Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (44,844,872) $ (73,241,805)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation 844,833 449,458
Amortization of debt discount and issuance cost 3,139,779 3,545,843
Amortization of intangible assets 4,147,092 3,570,090
Amortization of right of use asset 1,060,398 833,940
Retirement of assets 52,595 382,060
Loss on intellectual property 12,223 12,343
Impairment of goodwill 19,419,600
Impairment of long-term equity investment 1,500,000
Impairment of right of use asset and leasehold improvements 1,383,537
Impairment of property and equipment 1,127,768
Change in fair value of government grant liability 427,208
Stock-based compensation 1,047,398 5,857,435
Changes in operating assets and liabilities:    
Accounts receivable (3,213,453) 1,108,919
Inventory 1,481,078 (994,672)
Other current assets (415,217) (300,003)
Deposits and other assets (318,460)
Accounts payable 1,241,951 554,744
Deferred revenue (1,387,099) (450,889)
Operating lease liability (812,249) (684,205)
Accrued expenses and other current liabilities (494,029) 1,974,066
Net cash flows used in operating activities (34,019,519) (37,963,076)
CASH FLOWS FROM INVESTING ACTIVITIES    
Patent costs (70,081) (49,501)
Purchase of equipment (211,035) (2,880,900)
Proceeds from sale of equipment 48,768
Cash paid for Ardenna Inc. asset acquisition (900,000)
Cash paid for Iron Drone asset acquisition (135,000)
Cash acquired on the acquisition of Airobotics Ltd. 1,049,454
Investment in Dynam A.I. (1,000,000)
Cash paid for Field of View LLC asset acquisition (145,833) (104,167)
Cash disbursement on note receivable (2,000,000)
Net cash flows provided by (used in) investing activities 536,273 (6,934,568)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options and warrants 40,338 64,909
Proceeds from convertible notes payable, net of issuance costs 9,309,513 27,702,292
Proceeds from government grant 189,752
Proceeds from sale of redeemable preferred stock in Ondas Networks, net of issuance costs 14,692,335
Payments on convertible notes payable (4,354,911)
Payments on government grant liability (6,576)
Payments on loan payable (1,140,301)
Proceeds from sale of shares under ATM agreement 6,090,416
Net cash flows provided by financing activities 18,730,150 33,857,617
Decrease in cash, cash equivalents, and restricted cash (14,753,096) (11,040,027)
Cash, cash equivalents, and restricted cash beginning of period 29,775,096 40,815,123
Cash, cash equivalents, and restricted cash end of period 15,022,000 29,775,096
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 176,542 14,187
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Preferred dividends attributable to redeemable noncontrolling interest 512,207
Common stock and vested stock options in relation to acquisition of Airobotics, Ltd. 5,962,628
Common stock in relation to acquisition of the assets of Iron Drone, Ltd. 85,000
Debt exchanged for common stock 9,849,287 1,200,000
Warrants in relation to sale of redeemable preferred stock in Ondas Networks 4,593,051
Accretion of redeemable preferred stock in Ondas Networks 1,001,538
Non-cash consideration for purchase of intangible assets 6,019,120
Operating leases right-of-use assets obtained in exchange of lease liabilities $ 3,875,700 $ 2,928,911