v3.22.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (17,505,765) $ (9,383,397)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:    
Stock based compensation 1,412,283 1,896,074
Warrants and shares to lender 248,011
Depreciation and amortization 1,769,621 872,834
Impairment of goodwill and other intangible assets 2,636,402
Impairment of fixed assets 258,114
Amortization of bond premium and realized loss on investments 52,096
Amortization of debt discount, related party 105,000
Bad debt expense 17,489 17,644
PPP loan forgiveness (154,673)
Changes in operating assets and liabilities:    
Accounts receivable (688,425) 75,802
Inventory (104,905) (5,288)
Prepaid expenses and other (147,845) (69,727)
Operating lease assets and liabilities 24,240
Accounts payable and accrued expenses 677,114 462,900
Accounts payable and accrued expenses - related party (371,940)
Net cash used in operating activities (11,599,581) (6,306,761)
Cash flows from investing activities:    
Maturity of debt securities 1,151,186
Acquisition of business (321,250)
Acquisition of fixed assets (3,258,417) (1,998,151)
Acquisition of intangible assets (19,204)
Purchase of debt securities (3,367,953)
Net cash used in investing activities (2,428,481) (5,385,308)
Cash flows from financing activities:    
Proceeds from Initial Public Offering 28,750,000
Initial Public Offering expenses (3,500,426)
Borrowings under line of credit 1,000,000
Proceeds from issuance of common stock 115,000
Proceeds from issuance of debt and loans 2,191,308 1,440,572
Proceeds from issuance of related party debt 1,550,000
Repayment of debt (657,719) (2,136,283)
Repayment of related party debt (1,848,399)
Net cash provided by financing activities 2,533,589 24,370,464
Net change in cash and cash equivalents (11,494,473) 12,678,395
Cash and cash equivalents at beginning of period 13,561,266 882,871
Cash and cash equivalents cash at end of period 2,066,793 13,561,266
Noncash investing and financing activities:    
Debt discount 105,000
Issuance of acquisition, bonus, and settlement shares 2,250,000
Shares issued for technology 2,950,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 101,075 455,791
Cash paid for taxes

Source