v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) $ 550,557 $ (12,589,572) $ 3,826,425 $ (24,068,576)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization     1,300,148 781,852
Loss on disposal of fixed asset     337,847
Stock-based compensation     56,472 731,768
Change in fair value - derivative liability (2,408,000) (3,216,000) (5,035,000) (3,216,000)
Change in fair value - warrant liability (126,600) 10,095,960 (9,136,900) 10,095,960
Amortization of right-of-use asset     150,215 123,885
Bad debt expense     189,092 292,010
Unrealized gain on marketable securities 240,743 (403,996) (26,159) (602,211)
Realized gain on marketable securities (562,627) (90,812) (1,014,748) (143,344)
Impairment of inventory     1,709,449
Change in operating assets and liabilities:        
Accounts receivable     29,908 74,072
Inventory     (1,737,510) (3,376,229)
Prepaid expenses and other current assets     887,184 (1,606,457)
Deposits and other assets     22,491 (500)
Accounts payable     (1,135,637) (280,291)
Accrued expenses and other current liabilities     (610,503) 28,027
Lease obligations - operating leases     (146,788) (136,086)
Net cash used in operating activities     (10,334,014) (21,302,120)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchase of property and equipment     (162,833) (2,076,070)
Change in marketable securities, net     (15,086,527) (24,033,422)
Purchase of intangible assets     (29,204)
Net cash used in investing activities     (15,249,360) (26,138,696)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from private placement of preferred stock, net of transaction costs     21,632,156
Payment of preferred stock redemption (Series H-7)     (5,104,889)
Net cash provided (used) by financing activities     (5,104,889) 21,632,156
Net change in cash, cash equivalents and restricted cash     (30,688,263) (25,808,660)
Cash, cash equivalents and restricted cash, beginning of period     43,440,867 39,096,562
Cash, cash equivalents and restricted cash, end of period 12,752,604 13,287,902 12,752,604 13,287,902
Supplemental disclosure of cash and non-cash transactions:        
Fixed asset additions included in accounts payable and accrued expenses     61,639
Accrual of Series H-7 convertible preferred stock dividends     1,393,660 244,000
Accretion of discounts to redemption value of H-7 convertible preferred stock 1,506,979 1,165,635 6,601,588 1,165,635
Accrued Series H-7 preferred stock redemption payable     2,166,268
Non-cash redemption of Series H-7 preferred stock     1,779,154
Prepaid insurance financed through accrued expenses     286,955
Initial fair value of warrant liability     9,969,480
Initial fair value of derivative liability     5,147,000
Deemed dividend Series H-5 Warrants     199,000
Supplemental disclosure of restricted cash:        
Cash and cash equivalents 2,729,904 3,287,902 2,729,904 3,287,902
Restricted cash 10,022,700 10,000,000 10,022,700 10,000,000
Total cash, cash equivalents and restricted cash $ 12,752,604 $ 13,287,902 $ 12,752,604 $ 13,287,902

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