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 $ (30,706,098) $ (34,980,165)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation 648,624 280,195
Amortization of debt discount 2,438,462
Amortization of intangible assets 3,103,591 2,726,295
Amortization of right of use asset 715,041 633,110
Loss on intellectual property 12,223 11,095
Loss on disposal of equipment 7,757
Stock-based compensation 636,350 4,366,734
Change in fair value of government grant liability 161,764
Changes in operating assets and liabilities:    
Accounts receivable (4,677,726) 392,036
Inventory 1,087,558 (253,471)
Other current assets 767,152 (244,800)
Deposits and other assets (370,684)
Accounts payable 1,536,991 987,392
Deferred revenue (1,323,025) (168,453)
Operating lease liability (710,546) (451,542)
Accrued expenses and other current liabilities (1,436,178) 502,901
Net cash flows used in operating activities (28,108,744) (26,198,673)
CASH FLOWS FROM INVESTING ACTIVITIES    
Patent costs (62,281) (29,678)
Purchase of equipment (94,972) (3,525,724)
Proceeds from sale of equipment 33,568
Cash paid for Ardenna Inc. asset acquisition (900,000)
Cash paid for Iron Drone asset acquisition (135,000)
Cash acquired from the acquisition of Airobotics Ltd. 1,049,454
Investment in Dynam AI (1,000,000)
Cash paid for Field of View LLC asset acquisition (145,833) (41,667)
Net cash flows provided by (used in) investing activities 644,936 (5,497,069)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from convertible notes payable, net of issuance costs 9,309,513
Proceeds from sale of shares under ATM agreement 6,099,267
Proceeds from exercise of options and warrants 10,791 64,909
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)
Net cash flows provided by financing activities 18,700,603 6,164,176
Decrease in cash, cash equivalents, and restricted cash (8,763,205) (25,531,566)
Cash, cash equivalents, and restricted cash, beginning of period 29,775,096 40,815,123
Cash, cash equivalents, and restricted cash, end of period 21,011,891 15,283,557
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 163,418 12,920
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Common Stock and warrants issued in relation to acquisition of Airobotics, Ltd. 5,962,628
Common Stock issued in relation to acquisition of the assets of Iron Drone, Ltd. 85,800
Common stock issued in exchange for debt repayment 7,320,284
Warrants issued in relation to the sale of redeemable preferred stock in Ondas Networks 12,683,549
Preferred dividends attributable to redeemable noncontrolling interest 212,208
Accretion of redeemable preferred stock in Ondas Networks 410,322
Noncash consideration for purchase of intangibles asset 6,019,120
Operating leases right-of-use assets obtained in exchange of lease liabilities $ 105,950 $ 2,928,911

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