v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (11,215,589) $ (5,729,693)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 1,145,472 1,211,543
Warrant and shares to lender 248,011
Depreciation and amortization 1,277,108 589,663
Amortization of bond premium and realized loss on investments 36,760
Amortization of debt discount 170,910
Bad debt expense 16,938 16,959
PPP loan forgiveness (154,673)
Changes in operating assets and liabilities:    
Accounts receivable (575,119) 44,200
Inventory (91,205) 5,793
Prepaid expenses and other (78,947)
Prepaid expenses and deferred offering costs 17,594
Operating lease assets and liabilities 28,115
Accounts payable and accrued expenses 472,581 (161,130)
Accounts payable and accrued expenses - related party 328,060
Net cash used in operating activities (8,983,886) (3,412,763)
Cash flows from investing activities:    
Maturity of debt securities 831,716
Acquisition of business (321,250)
Acquisition of fixed assets (3,242,162) (813,283)
Net cash used in investing activities (2,731,696) (813,283)
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 debt and loans 2,187,122 1,100,000
Proceeds from issuance of related party debt 1,550,000
Proceeds from issuance of common stock 115,000
Repayment of debt (455,209) (2,172,010)
Repayment of related party debt (1,848,399)
Net cash provided by financing activities 2,731,913 23,994,165
Net change in cash and cash equivalents (8,983,669) 19,768,119
Cash and cash equivalents at beginning of period 13,561,266 882,870
Cash and cash equivalents cash at end of period 4,577,597 20,650,989
Noncash investing and financing activity:    
Debt discount 170,910
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 64,666 448,071
Cash paid for taxes

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