Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (28,635,668) $ (20,032,950)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,284,215 1,009,192
Amortization of intangible assets 181,751 184,655
Amortization of debt issuance costs   546,264
Amortization of right-of-use asset 149,246  
Gain on disposal of fixed assets (74,292)  
Gain on debt extinguishment   (545,200)
Prepaid media reserve 1,489,028  
Obsolete inventory reserve 861,062  
Interest income on members loan receivable   (27,124)
Bad debt expense 322,946 513,661
Forgiveness on paycheck protection program loan   (1,669,552)
Stock based compensation expense 809,773  
Change in fair value of Private Warrants (99,954) (213,300)
Forgiveness of Notes Receivable   1,700,869
Changes in operating assets and liabilities:    
Accounts receivable 434,401 (4,331,314)
Inventory (2,572,136) (2,141,497)
Vendor deposits 4,193  
Prepaid media spend 45,520 (170,633)
Prepaid expenses and other current assets (63,883) (2,236,168)
Accounts payable (554,144) (357,214)
Accrued liabilities 1,000,225 146,773
Operating lease payments (115,904)  
Net cash used in operating activities (25,533,621) (27,623,538)
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for purchase of equipment (2,321,587) (897,837)
Cash received for sale of equipment 41,000 65,102
Net cash used in investing activities (2,280,587) (832,735)
CASH FLOWS FROM FINANCING ACTIVITIES    
Investment from Andina   36,135,517
PIPE capital raise 32,311,187  
Exercise of Prefunded Warrants 555  
Repurchase of member shares   (99,950)
Post closing adjustment of BCA (238,089)  
Borrowings on long-term debt 3,940,035  
Repayments on long-term debt (4,989,218) (4,230,928)
Borrowings on related party debt   9,294,000
Repayments on related party debt   (7,889,681)
Borrowings on short-term debt 1,135,883 19,694,548
Repayments on short-term debt (2,000,000) (11,142,130)
Debt issuance costs (208,712) (507,166)
Net cash provided by financing activities 29,951,641 41,254,210
Net change in cash and cash equivalents 2,137,433 12,797,937
Cash and cash equivalents at beginning of period 2,217,191 591,634
Cash and cash equivalents at end of period 4,354,624 13,389,571
SUPPLEMENTAL INFORMATION:    
Cash paid for interest 401,862 2,847,898
NON-CASH INVESTING AND FINANCING ACTIVITY:    
Non-cash retirement of Bridge Notes   $ 10,856,964
Non-cash commercial premium finance borrowing $ 1,012,693