Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,553,108) $ (13,297,582)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 257,791 253,675
Stock-based compensation 591,663 3,337,494
Amortization of right-of-use asset 118,092 93,891
Provision for bad debt expense 2,069 63,333
Unrealized loss on marketable securities 35,580
Impairment of inventory and prepaid 1,938,386
Change in operating assets and liabilities:    
Accounts receivable (955,609) (355,016)
Inventory 325,282 (603,336)
Prepaid expenses and other current assets (785,762) 302,859
Deposits (18,797)
Accounts payable 164,809 1,640,043
Accrued expenses (838,304) 991,334
Contract liability (24,000)
Lease obligations - operating leases (132,403) (67,009)
Net cash used in operating activities (9,831,514) (7,683,111)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (414,197) (482,541)
Purchase of marketable securities, net (18,006,486)
Purchase of intangible assets (17,500) (53,512)
Net cash used in investing activities (18,438,183) (536,053)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of debt (21,608)
Proceeds from exercise of warrants, net of fees 100,000
Proceeds from exercise of stock options 1,224,918
Proceeds from issuance of Common Stock, net of fees and expenses 58,269,829
Net cash provided by financing activities 59,573,139
Net change in cash (28,269,697) 51,353,975
Cash, beginning of year 69,160,466 36,537,097
Cash, end of quarter 40,890,769 87,891,071
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 1,971
Restricted Stock issued, previously accrued 329,381
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets $ 120,440