v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) $ 6,914,620 $ (6,003,233) $ 3,275,868 $ (11,479,002)
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Depreciation and amortization     895,627 452,848
Loss on disposal of fixed asset     11,666
Stock-based compensation     56,393 508,869
Change in fair value - derivative liability (2,618,000) (2,627,000)
Change in fair value - warrant liability (7,937,500) (9,010,300)
Amortization of right-of-use asset     102,105 81,524
Bad debt expense     76,819 292,010
Unrealized gain on marketable securities (301,921) (146,935) (266,902) (198,215)
Realized gain on marketable securities (74,998) (8,193) (452,121) (73,193)
Impairment of inventory     1,622,609
Change in operating assets and liabilities:        
Accounts receivable     12,879 113,906
Inventory     (1,704,756) (2,079,590)
Prepaid expenses and other assets     587,476 (1,790,987)
Deposits and other assets     12,967
Accounts payable     1,115,255 (405,979)
Accrued expenses and other current liabilities     (434,295) (234,155)
Lease obligations - operating leases     (96,690) (93,181)
Net cash used in operating activities     (6,834,066) (14,893,479)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchase of property and equipment     (1,271,311)
Change in marketable securities     (22,153,128) (9,343,804)
Purchase of intangible assets     (18,703)
Net cash used in investing activities     (22,153,128) (10,633,818)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Payment of preferred stock redemption (H-7)     (362,573)
Net cash used in financing activities     (362,573)
Net change in cash, cash equivalents and restricted cash     (29,349,767) (25,527,297)
Cash, cash equivalents and restricted cash, beginning of the period     43,440,867 39,096,562
Cash, cash equivalents and restricted cash, end of the period 14,091,100 13,569,265 14,091,100 13,569,265
Supplemental disclosure of cash and non-cash transactions:        
Fixed asset additions included in accounts payable and accrued expenses     70,597 194,335
Accrual of Series H-7 Convertible Preferred Stock Dividends     918,181
Accretion of discounts to redemption value of H-7 convertible preferred stock 1,999,136 5,094,609
Accrued Series H-7 preferred stock redemption payable     1,329,047
Non-cash redemption of Series H-7 preferred stock     1,454,904
Prepaid insurance financed through accrued expenses     286,955
Supplemental disclosure of restricted cash:        
Cash and cash equivalents 14,091,100 13,569,265 14,091,100 13,569,265
Restricted cash
Total cash, cash equivalents and restricted cash $ 14,091,100 $ 13,569,265 $ 14,091,100 $ 13,569,265

Source

PDF HTML
ZIP XLS XBRL