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 ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (16,233,560) $ (22,570,791)
Adjustments to reconcile from net loss to net cash used in operating activities:    
Depreciation 3,103,204 1,196,562
Stock-based compensation expense 39,303 232,447
Amortization of capitalized contract costs   213,353
Amortization of right-of-use asset 451,481  
Common stock issued for services   189,000
Warrant issuance costs 1,415,229 588,221
Loss on sale of property and equipment 15,806  
Change in fair value of warrant and preferred investment option liabilities (23,111,029) (2,902,342)
Changes in operating assets and liabilities    
Accounts receivable, net (5,223,695) (6,502,967)
Factor receivables, net   807,648
Inventory (1,573,602) (22,402,533)
Prepaid assets (2,075,468) (255,074)
Other assets (940,469) (332,923)
Accounts payable 13,263,112 5,187,717
Accrued expenses 1,037,768 843,061
Lease liability (463,217) 0
Net cash used in operating activities (30,295,137) (45,708,621)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 50,000 0
Purchases of property and equipment (7,113,646) (8,059,748)
Net cash used in investing activities (7,063,646) (8,059,748)
Cash flows from financing activities:    
Proceeds from exercise of warrants 5,978,067 5,412,540
Repurchase of common stock warrants (2,500,000) 0
Proceeds from issuance of stock, net of costs 26,606,099 77,941,089
Proceeds from short-term loan payable 1,669,000 0
Repayments of short-term loan payable (278,167) 0
Repayments of factor loan payable (590,950)
Net cash provided by financing activities 31,474,999 82,762,679
Net increase (decrease) in cash (5,883,784) 28,994,310
Cash, beginning of period 7,472,224 2,194,850
Cash, end of period 1,588,440 31,189,160
Supplemental disclosure of cash flow information:    
Interest 0 0
Income taxes 0 0
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment in accounts payable 1,392,570 0
Initial value of lease liability 5,140,057 0
Initial fair value of warrants and preferred investment options 23,488,442 7,463,005
Derecognition of warrant and preferred investment option liability upon conversion $ 9,610,346 $ 0