Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (39,295,273) $ (37,525,898)
Adjustments to reconcile from net loss to net cash used in operating activities:    
Depreciation 4,162,153 1,839,069
Provision for doubtful accounts 2,918,869 0
Stock-based compensation expense 758,152 245,548
Loss on sale of property and equipment 15,806 0
Amortization of capitalized contract costs 0 640,059
Amortization or right of use 713,958 0
Common stock issued for services 0 189,000
Change in fair value of warrant derivative (16,763,205) (2,661,076)
Loss on exchange transaction 0 0
Warrant issuance costs 1,868,766 588,221
Changes in operating assets and liabilities    
Accounts receivable, net (1,549,595) (7,642,538)
Factor receivables, net 0 807,648
Inventory (1,933,274) (29,516,668)
Prepaid assets 416,244 (422,323)
Other assets (1,148,089) (614,969)
Accounts payable 11,943,821 6,672,358
Accrued expenses 1,302,897 1,217,092
Lease liability (703,047) 0
Net cash used in operating activities (37,291,817) (66,184,477)
Cash flows from investing activities:    
Proceeds from sale of equipment 50,000 0
Purchases of property and equipment (5,099,768) (11,300,828)
Net cash provided by (used in) investing activities (5,049,768) (11,300,828)
Cash flows from financing activities:    
Proceeds from exercise of warrants 5,978,067 5,412,540
Proceeds from issuance of stock, net of costs 32,981,948 77,941,089
Repurchase of common stock warrants (2,500,000) 0
Proceeds from loan payable 1,669,000 0
Repayments Of Loan Payable (695,417) 0
Repayments of factor loan payable 0 (590,950)
Repayments of Series D Preferred Stock 0 0
Net cash provided by financing activities 37,433,598 82,762,679
Net (decrease) increase in cash (4,907,987) 5,277,374
Cash, beginning of period 7,472,224 2,194,850
Cash, end of period 2,564,237 7,472,224
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 3,424,416 812,949
Initial value of lease liability 5,140,057 0
Initial fair value of warrants $ 37,687,895 $ 7,463,005