XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (3,156,505) $ (1,183,376)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 202,747 90,591
Loss on disposal of asset 2,501
Bad debt expense 15,000
Inventory obsolescence 71,819 7,312
Share-based compensation 584,935 325,518
Noncash lease expense 57,688 30,572
Loss on equity method investment 379,633 99,135
Changes in operating assets and liabilities:    
Accounts receivable (563,034) (245,550)
Accounts receivable - related party (16,492)
Inventory (194,956) (37,953)
Prepaid and other assets 292,394 91,757
Accounts payable 491,220 9,071
Accounts payable - related parties (103,970) (136,997)
Accrued royalties and expenses 234,141 (70,654)
Accrued bonus and commissions (409,599) (241,030)
Net cash used in operating activities (2,112,478) (1,261,604)
Cash flows from investing activities:    
Purchase of property and equipment (44,697) (4,391)
Proceeds from disposal of assets 345
Investment in equity securities (250,000) (600,000)
Net cash used in investing activities (294,352) (604,391)
Cash flows from financing activities:    
Draw on line of credit 800,000
Pay off line of credit (800,000)
Public offering net proceeds 28,939,257
Net settlement of equity-based awards (102,931)
Distribution to noncontrolling interest member (200,000)
Net cash flows provided by (used in) financing activities (102,931) 28,739,257
Net increase (decrease) in cash (2,509,761) 26,873,262
Cash, beginning of period 18,652,841 455,366
Cash, end of period 16,143,080 27,328,628
Cash paid during the period for:    
Interest 711
Income taxes
Supplemental noncash investing and financing activities:    
Common stock issued for asset acquisitions $ 1,750,000