Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net loss $ (14,248,574) $ 8,006,430 $ (28,249,105) $ (16,233,560)  
Adjustments to reconcile from net loss to net cash used in operating activities:          
Depreciation     4,088,358 3,103,204  
Provision for credit losses     2,943,671    
Stock-based compensation expense     328,127 39,303  
Amortization of right-of-use asset     1,098,831 451,481  
Warrant issuance costs 186,450 969,791 538,218 1,415,229 $ 275,130
Loss on sale of property and equipment       15,806  
Inducement expense     6,373,353    
Change in fair value of warrant and preferred investment option liabilities (3,033,537) (19,065,297) (17,761,007) (23,111,029)  
Changes in operating assets and liabilities          
Accounts receivable, net     4,874,099 (5,223,695)  
Inventory     12,294,396 (1,573,602)  
Prepaid assets     (173,551) (2,075,468)  
Other assets     (274,520) (940,469)  
Accounts payable     9,240,985 13,263,112  
Accrued expenses     1,450,799 1,037,768  
Lease liability     (881,694) (463,217)  
Net cash used in operating activities     (4,109,040) (30,295,137)  
Cash flows from investing activities:          
Proceeds from sale of property and equipment       50,000  
Purchases of property and equipment     (3,313,252) (7,113,646)  
Net cash used in investing activities     (3,313,252) (7,063,646)  
Cash flows from financing activities:          
Proceeds from exercise of warrants       5,978,067  
Repurchase of common stock warrants       (2,500,000)  
Proceeds from issuance of stock, net of costs     6,958,318 26,606,099  
Proceeds from short-term loan payable     779,795 1,669,000  
Repayments of short-term loan payable     (1,045,753) (278,167)  
Net cash provided by financing activities     6,692,360 31,474,999  
Net decrease in cash     (729,932) (5,883,784)  
Cash, beginning of period     2,564,237 7,472,224 7,472,224
Cash, end of period $ 1,834,305 $ 1,588,440 1,834,305 1,588,440 $ 2,564,237
Supplemental disclosure of cash flow information:          
Interest     1,433,976    
Income taxes     0 0  
Supplemental disclosure of non-cash investing and financing activities:          
Purchases of property and equipment in accounts payable     2,178,858 1,392,570  
Initial value of lease liability     704,960 5,140,057  
Initial fair value of warrants and preferred investment options     9,916,393 23,488,442  
Repayment of short-term loan payable in exchange for new short-term loan payable     $ 1,601,205    
Derecognition of warrant liability upon conversion       $ 9,610,346