Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,642,556) $ (7,313,742)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 491,072 383,782
Amortization of intangible assets 60,584 60,584
Amortization of debt issuance costs 40,145  
Amortization of right-of-use asset 98,826 48,598
Bad debt expense 73,219 55,309
Stock based compensation expense 185,524 327,759
Change in fair value of Private Warrants (8,250) (45,314)
Changes in operating assets and liabilities:    
Accounts receivable (562,872) (757,632)
Inventory 7,664 (6,030,711)
Vendor deposits   4,193
Prepaid expenses and other current assets 74,068 68,854
Accounts payable 1,344,535 (334,513)
Accrued liabilities 300,881 (546,460)
Operating lease obligations (89,610) (47,871)
Net cash used in operating activities (2,626,771) (14,127,164)
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for purchase of equipment (48,635) (693,329)
Net cash used in investing activities (48,635) (693,329)
CASH FLOWS FROM FINANCING ACTIVITIES    
PIPE capital raise   32,311,187
Exercise of Prefunded Warrants   75
Post closing adjustment of Business Combination Agreement   (238,089)
Borrowings on long-term debt 2,000,000  
Repayments on long-term debt (30,125) (4,843,403)
Borrowings on short-term debt 3,360,187  
Repayments on short-term debt (2,900,947) (2,000,000)
Net cash provided by financing activities 2,429,115 25,229,770
Net change in cash and cash equivalents (246,291) 10,409,277
Cash and cash equivalents at beginning of period 623,163 2,217,191
Cash and cash equivalents at end of period 376,872 12,626,468
SUPPLEMENTAL INFORMATION:    
Cash paid for interest 398,945 $ 222,458
NON-CASH INVESTING AND FINANCING ACTIVITY:    
Non-cash commercial premium finance borrowing $ 291,339