Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities    
Net loss $ (9,782,196) $ (5,793,414)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 1,902,749 1,448,751
Depreciation and amortization 1,353,383 553,750
Loss on disposal of asset 60,088
Change of right-of-use asset 474,630 397,136
Net change in fair value of marketable securities (87,781) 133,988
Change in inventory reserve 419,616
Changes in operating assets and liabilities:    
Accounts receivable (65,993) (9,030)
Inventories (1,296,045) (2,208,563)
Prepaid expenses and other current assets 419,195 21,339
Accounts payable 333,346 864,819
Accrued liabilities (165,257) 783,955
Operating lease liabilities (479,315) (390,050)
Contract liabilities 38,895 (8,800)
Net cash used in operating activities (6,934,773) (4,146,031)
Cash Flows From Investing Activities    
Security deposit (18,900) (7,517)
Realized gain on sale of marketable securities, available for sale (103,941)
Net (purchases) sales of investment in trading marketable securities (1,343,702) 3,002,591
Proceeds from sale of property and equipment 175,000
Purchase of property and equipment (5,162,478) (3,365,679)
Net cash used in investing activities (6,629,021) (195,605)
Cash Flows From Financing Activities    
Proceeds from issuance of common stock 6,001,836
Proceeds from Forza Issuance of common stock 6,996,015 14,934,989
Deferred offering costs (66,463)
Forza stock repurchase (21,379)
Advances from related parties (11,826)
Repayment to related parties (57,659)
Finance lease payments (90,153)
Net cash provided by financing activities 6,818,020 20,867,340
Net change in cash, cash equivalents and restricted cash (6,745,774) 16,525,705
Cash and cash equivalents at beginning of the year 23,501,007 6,975,302
Cash, cash equivalents and restricted cash at end of the year 16,755,233 23,501,007
Supplemental Cash Flow Information    
Cash paid for income taxes
Cash paid for interest 235,519 150,399
Non Cash Investing and Financing Activities    
Increase in the right-of-use asset and lease liability 176,226
Common stock issued for payment on behalf of parent 52,400
Right of use asset - finance leases $ 2,948,991