Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (16,316,664) $ (11,144,012)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,283,858 487,052
Amortization of debt discount 5,694,378 2,924,820
Amortization of debt issuance cost 486,758 0
Capitalized paid-in-kind (PIK) interest 927,485 0
Accretion of RCB Equities #1, LLC exit fee 73,058 3,183
Stock-based compensation 1,872,504 3,995,020
Loss on exchange of warrants 0 590,266
Change in fair value of warrant liabilities (13,347,829) (18,775,158)
Non-cash impact of lease accounting 314,859 332,787
Gain on disposal of assets (1,695) 0
Write off of property and equipment 32,636 0
Gain on lease termination (23,897) 0
Settlement of liquidated damages with common stock 0 3,685,629
Gain on short-term investments 0 (40,737)
Interest expense assumed into Convertible Senior Secured Term Loan 0 378,116
Changes in operating assets and liabilities:    
Accounts receivable (185,298) 625,034
Inventories (30,714) (7,293,478)
Contract assets 0 547,183
Other assets 1,542,915 (206,702)
Accounts payable and accrued liabilities (1,072,317) 7,470,351
Contract liabilities (2,070,095) 152,000
Operating lease liabilities (203,486) (357,985)
Other liabilities 895,117 0
Net cash used in operating activities (20,128,427) (16,626,631)
Cash flows from investing activities:    
Capital expenditures (466,712) (10,745,111)
Proceeds from sale of assets held for sale 420,220 0
Proceeds from sale of property and equipment 18,098 0
Proceeds from sale of short-term investments 0 5,000,000
Net cash used in investing activities (28,394) (5,745,111)
Cash flows from financing activities:    
Proceeds from notes payable 14,305,000 10,596,884
Payment of debt issuance costs on notes payable (1,316,791) 0
Proceeds from ATM offering 9,857,857 0
Payment of ATM commissions and fees (499,903) 0
Proceeds from exercise of stock options 0 421,175
Proceeds from exercise of warrants 0 338,055
Net cash from financing activities 22,346,163 11,356,114
Effects of changes in exchange rates on cash and cash equivalents (26,983) 0
Net change in cash and cash equivalents 2,162,359 (11,015,628)
Cash and cash equivalents, beginning of period 753,398 17,787,159
Cash and cash equivalents, end of period 2,915,757 6,771,531
Supplemental disclosure of cash flow information:    
Cash paid for interest 135,089 1,006,993
Cash paid for taxes 0 0
Non-cash investing and financing activities:    
Operating leases at inception 1,095,067 2,016,931
Exercise of warrants 4,635,257 0
Conversion of convertible secured debentures 5,758,926 0
Liabilities relieved through sale of asset held for sale 1,158,609 0
Transfer from assets held for sale to property and equipment 1,119,864 0
Capitalized interest 0 873,816
Capital expenditures included in accounts payable $ 0 $ 849,951