Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities:    
Net loss $ (6,479,783) $ (3,953,187)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,998,916 1,954,462
Deferred tax benefit (881,066)
Amortization of right-of-use-assets 175,478 248,391
Share based compensation expense 655,587 867,370
Change in fair value of warrants (556,000)
Loss on extinguishment of debt 879,045
Write-off of debt issuance costs due to extinguishment of debt 230,498
Accretion of discount on convertible note payable 16,234
Changes in operating assets and liabilities:    
Accounts receivable 417,489 (933,023)
Inventory 908,666 (217,534)
Prepaid expenses and other current assets (107,881) (659,802)
Accounts payable 1,694,338 (4,985,213)
Customer deposits (1,928,361) 2,443,740
Accrued expenses (176,106) 727,178
Operating lease liabilities (175,478) (248,391)
Other current liabilities (1,160,004) 115,510
Net cash used in operating activities (3,607,362) (5,521,565)
Cash Flows from Investing Activities:    
Purchase of property and equipment (16,200)
Proceeds from sale of intangible asset 250,000
Website and software development costs (881,643) (1,837,962)
Net cash used in investing activities (631,643) (1,854,162)
Cash Flows from Financing Activities:    
Repayment of note payable (2,000,000)
Proceeds from convertible notes payable 2,900,000
Net cash provided by financing activities 900,000
Net change in cash (3,339,005) (7,375,727)
Cash, beginning of period 3,796,267 23,203,230
Cash, end of period 457,262 15,827,503
Supplemental non-cash disclosure:    
Issuance of convertible warrants related to notes payable 158,000
Supplemental disclosure of cash flows information:    
Operating cash outflow from operating leases 98,426 249,838
Cash paid for interest $ 157,778