Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities:    
Net loss $ (10,488,750) $ (4,852,898)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3,977,030 4,096,895
Deferred tax benefit (921,711)
Amortization of right-of-use assets 347,923 194,526
Share-based compensation expense 1,114,568 686,841
Change in fair value of warrants (541,000)
Loss on extinguishment of debt 879,045
Write-off of debt issuance costs due to extinguishment of debt 230,498
Amortization of debt discount 112,963
Changes in operating assets and liabilities:    
Accounts receivable 384,055 (361,771)
Inventory 1,137,843 370,281
Prepaid expenses and other current assets (296,009) (1,220,904)
Accounts payable 1,451,953 (5,132,693)
Customer deposits (2,222,611) (4,669,856)
Accrued expenses 141,731 446,498
Operating lease liabilities (347,819) (194,526)
Other current liabilities (929,643) (703,718)
Net cash used in operating activities (5,048,223) (12,263,036)
Cash Flows from Investing Activities:    
Purchase of property and equipment (2,893) (45,360)
Proceeds from sale of intangible asset 250,000
Website and software development costs (1,477,288) (3,577,764)
Net cash used in investing activities (1,230,181) (3,623,124)
Cash Flows from Financing Activities:    
Repayment of note payable (2,000,000)
Proceeds from convertible notes payable 4,750,000
Net cash provided by financing activities 50,000
Net change in cash (3,528,404) (15,886,160)
Cash, beginning of period 3,796,267 23,203,230
Cash, end of period 267,863 7,317,070
Supplemental non-cash disclosure:    
Issuance of convertible warrants related to notes payable 684,954
Supplemental disclosure of cash flows information:    
Cash paid for interest 157,778  
Cash paid for taxes $ 1,000 $ 2,608