XML 21 R5.htm IDEA: XBRL DOCUMENT v3.24.1.u1
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) $ 10,277,340 $ (918,255)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and other amortization 138,471 131,121
Stock-based compensation 1,130,010 408,730
Deferred income taxes, net 36,450 (483,425)
Changes in assets and liabilities:    
Accounts receivable 3,003,771 33,090,256
Inventory 1,512,118 (3,304,697)
Prepaid expenses and other assets 239,518 (1,431,530)
Accounts payable, accrued expenses and other liabilities (3,468,684) (3,070,721)
Income tax payable (18,987,210) 25,639
Net cash (used in)/provided by operating activities (6,118,216) 24,447,118
Cash flows from investing activities:    
Capital expenditures 0 0
Cash used in investing activities 0 0
Cash flows from financing activities:    
Payment of employee tax obligations for common stock tendered (158,980) 0
Repurchase of common stock 0 (7,557,057)
Cash used in financing activities (158,980) (7,557,057)
Net (decrease)/increase in cash and cash equivalents (6,277,196) 16,890,061
Cash and cash equivalents at the beginning of period 150,145,844 98,790,622
Cash and cash equivalents at end of period 143,868,648 115,680,683
Supplemental disclosure of non-cash financing activities:    
Issuance of common stock $ 417,000 $ 0