 | 1,410,830 | ||||||
| Income taxes payable, net | 4,214,339 | - | ||||||
| Accrued expenses & other liabilities | 161,914 | 1,144,037 | ||||||
| Operating lease payment | (792,166 | ) | (705,868 | ) | ||||
| Net cash used in operating activities | (18,542,987 | ) | (9,503,030 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property, plant and equipment | (3,659,058 | ) | (661,479 | ) | ||||
| Net cash used in investing activities | (3,659,058 | ) | (661,479 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from bank overdraft facility (net) | 3,448,042 | 1,975,980 | ||||||
| Proceeds from issuance of promissory notes to principal shareholder | - | 3,000,000 | ||||||
| Proceeds from issuance of convertible notes to principal shareholder | 28,000,000 | 3,000,000 | ||||||
| Proceeds from issuance of convertible notes to other investors | - | 1,450,000 | ||||||
| Repayment of convertible notes to principal shareholder, including interest | (4,212,637 | ) | - | |||||
| Repayment of convertible notes to other investors, including interest | (1,068,849 | ) | - | |||||
| Net cash provided by financing activities | 26,166,556 | 9,425,980 | ||||||
| Net change in cash | 3,964,511 | (738,529 | ) | |||||
| Effect of exchange rate on cash | (985,026 | ) | 274,219 | |||||
| Cash and cash equivalents at the beginning of the year | 6,623,535 | 7,087,845 | ||||||
| Cash and cash equivalents at end of the year | $ | 9,603,020 | $ | 6,623,535 | ||||
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