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 $ (10,180,020) $ (3,504,002)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation 273,099 111,319
Accretion of debt discount 907,865 171,979
Stock-based compensation 1,214,863 200,157
Change in fair value of warrant liabilities 2,236,904
Noncash impact of lease accounting 60,819 32,325
Changes in operating assets and liabilities:    
Accounts receivable (1,012,210) (211,779)
Inventories (4,346,657) (721,042)
Contract assets 249,964 300,616
Other assets (328,609) (577,901)
Accounts payable and accrued liabilities 2,234,510 436,412
Contract liabilities (373,791)
Operating lease liabilities (143,729) (64,543)
Net cash from operating activities (8,833,201) (4,200,250)
Cash flows from investing activities:    
Capital expenditures (1,493,978) (1,675,238)
Proceeds from sale of short-term investments 4,959,263
Net cash from investing activities 3,465,285 (1,675,238)
Cash flows from financing activities:    
Proceeds from exercise of stock options 59,190  
Net cash from financing activities 59,190  
Net change in cash and cash equivalents (5,308,726) (5,875,488)
Cash and cash equivalents, beginning of period 17,787,159 20,952,867
Cash and cash equivalents, end of period 12,478,433 15,077,379
Supplemental disclosure of cash flow information:    
Cash paid for interest 469,850 322,067
Cash paid for taxes