Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flow from operating activities:    
Net loss $ (34,235,405) $ (40,125,109)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,259,009 14,627,382
Loss on write down of inventory and inventory deposits 1,692,217 5,450,007
Loss on repayment of promissory notes 0 841,330
Loss on lease terminations 378,176 0
Loss on write-off of property & equipment 250,369 145,000
Write-off of intangible assets 6,427 0
Amortization of right-of-use asset 430,644 367,213
Non-cash interest expense 2,231,403 54,670
Depreciation and amortization 762,826 218,411
Changes in operating assets and liabilities:    
Accounts receivable (839,372) (25,585)
Inventory (5,129,085) (4,155,996)
Inventory deposits 1,553,735 (3,977,574)
Prepaid assets and other current assets (740,059) (990,071)
Other assets (37,414) (682,250)
Accounts payable (417,475) 1,372,703
Accrued liabilities (204,769) 737,715
Right-of-use liabilities - operating lease (354,340) (240,110)
Customer deposits (2,254,136) 2,221,742
Net cash provided by (used in) operating activities (33,647,249) (24,160,526)
Cash flow from investing activities:    
Purchase of property and equipment (799,412) (824,905)
Purchase of intangible assets 0 (13,125)
Net cash used by investing activities (799,412) (838,030)
Cash flow from financing activities:    
Repayment of notes payable (17,201) (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 issuance of common stock from public offering, net of issuance costs of $1,910,816 18,089,184 0
Proceeds from issuance of convertible notes, net of issuance costs of $2,312,895 15,122,345 0
Proceeds from issuance of warrants to convertible note holders, net of issuance costs of $1,003,513 7,177,976 0
Proceeds from exercise of stock options 40,000 0
Proceeds from exercise of common stock warrants 0 6,250
Net cash provided by financing activities 40,412,304 30,034,673
NET CHANGE IN CASH AND RESTRICTED CASH 5,965,643 5,036,117
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,572,199 536,082
CASH AND RESTRICTED CASH AT END OF PERIOD 11,537,842 5,572,199
Supplemental disclosure of cash flow information:    
Cash paid for interest 6,483 23,048
Cash paid for income taxes 0 0
Non-cash transactions    
Recognition of initial right-of-use asset - operating lease 1,128,609 1,707,466
Acquisition of property and equipment with note payable 0 30,942
Conversion of SAFE liability to Series A preferred stock $ 0 $ 2,000,000