v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (21,401,824) $ (5,959,886)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation 127,036 50,272
Amortization of deferred financing costs 120,712
PPP Loan forgiveness (666,091)
Amortization of intangible assets 1,822,236 19,617
Amortization of right of use asset 400,370 154,457
Loss on Intellectual Property 11,095 70,895
Stock-based compensation 2,883,579 1,650,119
Changes in operating assets and liabilities:    
Accounts receivable 947,916 (678,694)
Inventory (91,403) 5,387
Other current assets (49,988) (435,929)
Accounts payable (34,465) (496,344)
Deferred revenue (312,734) (140,343)
Operating lease liability (263,884) (159,560)
Accrued expenses and other current liabilities 660,063 (623,300)
Net cash flows used in operating activities (15,302,003) (7,088,688)
CASH FLOWS FROM INVESTING ACTIVITIES    
Patent costs (25,544) (3,698)
Purchase of equipment (2,612,604) (72,429)
Security deposit (90,000)
Cash paid for Ardenna Inc. asset acquisition (900,000)
Cash paid for note receivable (2,000,000)
Net cash flows used in investing activities (3,538,148) (2,166,127)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of warrants/options 1,344,882
Proceeds from 2021 Public Offering, net of costs 47,523,583
Proceeds from sale of shares under ATM agreement 6,039,105
Payments on loan payable (7,124,278)
Net cash flows provided by financing activities 6,039,105 41,744,187
Increase (decrease) in cash and cash equivalents (12,801,046) 32,489,372
Cash and cash equivalents, beginning of period 40,815,123 26,060,733
Cash and cash equivalents, end of period 28,014,077 58,550,105
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 4,003 1,038,532
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Forgiveness of accrued officers’ salary 135,103
Noncash consideration for purchase of intangible asset 5,943,600
Operating leases right-of-use assets obtained in exchange for lease liabilities $ 2,928,911

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