Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities:    
Net loss $ (14,328,348) $ (12,839,968)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 1,021,886 1,209,000
Finance Expense
Depreciation and amortization 217,107 319,936
Bad debt 17,871 22,500
Changes in operating assets and liabilities:    
Accounts receivable (290,839) (741,984)
Accounts receivable - related party 100,723 275,112
Inventory (624,881) (455,935)
Contract asset (16,192) (60,932)
Contract asset - related party (28,191) (14,982)
Prepaid expenses and other assets (1,950,807) (1,911,941)
Accounts payable and accrued liabilities 3,986,275 2,049,484
Accounts payable and accrued liabilities - related party 110,403 50,099
Contract liability 16,192 60,932
Contract liability - related party 28,191 (48,429)
Changes in operating lease assets and liabilities (8,832) (6,800)
Net Cash used in Operating Activities (11,749,442) (12,093,908)
Cash Flows From Investing Activities:    
Purchase of property and equipment (7,208,200) (2,099,858)
Cash paid for asset acquisition (483,644)
Net Cash used in Investing Activities (7,691,844) (2,099,858)
Cash Flows From Financing Activities:    
Proceeds from issuance of common stock units 14,788,121 3,221,355
Proceeds from issuance of Series A preferred stock units 1,811,000
Proceeds from asset-based loan agreement 6,379,624 502,349
Repayment of asset-based loan agreement (4,294,073)
Proceeds from notes payable
Repayment of notes payable (302,983)
Payment of lease liabilities (148,019)
Repayment of notes payable - related party (797,505)
Dividend paid (19,555)
Net Cash provided by Financing Activities 18,362,134 2,778,180
Net change in cash (1,079,152) (11,415,586)
Cash, beginning of period 2,295,259 13,710,845
Cash, end of period 1,216,107 2,295,259
Supplemental cash flow information    
Cash paid for interest 190,920 284,178
Cash paid for taxes
Non-cash Investing and Financing transactions:    
Debt forgiveness 1,624,755
Class A common stock issued for conversion of Series A convertible preferred stock 166,483
Common stock issue for reverse split adjustment
Modification of right-of-use asset and lease liability 135,235
Class A common stock issued for exercised cashless warrant