Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (22,570,791) $ (6,152,982)
Adjustments to reconcile from net loss to net cash used in operating activities:    
Depreciation 1,196,562 394,322
Amortization of debt discount and debt issuance cost 0 634,892
Stock-based compensation expense 232,447 315,673
Amortization of capitalized contract costs 213,353 0
Common stock issued for services 189,000 0
Warrant issuance costs 588,221 0
Change in fair value of warrant liabilities (2,902,342) 0
Changes in operating assets and liabilities    
Accounts receivable, net (6,502,967) (10,508,916)
Factor receivables, net 807,648 (1,933,040)
Inventory (22,402,533) (4,468,533)
Prepaid assets (255,074) (218,739)
Other assets (332,923) (5,479)
Accounts payable 5,187,717 2,971,766
Accrued expenses 843,061 183,757
Net cash used in operating activities (45,708,621) (18,787,279)
Cash flows from investing activities:    
Proceeds from note receivable 0 3,000,000
Purchases of property and equipment (8,059,748) (1,716,998)
Net cash provided by (used in) investing activities (8,059,748) 1,283,002
Cash flows from financing activities:    
Proceeds from sales of common stock and warrants, net of costs 0 28,122,740
Proceeds from exercise of warrants 5,412,540 0
Proceeds from issuance of stock, net of costs 77,941,089 0
Proceeds from factor loan payable 0 1,388,240
Repayments of factor loan payable (590,950) 0
Repayments of Series D Preferred Stock 0 (3,140,154)
Net cash provided by financing activities 82,762,679 26,370,826
Net increase in cash 28,994,310 8,866,549
Cash, beginning of period 2,194,850 25,063
Cash, end of period 31,189,160 8,891,612
Supplemental disclosure of cash flow information:    
Interest 0 0
Income taxes 0 0
Supplemental disclosure of non-cash investing and financing activities:    
Cashless exercise of warrants 0 244
Conversion of Series C Preferred Stock to common stock 0 13
Conversion of convertible notes payable to common stock 0 2,906,134
Conversion of Series D Preferred Stock to common stock 0 2,971,311
Issuance of common stock for prepaid services 0 572,400
Initial fair value of warrants $ 7,463,005 $ 0