Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss $ (7,663,749) $ (1,530,857) $ (13,297,582) $ (3,326,009)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization     253,675 228,464  
Stock-based compensation     3,337,494 307,408  
Amortization of debt discount     169,739  
Loss on extinguishment of debt 353,225 353,225  
Amortization of right-of-use asset     93,891 49,738  
Provision for bad debt expense     63,333 5,794  
Change in operating assets and liabilities:          
Accounts receivable     (355,016) (247,708)  
Inventory     (603,336) 59,889  
Prepaid expenses and other current assets     302,859 (110,848)  
Deposits     (18,797) 26,265  
Accounts payable     1,640,043 58,468  
Accrued expenses     991,334 (325,966)  
Contract liability     (24,000) 63,904  
Lease obligations - operating leases     (67,009) (30,286)  
Net cash used in operating activities     (7,683,111) (2,717,923)  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of property and equipment     (482,541) (243,928)  
Purchase of intangible assets     (53,512) (8,520)  
Proceeds from merger with ABC Merger Sub, Inc.     3,060,740  
Net cash provided by (used in) investing activities     (536,053) 2,808,292  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from issuance debt     1,318,000  
Repayments of debt     (21,608) (1,103,401)  
Proceeds from exercise of warrants     100,000 515,338  
Proceeds from exercise of stock options     1,224,918  
Proceeds from issuance of common stock, net of fees and expenses     58,269,829 6,455,992  
Net cash provided by financing activities     59,573,139 7,185,929  
Net change in cash     51,353,975 7,276,298  
Cash, beginning of period     36,537,097 641,822 $ 641,822
Cash, end of period $ 87,891,072 $ 7,918,120 87,891,072 7,918,120 $ 36,537,097
Supplemental disclosure of cash and non-cash transactions:          
Cash paid for interest     1,971 58,366  
Cash paid for taxes      
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets     120,440 1,210,680  
Conversion of debt to Common Stock     1,000,000  
Conversion of Preferred Stock to Common Stock     9,025,245  
Discount on debt from issuance of Common Stock and warrants     $ 462,013