Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (37,525,898) $ (17,348,622)
Adjustments to reconcile from net loss to net cash used in operating activities:    
Depreciation 1,839,069 626,652
Amortization of debt discount and debt issuance cost 0 820,877
Stock-based compensation expense 245,548 425,264
Amortization of capitalized contract costs 640,059 213,350
Common stock issued for services 189,000 572,400
Loss on exchange transaction 0 1,810,712
Warrant issuance costs 588,221 0
Change in fair value of warrant liabilities (2,661,076) 0
Changes in operating assets and liabilities    
Accounts receivable, net (7,642,538) (8,462,015)
Factor receivables, net 807,648 (633,606)
Inventory (29,516,668) (6,699,848)
Prepaid assets (422,323) (963,056)
Other assets (614,969) 87,955
Accounts payable 6,672,358 4,252,603
Accrued expenses 1,217,092 234,164
Net cash used in operating activities (66,184,477) (25,063,170)
Cash flows from investing activities:    
Proceeds from note receivable 0 3,000,000
Purchases of property and equipment (11,300,828) (2,497,947)
Net cash provided by (used in) investing activities (11,300,828) 502,053
M - Cash flows from financing activities:    
Proceeds from sales of common stock and warrants, net of costs 0 27,285,715
Proceeds from exercise of warrants 5,412,540 0
Proceeds from issuance of stock, net of costs 77,941,089 2,865,010
Cash paid in Exchange transaction 0 (744,972)
Borrowings from note payable – Paycheck Protection Program 0 399,300
Repayment of note payable – Paycheck Protection Program 0 (399,300)
Proceeds from factor loan payable 0 465,305
Repayments of factor loan payable (590,950) 0
Repayments of Series D Preferred Stock 0 (3,140,154)
Net cash provided by financing activities 82,762,679 26,730,904
Net increase in cash 5,277,374 2,169,787
Cash, beginning of period 2,194,850 25,063
Cash, end of period 7,472,224 2,194,850
Supplemental disclosure of cash flow information:    
Interest 0 0
Income taxes 0 800
Supplemental disclosure of non-cash investing and financing activities:    
Cashless exercise of warrants 0 244
Conversion of Series C Preferred Stock to common stock 0 13
Conversion of convertible notes payable to common stock 0 2,906,134
Conversion of Series D Preferred Stock to common stock 0 2,971,311
Issuance of common stock for prepaid services 0 572,400
Subscription receivable 0 837,025
Purchase of property and equipment included in accounts payable 812,949 165,744
Initial fair value of warrants $ 7,463,005 $ 0