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 ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flow from operating activities:    
Net loss $ (41,655,559) $ (26,437,991)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on extinguishment of convertible notes 22,296,988 0
Gain on change in fair value of financial liabilities (5,107,794) 0
Stock-based compensation 2,223,356 2,642,139
Loss on write down of inventory and inventory deposits 1,786,365 1,650,838
Loss on lease terminations 85,756 395,138
(Gain) loss on sale/write off of property & equipment (6,423) 250,369
Bad debt expense 66,990 0
Write off of intangible assets 0 6,427
Non-cash interest expense 4,516,041 614,366
Amortization of right-of-use assets 274,895 342,112
Depreciation and amortization 173,803 574,117
Changes in operating assets and liabilities:    
Accounts receivable 591,520 (1,541,983)
Inventory (3,192,019) (1,463,778)
Inventory deposits 20,919 1,061,846
Prepaid assets and other current assets (956,689) 289,387
Other assets 0 (29,120)
Accounts payable 2,434,270 (978,962)
Accrued liabilities (264,747) 293,626
Right-of-use liabilities - operating leases (265,161) (269,836)
Customer deposits 177,534 (2,218,856)
Net cash provided by (used in) operating activities (16,799,955) (24,820,161)
Cash flow from investing activities:    
Purchase of property and equipment (818,399) (620,290)
Proceeds from sale of vehicles 89,000 0
Net cash used by investing activities (729,399) (620,290)
Cash flow from financing activities:    
Repayment of notes payable (76,801) (12,768)
Proceeds from issuance of common stock from public offerings, net if issuance costs of $629,900 4,570,100 0
Proceeds from issuance of convertible notes and warrants, net of issuance costs of $586,968 3,913,033 0
Proceeds from exercise of warrants 537,250  
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 8,968,582 40,416,737
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (8,560,772) 14,976,286
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 11,537,842 5,572,199
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 2,977,070 20,548,485
Supplemental disclosure of cash flow information:    
Cash paid for interest 6,474 4,401
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