v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows from Operating Activities    
Net income (loss) $ (696,217) $ (1,588,582)
Adjustments to reconcile net income (loss) from operations:    
Depreciation and amortization 218,278 55,685
Amortization of deferred financing costs 103,632
Loss on extinguishment of debt 790,723
Interest on convertible notes 53,725
Stock-based compensation expense 882,000 290,805
Beneficial conversion of Bridge notes 636,075
Inventory write-offs (69,667) 14,539
Bad debt expense 12,746 15,000
Changes in operating assets and liabilities (net of acquired amounts):    
Accounts receivable (354,181) 204,242
Inventories 230,103 (111,770)
Prepayments and other assets 1,209,576 (1,178,239)
Accounts payable and accrued expenses 1,092,601 1,162,059
Operating leases (33,913)
Deferred tax liability (108,060)
Customer deposits (6,110,537) (149,412)
Net Cash Provided By (Used In) Operating Activities (3,727,271) 298,482
Cash Flows from Investing Activities    
Purchases of property and equipment (32,336)
Net Cash Used In Investing Activities (32,336)
Cash Flows from Financing Activities    
Proceeds from issuance of Common Stock, net of offering costs 28,797 58,170,696
Repurchase of Common Stock (3,773,177) (2,975,000)
Repayment of notes payable (5,755,845)
Payment of finance lease ROU liability (36,000)
Net Cash Provided By (Used In) Financing Activities (3,780,380) 49,439,851
Net Increase (Decrease) in Cash (7,539,987) 49,738,333
Cash at Beginning of Period 34,592,190 184,469
Cash at End of Period 27,052,203 49,922,802
Supplemental Cash Flow Information:    
Interest paid 7,658 317,443
Income taxes
Operating lease right of use asset $ 55,120

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