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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (8,211,297) $ (4,177,458)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,314,781 2,580,243
Credit loss expense 230,930 214,061
Inventory obsolescence 356,261 222,691
Share-based compensation 3,240,362 2,582,163
Noncash lease expense 306,240 243,988
Share of losses from equity method investment 31,448
Back-end fee 219,689
Paid-in-kind interest 424,067
Accretion of finance liabilities 166,595 39,699
Amortization and write-off of debt issuance costs 150,219 2,055
Change in fair value of earnout liabilities 67,549 (1,494,910)
Changes in operating assets and liabilities:    
Accounts receivable, net (2,777,243) (794,344)
Accounts receivable – related parties (35,009) 87,516
Inventory, net 1,352,923 (1,664,714)
Prepaid and other assets 178,963 482,921
Accounts payable (622,719) 547,186
Accounts payable – related parties 72,806 30,711
Accrued royalties and expenses 249,910 557,295
Accrued bonuses and commissions 580,031 (1,673,629)
Operating lease liabilities (252,337) (182,498)
Net cash used in operating activities (955,831) (2,397,024)
Cash flows from investing activities:    
Purchases of property and equipment (133,676) (210,970)
Proceeds from disposal of property and equipment 650
Investment in equity securities (5,268,582)
Advancement on convertible loan receivable (1,079,391)
Acquisitions, net of cash acquired (9,942,750)
Net cash used in investing activities (6,481,649) (10,153,070)
Cash flows from financing activities:    
Loan proceeds, net 29,339,260 9,688,341
Pay off line of credit (9,750,000)
Equity offering net proceeds (expenses) (75,000) 1,033,761
Net settlement of equity-based awards (87,807) (150,296)
Cash payment of finance and earnout liabilities (859,000) (744,795)
Net cash provided by financing activities 18,567,453 9,827,011
Net increase (decrease) in cash 11,129,973 (2,723,083)
Cash, beginning of period 5,147,216 8,958,995
Cash, end of period 16,277,189 6,235,912
Cash paid during the period for:    
Interest 948,759 146,546
Supplemental noncash investing and financing activities:    
Right of use assets obtained in exchange for lease obligations 1,531,773
Equity issued for acquisitions 3,089,645
Earnout and other liabilities generated by acquisitions $ 3,759,642