Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities:    
Net loss $ (45,510,309) $ (45,071,211)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on repayment of May 2024 Notes 1,470,554 0
Loss on extinguishment of convertible notes 1,314,065 22,296,988
Loss on conversion of convertible notes to common stock 333,544 0
Loss (gain) on change in fair value of financial liabilities 14,933,739 (13,473,218)
Gain on exercise of Series B Warrants (165,355) 0
Stock-based compensation 310,961 2,627,925
Loss on write down of inventory and inventory deposits 9,286,071 4,282,321
Loss on lease termination 0 85,756
Loss on sale/write off of property & equipment 844,945 56,509
Bad debt expense 29,560 105,688
Non-cash interest expense 553,803 4,955,660
Amortization of right-of-use assets 396,979 369,774
Depreciation and amortization 362,138 249,207
Changes in operating assets and liabilities:    
Accounts receivable 85,496 555,967
Inventory (933,844) (7,609,564)
Inventory deposits (767,410) 169,346
Prepaid assets and other current assets 871,498 (53,531)
Accounts payable (445,859) (205,444)
Accrued liabilities and vendor settlements 1,592,444 1,055,067
Right-of-use liabilities - operating leases (399,609) (359,347)
Customer deposits (200,963) 394,014
Net cash used in operating activities (16,037,552) (29,568,092)
Cash flow from investing activities:    
Purchase of property and equipment (312,090) (949,722)
Proceeds from sale of property and equipment 23,717 0
Proceeds from insurance settlement 58,060 0
Proceeds from sale of vehicles 0 89,000
Net cash used in investing activities (230,313) (860,722)
Cash flow from financing activities:    
Repayment of notes payable (48,702) (80,394)
Proceeds from issuance of common stock and pre-funded warrants from public offering, net of issuance costs of $1,210,753 10,789,261 0
Repayment of May 2024 Notes (2,942,170) 0
Proceeds from issuance of May 2024 Notes and warrants, net of issuance costs of $245,150 2,255,851 0
Proceeds from exercise of Series B Warrants 130,522 0
Proceeds from exercise of buy down warrants 3,500 0
Proceeds from sale of common stock from the At the Market equity offering, net of issuance costs of $112,814 184,830 0
Proceeds from issuance of common stock from public offering, net of issuance costs of $629,900 0 4,570,085
Proceeds from issuance of convertible notes and warrants, net of issuance costs of $586,968 0 3,913,033
Proceeds from issuance of common stock units, net of issuance costs of $28,777 0 255,505
Proceeds from issuance of pre-funded warrant units, net of issuance costs of $342,071 0 3,037,121
Proceeds for issuance of Series A and Series B warrants issued with common stock and pre-funded warrant units 0 14,336,490
Proceeds from reduction of exercise price of warrants 0 346,500
Proceeds from exercise of warrants 0 680,978
Proceeds from exercise of stock options 0 25,000
Net cash provided by financing activities 10,373,092 27,084,318
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (5,894,773) (3,344,496)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 8,193,346 11,537,842
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 2,298,573 8,193,346
Supplemental disclosure of cash flow information:    
Cash paid for interest 88,710 15,935
Cash paid for income taxes 0 0
Non-cash transactions:    
Conversion of Convertible Notes for common stock 7,414,025 0
Exchange of Convertible Notes for Preferred Stock 24,716,118 0
Reclassification of warrant liability to equity for cashless exercise of Series A Warrants 17,352,653 0
Reclassification of warrant liability to equity for modification of Series B Warrants 3,405,662 0
Exchange of property & equipment in lieu of payments due for inventory purchases 60,000 0
Exchange of finished goods inventory with vendor for raw materials inventory 417,285 0
Conversion of preferred stock for common stock 3 0
Issuance of common stock for exercise of prefunded warrants 2 0
Acquisition of property and equipment with note payable 0 96,024
Reclassification of derivative liabilities to equity $ 0 $ 13,262,055