Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (13,476,085) $ (6,273,817)
Adjustments to reconcile from net loss to net cash used in operating activities:    
Depreciation 644,098 217,631
Amortization of debt discount and debt issuance cost 448,908
Stock-based compensation expense 163,076 323,989
Amortization of capitalized contract costs 213,353
Common stock issued for services 189,000
Changes in operating assets and liabilities    
Accounts receivable, net (2,516,523) (1,011,022)
Factor receivables, net 807,648 (214,322)
Inventory (9,663,833) 359,902
Prepaid assets (1,000,242) (966,196)
Other assets (186,849) (5,000)
Accounts payable 2,054,064 (431,819)
Accrued expenses 162,572 39,888
Net cash used in operating activities (22,609,721) (7,511,858)
Cash flows from investing activities:    
Proceeds from note receivable 3,000,000
Advance for property and equipment (250,000)
Purchases of property and equipment (4,088,199) (786,329)
Net cash provided by (used in) investing activities (4,088,199) 1,963,671
Cash flows from financing activities:    
Proceeds from sales of common stock and warrants, net of costs 28,122,740
Proceeds from exercise of warrants 5,408,540
Proceeds from issuance of stock, net of costs 39,911,415
Proceeds from factor loan payable 169,223
Repayments of factor loan payable (590,950)
Repayments of Series D Preferred Stock (3,140,154)
Net cash provided by financing activities 44,729,005 25,151,809
Net increase in cash 18,031,085 19,603,622
Cash, beginning of period 2,194,850 25,063
Cash, end of period 20,225,935 19,628,685
Supplemental disclosure of cash flow information:    
Interest
Income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Cashless exercise of warrants 244
Conversion of Series C Preferred Stock to common stock 13
Conversion of convertible notes payable to common stock 2,906,134
Conversion of Series D Preferred Stock to common stock 2,971,311
Issuance of common stock for prepaid services $ 572,400