Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flow from operating activities:    
Net loss $ (7,299,469) $ (8,612,345)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,057,435 1,575,165
Loss on write down of inventory and inventory deposits 14,843 0
Gain on sale of property and equipment (5,578) 0
Write-off of intangible assets 0 6,427
Non-cash interest expense 1,776,636 0
Amortization of right-of-use assets 90,057 158,672
Depreciation and amortization 51,841 112,980
Changes in operating assets and liabilities:    
Accounts receivable 154,686 (82,397)
Inventory (489,708) (1,519,431)
Inventory deposits (778,656) 393,741
Prepaid assets and other current assets 21,625 (656,709)
Other assets 0 (9,453)
Accounts payable (479,216) 35,097
Accrued liabilities (484,789) 483,830
Right-of-use liabilities - operating leases (86,031) (116,716)
Customer deposits (20,327) (1,216,883)
Net cash provided by (used in) operating activities (6,476,651) (9,448,022)
Cash flow from investing activities:    
Purchase of property and equipment (333,619) (223,632)
Proceeds from sale of property and equipment 89,000 0
Net cash used by investing activities (244,619) (223,632)
Cash flow from financing activities:    
Repayment of notes payable (69,438) (4,764)
Proceeds from issuance of common stock from public offering, net of issuance costs of $1,910,816 0 18,089,184
Proceeds from exercise of stock options 25,000 15,000
Net cash (used) provided by financing activities (44,438) 18,099,420
NET CHANGE IN CASH AND RESTRICTED CASH (6,765,708) 8,427,766
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD 11,537,842 5,572,199
CASH AND RESTRICTED CASH AT END OF PERIOD 4,772,134 13,999,965
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,294 3,060
Cash paid for income taxes 0 0
Non-cash transactions:    
Acquisition of property and equipment with notes payable $ 96,024 $ 0