Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 6,534,775 $ (6,860,958)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation 326,308 228,405
Accretion of debt discount 1,878,376 347,106
Stock-based compensation 3,077,027 388,814
Loss on repricing of warrants 590,266
Change in fair value of warrant liabilities (27,431,550)
Noncash impact of lease accounting 145,253 88,212
Changes in operating assets and liabilities:    
Accounts receivable 319,940 (811,016)
Inventories (5,869,092) (2,380,429)
Contract assets (37,341) (60,585)
Other assets (1,045,514) (1,360,086)
Accounts payable and accrued liabilities 8,733,185 1,039,296
Contract liabilities (373,791)
Operating lease liabilities (193,257) (155,382)
Net cash from operating activities (12,971,624) (9,910,414)
Cash flows from investing activities:    
Capital expenditures (6,102,253) (3,080,199)
Proceeds from sale of short-term investments 4,959,263
Net cash from investing activities (1,142,990) (3,080,199)
Cash flows from financing activities:    
Proceeds from exercise of stock options 342,579
Proceeds from exercise of warrants 338,055  
Net cash from financing activities 680,634
Net change in cash and cash equivalents (13,433,980) (12,990,613)
Cash and cash equivalents, beginning of period 17,787,159 20,952,867
Cash and cash equivalents, end of period 4,353,179 7,962,254
Supplemental disclosure of cash flow information:    
Cash paid for interest 908,184 761,189
Non-cash investing and financing activities:    
Capital expenditures included in accounts payable 841,171 1,949,142
Right of use asset assumed through lease liability 1,212,824
Lease assumed through lease liability $ 1,212,824