Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (9,876,084) $ (14,455,551)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation 123,071 252,544
Amortization of debt discount and issuance costs 539,526 1,500,641
Amortization of intangible assets 1,052,211 978,838
Amortization of right of use asset 237,561 343,214
Loss on retirement of assets 3,278
Stock-based compensation 269,553 1,263,356
Change in fair value of government grant liability 74,393 36,077
Changes in operating assets and liabilities:    
Accounts receivable 1,148,846 (901,595)
Inventory (1,174,882) (95,056)
Other current assets (63,087) 368,890
Deposits and other assets 3,282 (75,948)
Accounts payable 396,573 1,230,473
Deferred revenue 183,103 (1,251,635)
Operating lease liability (82,799) (320,905)
Accrued expenses and other current liabilities (372,569) (1,705,606)
Other liabilities 82,500
Net cash flows used in operating activities (7,455,524) (12,832,263)
CASH FLOWS FROM INVESTING ACTIVITIES    
Patent costs (8,689) (8,732)
Purchase of equipment (1,188,086) (135,224)
Cash acquired on the acquisition of Airobotics Ltd. 1,049,454
Cash paid for Field of View LLC asset acquisition (41,667)
Purchase of software intangible (15,638)
Net cash flows provided by (used in) investing activities (1,212,413) 863,831
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock, net of issuance costs 3,859,394
Proceeds from exercise of options 2,217
Proceeds from sale of redeemable preferred stock in Ondas Networks, net of issuance costs 4,375,035
Payments on convertible notes payable (2,502,333)
Payments on government grant liability (6,576)
Payments on loan acquired from Airobotics Ltd. (1,140,301)
Net cash flows provided by (used in) financing activities 8,236,646 (3,649,210)
Decrease in cash and restricted cash (431,291) (15,617,642)
Cash and restricted cash, beginning of period 15,022,000 29,775,096
Cash and restricted cash, end of period 14,590,709 14,157,454
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 7,300 5,258
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Warrants in OAH related to sale of common stock 954,737
Warrants in relation to sale of redeemable preferred stock in Ondas Networks 1,471,194
Preferred dividends attributable to redeemable noncontrolling interest 334,138
Accretion of redeemable preferred stock in Ondas Networks 638,646
Transfer of equipment into inventory 398,046
Common Stock and warrants in relation to acquisition of Airobotics, Ltd. 5,962,628
Common Stock in relation to acquisition of the assets of Iron Drone, Ltd. 85,800
Common Stock exchanged for debt repayment $ 3,004,794