Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net loss $ (16,160,339) $ (11,123,926)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 5,877,025 6,210,590
Deferred tax expense 2,314,907
Amortization of right-of-use assets 518,767 239,879
Share-based compensation expense 1,689,867 1,601,848
Change in fair value of derivatives (634,000)
Amortization of debt discount 1,003,935
Gain on sale of property and equipment (63,524)
Loss on extinguishment of debt 879,045
Payment for services in Company’s stock 65,597
Write-off of debt discount due to repayment of notes 440,823
Loss on extinguishment of warrants 317,000  
Changes in operating assets and liabilities:    
Accounts receivable 593,678 (266,366)
Inventory 1,275,711 1,059,967
Prepaid expenses and other current assets (359,370) (1,763,818)
Accounts payable (1,044,838) (4,391,427)
Customer deposits (2,282,592) (6,659,044)
Accrued expenses 1,159,477 (281,434)
Operating lease liabilities (518,663) (239,879)
Other current liabilities (1,253,172) (1,013,363)
Net cash used in operating activities (8,432,049) (14,375,590)
Cash Flows from Investing Activities:    
Proceeds from sale of fixed assets   90,250
Purchase of property and equipment (2,892) (64,882)
Proceeds from sale of intangible asset 250,000
Website and software development costs (2,084,470) (4,669,002)
Net cash used in investing activities (1,837,362) (4,643,634)
Cash Flows from Financing Activities:    
Repayment of note payable (6,410,000)
Proceeds from convertible notes and sale of future receivable, net 14,375,000
Net cash provided by financing activities 7,965,000
Net change in cash (2,304,411) (19,019,224)
Cash, beginning of period 3,796,267 23,203,230
Cash, end of period 1,491,856 4,184,006
Supplemental non-cash disclosure:    
Conversion of debt to common stock 85,625
Issuance of convertible warrants related to notes payable 4,370,818
Supplemental disclosure of cash flows information:    
Cash paid for interest 1,429,725
Cash paid for taxes $ 1,000 $ 5,000