v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities    
Net loss $ (9,864,298) $ (6,176,217)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 1,022,894 1,436,885
Depreciation and amortization 1,300,697 844,665
Impairment of property & equipment 1,674,000 0
Change of right-of-use asset 359,246 355,519
Gain on sale of R&D assets (50,097) 0
Loss on disposal of property & equipment 172,564 0
Net change in fair value of marketable securities (5,204) (45,585)
Change in inventory reserve (293,059) 0
Changes in operating assets and liabilities:    
Accounts receivable (49,384) (494,339)
Inventories 1,884,449 (4,126,506)
Prepaid expenses and other current assets (84,855) 332,142
Accounts payable (441,124) 1,568,127
Accrued liabilities 120,470 (275,255)
Operating lease liabilities (379,166) (358,525)
Contract liabilities (6,020) 8,959
Net cash used in operating activities (4,638,887) (6,930,130)
Cash Flows From Investing Activities    
Security deposit 2,707 (16,650)
Realized gain on sale of marketable securities, available for sale (35,210) (23,747)
Net sales (purchases) of investment in marketable securities 4,503,356 (8,608,148)
Proceeds from disposition of equipment 6,000 0
Purchase of property and equipment (5,044,742) (2,413,119)
Net cash used in investing activities (567,889) (11,061,664)
Cash Flows From Financing Activities    
Proceeds from Forza Issuance of common stock 0 6,996,015
Deferred offering costs 0 (66,463)
Finance lease liabilities (190,565) (37,214)
Net cash (used in) provided by financing activities (190,565) 6,892,338
Net change in cash, cash equivalents and restricted cash (5,397,341) (11,099,456)
Cash, cash equivalents and restricted cash at beginning of the period 16,755,233 23,501,007
Cash, cash equivalents and restricted cash at end of the period 11,357,892 12,401,551
Supplemental Cash Flow Information    
Cash paid for interest 327,879 113,523
Non Cash Investing and Financing Activities    
Increase in the right-of-use asset and lease liability 31,572 2,948,991
Reconciliation to the Consolidated Balance Sheet    
Cash and cash equivalents 11,144,929 12,146,619
Restricted cash 212,963 254,932
Total cash, cash equivalents and restricted cash $ 11,357,892 $ 12,401,551

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