Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net loss $ (5,725,370) $ (12,136,051) $ (14,000,532) $ (24,239,990)  
Adjustments to reconcile from net loss to net cash used in operating activities:          
Depreciation     2,608,776 1,938,527  
Provision for credit losses     1,300,000    
Stock-based compensation expense     228,656 26,202  
Amortization of right-of-use asset     734,405 230,758  
Warrant issuance costs 351,768 170,308 351,768 445,438 $ 275,130
Loss on sale of property and equipment       15,806  
Change in fair value of warrant and preferred investment option liabilities (7,242,510) (429,572) (14,727,470) (4,045,732)  
Changes in operating assets and liabilities          
Accounts receivable, net     7,690,048 3,142,300  
Inventory     8,953,891 (1,724,293)  
Prepaid assets     321,628 (1,778,947)  
Other assets     (168,508) (775,069)  
Accounts payable     4,715,352 13,536,390  
Accrued expenses     422,177 638,373  
Lease liability     (575,652) (303,367)  
Net cash used in operating activities     (2,145,461) (12,893,604)  
Cash flows from investing activities:          
Proceeds from sale of property and equipment       50,000  
Purchases of property and equipment     (2,249,304) (1,786,292)  
Net cash used in investing activities     (2,249,304) (1,736,292)  
Cash flows from financing activities:          
Proceeds from exercise of warrants       2,931,067  
Proceeds from short-term loan payable     412,589    
Repayments of short-term loan payable     (172,144)    
Repurchase of common stock warrants       (2,500,000)  
Proceeds from issuance of stock, net of costs     3,796,648 8,869,617  
Net cash provided by financing activities     4,037,093 9,300,684  
Net decrease in cash     (357,672) (5,329,212)  
Cash, beginning of period     2,564,237 7,472,224 7,472,224
Cash, end of period $ 2,206,565 $ 2,143,012 2,206,565 2,143,012 $ 2,564,237
Supplemental disclosure of cash flow information:          
Interest     1,261,457    
Income taxes     0 0  
Supplemental disclosure of non-cash investing and financing activities:          
Purchases of property and equipment in accounts payable     2,477,816 3,424,416  
Initial value of lease liability     704,960 5,140,057  
Initial fair value of warrants and preferred investment options     3,596,484 5,631,988  
Repayment of short-term loan payable in exchange for new short-term loan payable     $ 714,411    
Derecognition of warrant liability upon conversion       $ 3,427,332