XML 17 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (33,079,414) $ (10,763,446)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 527,584 447,283
Stock-based compensation 7,556,282 1,827,008
Amortization of debt discount 236,398
Loss on extinguishment of debt 566,925
Amortization of right-of-use asset 206,375 111,861
Provision for bad debt expense 99,309 37,745
Debt Forgiveness (PPP loan) (218,000)
Change in operating assets and liabilities:    
Accounts receivable (302,887) (732,449)
Inventory (2,666,327) (4,967)
Prepaid expenses and other current assets (667,416) (1,444,363)
Deposits (18,797) 26,265
Accounts payable (120,155) (59,489)
Accrued expenses 2,038,365 10,632
Contract liability (24,000) 24,000
Lease obligations - operating leases (180,404) (84,747)
Net cash used in operating activities (26,631,485) (10,019,344)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (538,012) (504,332)
Purchase of intangible assets (62,351) (14,388)
Proceeds from merger with ABC Merger Sub, Inc. 3,060,740
Net cash (used in) provided by investing activities (600,363) 2,542,020
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance debt 1,318,000
Repayments of debt (21,611) (1,744,676)
Proceeds from exercise of warrants, net of fees 100,000 3,926,818
Proceeds from exercise of stock options 1,506,999 16,669
Proceeds from issuance of Common Stock, net of fees and expenses 58,269,829 39,855,788
Net cash provided by financing activities 59,855,217 43,372,599
Net change in cash 32,623,369 35,895,275
Cash, beginning of year 36,537,097 641,822
Cash, end of year 69,160,466 36,537,097
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 1,971 102,911
Interest forgiven on PPP loan 1,363
Conversion of debt to Common Stock 1,000,000
Conversion of Preferred Stock to Common Stock 9,025,245
Cashless exercise of 76,999 H-5 warrants 192,500
Discount on debt with related party 462,013
Deemed dividend on modification of Series H-5 warrants 432,727
Restricted Stock for service, vested not issued 329,380 42,300
Offering costs included in accounts payable, not paid 54,617
Supplemental non-cash amounts of lease liabilities arising from obtaining right of use assets $ 120,440 $ 1,210,680