XML 17 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES:    
Net loss $ (4,175,953) $ (6,129,468)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 733,459 498,590
Amortization 671,932 223,836
Gain on forgiveness of debt 0 (429,540)
Employee stock compensation 100,278 19,341
Amortization of debt discounts 0 801,340
Non-cash lease expense 105,281 74,823
Write off of inventory 66,789 0
Bad debt expense 113,727 0
Change in current assets and liabilities:    
Accounts receivable (1,855,245) (607,410)
Inventory 1,760,757 (726,739)
Contract assets (329,702) (738,663)
Prepaid expenses and other assets (881,906) (309,381)
Accounts payable (397,124) (1,242,754)
Accrued expenses (29,364) (478,911)
Contract liabilities (1,680,316) 169,915
Operating lease liability (103,375) (75,904)
Net cash used in operating activities (5,900,762) (8,950,925)
INVESTING ACTIVITIES:    
Capital expenditures (363,053) (243,992)
Cash assumed in acquisition 0 81,442
Net cash used in investing activities (363,053) (162,550)
FINANCING ACTIVITIES:    
Proceeds from the sale of common stock, net of offering costs 0 54,302,982
Proceeds from issuances of notes payable, non-related party 0 11,800
Proceeds from issuances of convertible notes payable 0 408,000
Proceeds from line of credit 13,641,983 0
Repurchase of common stock 0 (185,850)
Repayments of notes payable, related party 0 (34,979)
Repayments of notes payable, non-related parties (210,194) (5,945,000)
Repayments of convertible notes payable 0 (1,291,463)
Repayment of line of credit (9,825,241) (2,880,550)
Cash paid on financing lease obligations (157,585) (302,575)
Net cash provided by financing activities 3,448,963 44,082,365
NET INCREASE (DECREASE) IN CASH (2,814,852) 34,968,890
CASH, BEGINNING BALANCE 3,715,666 722,583
CASH, ENDING BALANCE 900,814 35,691,473
CASH PAID FOR:    
Interest 579,793 709,061
Income taxes 0 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES:    
Common stock issued for convertible note payable and accrued interest 0 109,830
Equipment purchased on note payable 182,586 0
Conversion of series D preferred stock for common stock 7 0
Issuance of shares of series D preferred stock for acquisition 0 6,653,309
Beneficial conversion feature on convertible notes $ 0 $ 92,428