Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (46,449,313) $ (39,295,273)
Adjustments to reconcile from net loss to net cash used in operating activities:    
Depreciation 5,764,732 4,162,153
Impairment of property and equipment 5,583,290
Allowance for credit losses 4,488,686 2,918,869
Inducement expense 6,373,353
Stock-based compensation expense 453,610 758,152
Loss on sale of property and equipment 16,652 15,806
Amortization of right of use assets 1,313,343 713,958
Amortization of patents 108,998
Write-down of patents 237,434  
Gain on abandonment of lease (139,466)
Change in fair value of warrant and preferred investment option liability (19,381,313) (16,763,205)
Interest paid on short-term loan 82,253
Warrant issuance costs 538,218 1,868,766
Changes in operating assets and liabilities    
Decrease (increase) in accounts receivable 2,082,403 (1,549,595)
Decrease (increase) in inventory 18,423,483 (1,933,274)
Decrease (increase) in prepaid assets 201,670 416,244
(Increase) in other assets (51,064) (1,148,089)
Increase in accounts payable 15,918,374 11,943,821
(Decrease) increase in accrued expenses (394,017) 1,302,897
Increase in related party payables 870,100
(Decrease) in lease liability (1,128,215) (703,047)
Net cash (used in) operating activities (5,086,789) (37,291,817)
Cash flows from investing activities:    
Proceeds from sale of equipment 50,000
Purchase of other assets (82,797)
Purchase of property and equipment (2,515,653) (5,099,768)
Net cash (used in) investing activities (2,598,450) (5,049,768)
Cash flows from financing activities:    
Proceeds from exercise and conversion of warrants 3,051,670 5,978,067
Proceeds from issuance of stock, net of costs 3,906,648 32,981,948
Repurchase of common stock warrants (2,500,000)
Proceeds from loan payable 722,038 1,669,000
Repayments of loan payable (1,489,286) (695,417)
Net cash provided by financing activities 6,191,070 37,433,598
Effect of exchange rates on cash 82,472
Net decrease in cash (1,411,697) (4,907,987)
Cash, beginning of period 2,564,237 7,472,224
Cash, end of period 1,152,540 2,564,237
Cash paid during the period for:    
Interest 98,022
Income taxes
Supplemental disclosures of non-cash investing and financing activities:    
Purchase of property and equipment included in accounts payable and accrued expenses 5,125,305 3,424,416
Repayment of short-term loan payable in exchange for new short-term loan payable 1,601,205
Initial value of lease liability 2,072,325 5,140,057
Initial fair value of warrants $ 9,916,393 $ 37,687,895