Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (12,103,938) $ (6,053,659)
Adjustments to reconcile from net loss to net cash used in operating activities:    
Depreciation 933,725 296,016
Stock-based compensation expense 13,101 81,537
Amortization of capitalized contract costs 0 213,353
Amortization of right-of-use asset 72,829 0
Common stock issued for services 0 189,000
Warrant issuance costs 275,130 0
Loss on sale of property and equipment 15,806 0
Change in fair value of warrant liabilities (3,616,160) 0
Changes in operating assets and liabilities    
Accounts receivable, net 3,120,812 (3,726,729)
Factor receivables, net 0 (233,172)
Inventory (2,910,677) (2,752,846)
Prepaid assets (289,343) (575,421)
Other assets (656,217) (241,225)
Accounts payable 4,883,874 (1,242,183)
Accrued expenses 291,006 50,854
Lease liability (92,047) 0
Net cash used in operating activities (10,062,099) (13,994,475)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 50,000 0
Purchases of property and equipment (728,303) (968,306)
Net cash used in investing activities (678,303) (968,306)
Cash flows from financing activities:    
Proceeds from exercise of warrants 0 5,408,540
Proceeds from issuance of stock, net of costs 4,205,000 39,911,415
Repayments of factor loan payable (54,092)
Repayments of Series D Preferred Stock 0 0
Net cash provided by financing activities 4,205,000 45,265,863
Net increase (decrease) in cash (6,535,402) 30,303,082
Cash, beginning of period 7,472,224 2,194,850
Cash, end of period 936,822 32,497,932
Supplemental disclosure of cash flow information:    
Interest 0 0
Income taxes 0 0
Supplemental disclosure of non-cash investing and financing activities:    
Purchase of property and equipment included in accounts payable 2,628,539 417,645
Initial value of lease liability 2,036,053 0
Initial fair value of warrants $ 2,646,135 $ 0