Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (24,239,990) $ (13,476,085)
Adjustments to reconcile from net loss to net cash used in operating activities:    
Depreciation 1,938,527 644,098
Stock-based compensation expense 26,202 163,076
Amortization of capitalized contract costs   213,353
Amortization of right-of-use asset 230,758  
Common stock issued for services   189,000
Warrant issuance costs 445,438 0
Loss on sale of property and equipment 15,806  
Change in fair value of warrant liabilities (4,045,732)  
Changes in operating assets and liabilities    
Accounts receivable, net 3,142,300 (2,516,523)
Factor receivables, net   807,648
Inventory (1,724,293) (9,663,833)
Prepaid assets (1,778,947) (1,000,242)
Other assets (775,069) (186,849)
Accounts payable 13,536,390 2,054,064
Accrued expenses 638,373 162,572
Lease liability (303,367) 0
Net cash used in operating activities (12,893,604) (22,609,721)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 50,000 0
Purchases of property and equipment (1,786,292) (4,088,199)
Net cash used in investing activities (1,736,292) (4,088,199)
Cash flows from financing activities:    
Proceeds from exercise of warrants 2,931,067 5,408,540
Repurchase of common stock warrants (2,500,000) 0
Proceeds from issuance of stock, net of costs 8,869,617 39,911,415
Repayments of factor loan payable (590,950)
Repayments of Series D Preferred Stock 0 0
Net cash provided by financing activities 9,300,684 44,729,005
Net increase (decrease) in cash (5,329,212) 18,031,085
Cash, beginning of period 7,472,224 2,194,850
Cash, end of period 2,143,012 20,225,935
Supplemental disclosure of cash flow information:    
Interest 0 0
Income taxes 0 0
Supplemental disclosure of non-cash investing and financing activities:    
Purchase of property and equipment included in accounts payable 3,424,416 0
Initial value of lease liability 5,140,057 0
Initial fair value of warrants 5,631,988 0
Derecognition of warrant liability upon conversion $ 3,427,332 $ 0