v3.24.1
Consolidated Statement of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (34,160,455) $ (22,935,353)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,093,039 762,206
Stock-based compensation 918,058 1,240,129
Change in fair value - derivative liability 4,253,000
Change in fair value - warrant liability 3,350,320
Amortization of right-of-use asset 147,950 193,483
Bad debt expense 344,492 4,485
Unrealized (gain) loss on marketable securities (215,900) 1,713
Realized gain on marketable securities (941,950) (160,990)
Impairment of inventory 3,048,485 2,476,322
Realized loss on sale of fixed assets 40,181
Change in operating assets and liabilities:    
Accounts receivable (53,421) 454,873
Inventory (5,510,086) 830,845
Prepaid expenses and other current assets (408,937) (581,846)
Deposits and other assets 500 18,797
Accounts payable 1,349,043 445,165
Accrued expenses and other current liabilities 724,246 (1,272,046)
Lease obligations - operating leases (160,030) (206,426)
Net cash used in operating activities (26,181,465) (18,728,643)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (2,142,836) (1,588,689)
Proceeds from sale of marketable securities, net 11,006,654 (9,689,526)
Purchase of intangible assets (40,704) (57,046)
Proceeds from sale of fixed assets 70,500
Net cash provided by (used in) investing activities 8,893,614 (11,335,261)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from private placement of preferred stock, net of transaction costs 21,632,156
Net cash provided by financing activities 21,632,156
Net change in cash, cash equivalents and restricted cash 4,344,305 (30,063,904)
Cash, cash equivalents and restricted cash, beginning of the year 39,096,562 69,160,466
Cash, cash equivalents and restricted cash, end of the year 43,440,867 39,096,562
Supplemental disclosure of cash and non-cash transactions:    
Accrual of Series H-7 Convertible Preferred Stock Dividends 697,991
Restricted Stock issued previously accrued 329,380
Initial fair value of warranty liability 9,969,480
Initial fair value of derivative liability 5,147,000
Deemed Dividend H-5 Warrants 199,000
Accretion of discounts to redemption value of H-7 convertible preferred stock 3,980,274
Accrued fixed assets 32,642 348,932
Supplemental disclosure of restricted cash:    
Cash and cash equivalents 33,440,867 39,096,562
Restricted Cash 10,000,000
Total cash, cash equivalents and restricted cash $ 43,440,867 $ 39,096,562

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