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, 2023
Dec. 31, 2022
Cash flow from operating activities:    
Net loss $ (45,071,211) $ (34,235,405)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on debt extinguishment 22,296,988 0
Gain on change in fair value of financial derivatives and warrant liabilities (13,473,218) 0
Non-cash interest expense 4,955,660 2,231,403
Loss on write down of inventory and inventory deposits 4,282,321 1,692,217
Stock-based compensation 2,627,925 3,259,009
Bad debt expense 105,688 0
Loss on lease terminations 85,756 378,176
Loss on write-off of property & equipment 56,509 250,369
Write-off of intangible assets 0 6,427
Amortization of right-of-use asset 369,774 430,644
Depreciation and amortization 249,207 762,826
Changes in operating assets and liabilities:    
Accounts receivable 555,967 (839,372)
Inventory (7,609,564) (5,129,085)
Inventory deposits 169,346 1,553,735
Prepaid assets and other current assets (53,531) (740,059)
Other assets 0 (37,414)
Accounts payable (205,444) (417,475)
Accrued liabilities 1,055,067 (204,769)
Right-of-use liabilities - operating lease (359,347) (354,340)
Customer deposits 394,014 (2,254,136)
Net cash provided by (used in) operating activities (29,568,092) (33,647,249)
Cash flow from investing activities:    
Purchase of property and equipment (949,722) (799,412)
Proceeds from sale of vehicles 89,000 0
Net cash used by investing activities (860,722) (799,412)
Cash flow from financing activities:    
Repayment of notes payable (80,394) (17,201)
Proceeds from issuance of common stock from public offerings, net of issuance costs of $629,900 4,570,085 0
Proceeds from issuance of convertible notes and warrants, net of issuance costs of $586,968 3,913,033 0
Proceeds from issuance of common stock units, net of issuance costs of $28,777 255,505 0
Proceeds from issuance of pre-funded warrant units, net of issuance costs of $342,071 3,037,121 0
Proceeds for issuance of Series A and Series B warrants issued with common stock and pre-funded warrant units 14,336,490 0
Proceeds from exercise of warrants 680,978 0
Proceeds from reduction of exercise price of warrants 346,500 0
Proceeds from issuance of common stock from public offering, net of issuance costs of $1,910,816 0 18,089,184
Proceeds from issuance of convertible notes, net of issuance costs of $2,312,895 0 15,122,345
Proceeds from issuance of warrants to convertible note holders, net of issuance costs of $1,003,513 0 7,177,976
Proceeds from exercise of stock options 25,000 40,000
Net cash provided by financing activities 27,084,318 40,412,304
NET CHANGE IN CASH AND RESTRICTED CASH (3,344,496) 5,965,643
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD 11,537,842 5,572,199
CASH AND RESTRICTED CASH AT END OF PERIOD 8,193,346 11,537,842
Supplemental disclosure of cash flow information:    
Cash paid for interest 15,935 6,483
Cash paid for income taxes 0 0
Non-cash transactions    
Recognition of initial right-of-use asset - operating lease 0 1,128,609
Acquisition of property and equipment with note payable 96,024 0
Reclassification of derivative liabilities to equity $ 13,262,055 $ 0