Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 10 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2021
Cash flow from operating activities:    
Net loss $ (1,374,413) $ (40,125,109)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 221,725 14,627,382
Loss on disposal of tooling 0 145,000
Loss on write down of inventory and inventory deposits 0 5,450,007
Loss on repayment of promissory notes 0 841,330
Amortization of right of use asset 0 367,213
Noncash interest expense 0 54,670
Depreciation and amortization 2,522 218,411
Changes in operating assets and liabilities:    
Accounts receivable 0 (25,585)
Inventory 0 (4,155,996)
Inventory deposits 0 (3,977,574)
Prepaid assets and other current assets (102,789) (990,071)
Other assets (50,560) (682,250)
Right of use asset – operating lease 12,084 0
Accounts payable 81,400 1,372,703
Accrued liabilities 34,044 737,715
Right of use liabilities - operating lease (98,084) (240,110)
Customer deposits 55,865 2,221,742
Net cash provided by (used in) operating activities (1,155,123) (24,160,526)
Cash flow from investing activities:    
Purchase of property and equipment (231,607) (824,905)
Purchase of intangible assets (17,438) (13,125)
Net cash used by investing activities (249,045) (838,030)
Cash flow from financing activities:    
Proceeds from SAFE liability 2,000,000 0
Proceeds from related party notes payable 80,000 0
Repayment of related party notes payable (143,083) 0
Proceeds from equity issuance 10,833 0
Repayment of notes payable (7,500) (13,158)
Proceeds from WeFunder offering, net of offering costs of $53,500 0 2,205,440
Proceeds from issuance of Series A preferred stock, net of $205,470 of issuance costs 0 2,464,508
Proceeds from issuance of Series B preferred stock, net of $890,026 of issuance costs 0 9,615,331
Proceeds from issuance of promissory notes, net of issuance costs of $96,000 0 1,104,000
Proceeds from issuance of common stock with promissory notes, net of $65,000 of issuance costs 0 735,000
Repayment of promissory notes 0 (2,000,000)
Proceeds from issuance of common stock from initial public offering, net of issuance costs of $2,949,882 0 15,917,269
Proceeds from exercise of common stock warrants 0 6,250
Net cash provided by financing activities 1,940,250 30,034,673
NET CHANGE IN CASH 536,082 5,036,117
CASH AT BEGINNING OF PERIOD 0 536,082
CASH AT END OF PERIOD 536,082 5,572,199
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,624 23,048
Cash paid for income taxes 0 0
Non-cash transactions    
Conversion of SAFE liability to Series A preferred stock 0 2,000,000
Noncash increase in related party notes payable $ 63,083 $ 0