Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.24.1.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flow from operating activities:    
Net loss $ (26,048,044) $ (7,299,469)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation (1,922) 1,057,435
Loss on conversion of convertible notes for common stock 333,544 0
Loss on exchange of convertible notes for preferred stock 1,314,064 0
Loss on write down of inventory and inventory deposits 0 14,843
Gain on sale of property and equipment 0 (5,578)
Loss on disposal of fixed assets 152,255 0
Non-cash interest expense 314,838 1,776,636
Amortization of right-of-use assets 96,588 90,057
Depreciation and amortization 97,720 51,841
Bad debt expense 14,048 0
Loss on change in fair value of warrant liabilities 20,004,342 0
Gain on exercise of Series B Warrants (165,355) 0
Changes in operating assets and liabilities:    
Accounts receivable (95,696) 154,686
Inventory 28,820 (489,708)
Inventory deposits (495,841) (778,656)
Prepaid assets and other current assets 497,257 21,625
Accounts payable (506,482) (479,216)
Accrued liabilities 284,405 (484,789)
Right-of-use liabilities - operating leases (95,891) (86,031)
Customer deposits (269,917) (20,327)
Net cash used in operating activities (4,541,267) (6,476,651)
Cash flow from investing activities:    
Purchase of property and equipment (131,718) (333,619)
Proceeds from insurance settlement 58,058 0
Proceeds from sale of property and equipment 7,430 89,000
Net cash used in investing activities (66,230) (244,619)
Cash flow from financing activities:    
Repayment of notes payable (43,823) (69,438)
Proceeds received from exercise of buy down warrants 3,500 0
Proceeds from exercise of Series B Warrants 130,522 0
Proceeds from exercise of stock options 0 25,000
Net cash provided by (used in) financing activities 90,199 (44,438)
NET CHANGE IN CASH AND RESTRICTED CASH (4,517,298) (6,765,708)
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD 8,193,346 11,537,842
CASH AND RESTRICTED CASH AT END OF PERIOD 3,676,048 4,772,134
Supplemental disclosure of cash flow information:    
Cash paid for interest 13,408 2,294
Cash paid for income taxes 0 0
Non-cash transactions:    
Acquisition of property and equipment with notes payable 0 96,024
Conversion of convertible notes for common stock 7,414,025 0
Exchange of convertible notes for convertible preferred stock 24,716,118 0
Reclassification of warrant liabilities to equity for cashless exercise of Series A Warrants $ 17,352,653 $ 0