Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:    
Net (loss) $ (31,989,922) $ (17,546,771)
Adjustments to reconcile net (loss) to net cash used in operating activities:    
Depreciation & amortization expense 1,376,495 1,290,128
(Gain) Loss on disposal of fixed assets 11,015 13,512
Amortization of intangible assets 245,238 0
Amortization of debt issuance costs 532,547 205,018
Net change in right-of-use assets and liabilities 34,226  
Interest income on members loan receivable (27,123) (23,745)
Bad debt expense 1,078,302 744,863
Gain on debt extinguishment (545,200)  
Forgiveness on paycheck protection program loan (1,669,552)  
Amortization of stock based compensation 549,510  
Change in fair value of Private Warrants (252,800)  
Forgiveness of Notes Receivable 1,700,869  
Changes in operating assets and liabilities:    
Accounts receivable (3,299,522) 4,095
Inventory (3,842,948) (1,252,481)
Prepaid media spend (786,886) (747,662)
Prepaid expenses and other current assets (1,703,444) 364,883
Vendor deposits 30,607 (34,800)
Accounts payable (741,868) (152,514)
Accrued liabilities 1,059,591 1,349,215
Net cash used in operating activities (38,240,865) (15,786,259)
Cash Flows from Investing Activities:    
Cash paid for acquisition   (1,511,900)
Cash paid for purchase of equipment (1,435,022) (1,046,723)
Cash received for sale of equipment 66,750 56,192
Net cash used in investing activities (1,368,272) (2,502,431)
Cash Flows from Financing Activities:    
Member contributions   8,738,754
Repurchase of member shares (99,950)  
Investment from Andina 36,135,517  
Borrowings on long-term debt 200,000 2,761,427
Repayments on long-term debt (4,472,150) (1,354,651)
Borrowings on related party debt 13,904,000 200,000
Repayments on related party debt (7,611,366) (415,000)
Borrowings on short term debt 14,884,549 4,509,449
Repayments on short term debt (11,198,740) (126,260)
Issuance of convertible debt   2,840,000
Debt issuance costs (507,166)  
Borrowings on paycheck protection program loan   1,669,552
Net cash provided by financing activities 41,234,694 18,823,271
Net change in cash and cash equivalents 1,625,557 534,581
Cash and cash equivalents at beginning of year 591,634 57,053
Cash and cash equivalents at end of year 2,217,191 591,634
SUPPLEMENTAL INFORMATION:    
Cash paid for interest 2,800,004 2,439,426
NON-CASH INVESTING AND FINANCING ACTIVITY:    
Non-cash retirement of Bridge Notes 10,856,964  
Right-of-use assets obtained in exchange for operating lease liabilities $ 937,147  
Member subscriptions for convertible note   1,650,000
Assets acquired in kalahari transaction   5,867,344
Liabilities assumed in Kalahari transaction   (882,438)
Short term debt converted to related party debt   3,001,366
Accrued interest converted to Series 3 Preferred units   1,088,561
Long term debt converted to related party debt   550,000
Related party debt converted to Series 3 Preferred units   3,997,067
Short term debt converted to preferred units   $ 200,000