Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 413,612 $ (14,138,665)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 426,185 273,099
Amortization of debt discount 1,159,596 907,865
Amortization of debt issuance cost 142,821 0
Accretion of RCB Equities #1, LLC exit fee 24,212 0
Stock-based compensation 530,655 1,214,863
Change in fair value of warrant liabilities (8,309,623) 2,236,904
Non-cash impact of lease accounting 115,778 60,819
Gain on disposal of assets (4,231) 0
Gain on lease termination (15,365) 0
Gain on short-term investments 0 (40,737)
Changes in operating assets and liabilities:    
Accounts receivable 55,101 (1,012,210)
Inventories (15,930) (4,346,657)
Contract assets 0 249,964
Other assets 1,196,413 (328,609)
Accounts payable and accrued liabilities (22,133) 6,193,155
Contract liabilities (2,289,834) 0
Operating lease liabilities (67,539) (143,729)
Net cash used in operating activities (6,660,282) (8,873,938)
Cash flows from investing activities:    
Capital expenditures (324,147) (1,493,978)
Proceeds from sale of assets held for sale 384,708 0
Proceeds from sale of property and equipment 7,921 0
Proceeds from sale of short-term investments 0 5,000,000
Net cash from investing activities 68,482 3,506,022
Cash flows from financing activities:    
Proceeds from notes payable 13,305,000 0
Payment of debt issuance costs on notes payable (1,279,291) 0
Proceeds from exercise of stock options 0 59,190
Net cash from financing activities 12,025,709 59,190
Net change in cash and cash equivalents 5,433,909 (5,308,726)
Cash and cash equivalents, beginning of period 753,398 17,787,159
Cash and cash equivalents, end of period 6,187,307 12,478,433
Supplemental disclosure of cash flow information:    
Cash paid for interest 23,469 469,850
Cash paid for taxes 0 0
Non-cash investing and financing activities:    
Capitalized interest 0 234,985
Operating leases at inception 1,185,119 0
Exercise of warrants 1,339,654 0
Liabilities relieved through sale of asset held for sale 1,158,609 0
Transfer from assets held for sale to property and equipment $ 55,642 $ 0