v3.23.3
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (12,589,572) $ (5,681,574) $ (24,068,576) $ (16,234,682)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization     781,852 442,890
Stock-based compensation     731,768 923,844
Change in FV-Derivative Liability (3,216,000) (3,216,000)
Change in FV-Warrant Liability 10,095,960 10,095,960
Amortization of right-of-use asset     123,885 155,308
Bad debt expense   2,136 292,010 2,136
Unrealized gain on marketable securities (403,996) 32,135 (602,211) 75,204
Realized gain on marketable securities (90,812) (103,000) (143,344) (110,490)
Impairment of inventory and prepaid     2,351,947
Change in operating assets and liabilities:        
Accounts receivable     74,072 510,922
Inventory     (3,376,229) 462,025
Prepaid expenses and other current assets     (1,606,457) (1,430,565)
Deposits and other assets     (500) 18,798
Accounts payable     (280,291) 516,347
Accrued expenses     28,029 (473,953)
Lease obligations - operating leases     (136,086) (168,935)
Net cash used in operating activities     (21,302,119) (12,959,204)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchase of property and equipment     (2,076,070) (970,557)
Change in marketable securities     (24,033,422) (15,755,310)
Purchase of intangible assets     (29,204) (46,546)
Net cash used in by investing activities     (26,138,696) (16,772,413)
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     (25,808,660) (29,731,616)
Cash, cash equivalents and restricted cash, beginning of period     39,096,562 69,160,466
Cash, cash equivalents and restricted cash, end of period 13,287,902 39,428,850 13,287,902 39,428,850
Supplemental disclosure of cash and non-cash transactions:        
Accrual of Series H-7 Convertible Preferred Stock Dividends     244,000
Restricted Stock issued previously accrued     329,381
Initial fair value of warrant 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 1,165,635 1,165,635
Accrued fixed assets     193,053
Supplemental disclosure of restricted cash:        
Cash and cash equivalents 3,287,902 39,428,850 3,287,902 39,428,850
Restricted Cash 10,000,000 10,000,000
Total cash, cash equivalents and restricted cash $ 13,287,902 $ 39,428,850 $ 13,287,902 $ 39,428,850

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