XML 16 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (62,157,538) $ (39,445,633)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,903,988 177,756
Impairment 292,748
Amortization of debt issuance costs 5,942,084 5,803,988
Loss on issuance of warrants 46,928,815 25,318,519
Share-based compensation 142,125 1,424,125
Provision for bad debts 608,356 46,705
Gain on sale of assets 5,897
Changes in assets and liabilities:    
Accounts receivable (2,127,764) (29,093)
Inventories (2,903,490) 43,752
Prepaid expenses and other current assets 522,392 (2,581,642)
Accounts payable 600,101 857,858
Accrued expenses and other current liabilities 3,544,280 (6,788,607)
Net cash used in operating activities (6,698,006) (15,172,272)
Cash flows from investing activities:    
Purchases of property and equipment (117,403) (82,644)
Purchases of developed technology (246,468)
Proceeds from sale of property and equipment 181,000
Net cash used in investing activities (182,871) (82,644)
Cash flows from financing activities:    
Net borrowings under lines of credit 2,575,000
Net proceeds from issuance of common stock 14,799 11,529,152
Net borrowings under convertible notes 3,150,000 7,000,000
Due to Former Parent 3,028,154
Fees paid for financing costs (664,389) (560,000)
Repayments under convertible notes payable – related parties (116,300)
Repayments under notes payable (27,644)
Net cash provided by financing activities 4,959,110 20,969,662
Net (decrease) increase in cash and cash equivalents and restricted cash (1,921,767) 5,714,746
Cash and cash equivalents and restricted cash, beginning of the year 5,580,431 911,194
Cash and cash equivalents and restricted cash, end of the period 3,658,664 6,625,940
Supplemental disclosure of cash flow information:    
Cash paid for interest 203
Cash paid for income taxes
Right of use assets 98,736
Operating lease liabilities 98,736
Convertible shares under notes payable 7,742,559
Issuance of warrants to noteholders and placement agent 4,335,611 3,905,458
Original issue discount 555,000 3,333,333
Accrued placement agent fees for equity placement 960,000 480,000
Issuance of common stock upon the distribution from Vinco Ventures, Inc. $ 18,805