Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities:    
Net loss $ (3,441,059) $ (2,330,354)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 566,229 1,209,000
Depreciation 3,361 105,211
Lease liability amortization (2,956) (1,218)
Changes in operating assets and liabilities:    
Accounts receivable (621,104) (694,170)
Accounts receivable - related party (138,506) (365,012)
Inventory (222,852) (31,272)
Contract asset (60,932)
Contract asset - related party (6,877)
Prepaid expenses and other assets (1,122,400) (420,502)
Accounts payable and accrued liabilities 1,515,926 123,573
Accounts payable and accrued liabilities - related party (24,645) 15,362
Contract liability 60,932
Contract liability - related party 6,877 (63,411)
Net Cash used in Operating Activities (3,488,006) (2,452,793)
Cash Flows From Investing Activities:    
Purchase of property and equipment (1,147,409) (541,264)
Net Cash used in Investing Activities (1,147,409) (541,264)
Cash Flows From Financing Activities:    
Cash proceeds from issuance of common stock units 4,615,465
Proceeds from asset-based loan agreement 1,857,524
Repayment of asset-based loan agreement (1,221,613)
Repayment of notes payable (92,483) (34,627)
Payment of lease liabilities (12,513)
Repayment of notes payable - related party (250,000)
Net Cash provided by (used in) Financing Activities 5,158,893 (297,140)
Net change in cash 523,478 (3,291,197)
Cash, beginning of period 2,295,259 13,710,845
Cash, end of period 2,818,737 10,419,648
Supplemental cash flow information    
Cash paid for interest 48,402 1,949
Cash paid for taxes