XML 16 R5.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities:    
Net loss $ (14,729,362) $ (14,237,575)
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-cash compensation expense related to stock options 1,273,053 291,990
Depreciation and amortization 1,410,197 1,941,473
Amortization of loan costs 154,633 0
Provision for credit losses 58,726 0
Provision for inventory reserve (21,165) 0
Changes in operating assets and liabilities:    
Accounts receivable (828,256) (251,051)
Inventories (694,403) (1,136,973)
Prepaid expenses and other (965,538) 462,067
Operating lease payable (14,790) 0
Accounts payable and accrued expenses 3,353,414 1,720,815
Net cash used in operating activities (11,003,491) (11,209,254)
Cash flows from investing activities    
Purchases of property, plant and equipment (1,065,305) (2,854,647)
Purchases of intangible assets (210,078) 0
Proceeds from reverse capitalization 63,575 0
Net cash used in investing activities (1,211,808) (2,854,647)
Cash flows from financing activities    
Net payments to related parties 0 (500,000)
Proceeds from convertible notes payable 3,000,000 25,000,000
Payments on finance leases payable (271,591) (240,796)
Payments on notes payable 0 (2,630,000)
Borrowings on line of credit 5,000,000 0
Net cash provided by financing activities 7,728,409 21,629,204
Net change in cash (4,486,890) 7,565,303
Cash, beginning of period 7,615,630 5,146,616
Cash, end of period 3,128,740 12,711,919
Supplemental cash flow data    
Interest 1,560,746 1,195,439
Income taxes 14,116 15,092
Non-cash investing and financing activities    
Conversion of notes payable into Class A shares (54,991,472) 0
Related Party    
Non-cash investing and financing activities    
Note payable accounted for as due to related party 7,601,661 0
Nonrelated Party    
Non-cash investing and financing activities    
Note payable supplier finance $ 2,747,833 $ 0