Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (8,275,162) $ (12,103,938)  
Adjustments to reconcile from net loss to net cash used in operating activities:      
Depreciation 1,152,353 933,725  
Stock-based compensation expense 115,139 13,101  
Amortization of right-of-use asset 264,996 72,829  
Warrant issuance costs   275,130 $ 275,130
Loss on sale of property and equipment   15,806  
Change in fair value of warrant and preferred investment option liabilities (7,484,960) (3,616,160)  
Changes in operating assets and liabilities      
Accounts receivable, net 4,336,882 3,120,812  
Inventory 7,701,257 (2,910,677)  
Prepaid assets (551,386) (289,343)  
Other assets (895,456) (656,217)  
Accounts payable 4,352,612 4,883,874  
Accrued expenses 299,749 291,006  
Lease liability (233,097) (92,047)  
Net cash provided by (used in) operating activities 782,927 (10,062,099)  
Cash flows from investing activities:      
Proceeds from sale of property and equipment   50,000  
Purchases of property and equipment (1,257,625) (728,303)  
Net cash used in investing activities (1,257,625) (678,303)  
Cash flows from financing activities:      
Proceeds from issuance of stock, net of costs   4,205,000  
Proceeds from short-term loan payable 412,589    
Repayments of short-term loan payable (144,924)    
Net cash provided by financing activities 267,665 4,205,000  
Net decrease in cash (207,033) (6,535,402)  
Cash, beginning of period 2,564,237 7,472,224 7,472,224
Cash, end of period 2,357,204 936,822 $ 2,564,237
Supplemental disclosure of cash flow information:      
Interest 699,757    
Income taxes 0 0  
Supplemental disclosure of non-cash investing and financing activities:      
Purchases of property and equipment in accounts payable 951,227 2,628,539  
Repayment of short-term loan payable in exchange for new short-term loan payable $ 714,411    
Initial value of lease liability   2,036,053  
Initial fair value of warrants and preferred investment options   $ 2,646,135