Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows From Operating Activities    
Net loss $ (6,854,390) $ (3,732,208)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 744,027 972,325
Depreciation and amortization 860,239 502,840
Impairment of property & equipment 1,674,000 0
Change of right-of-use asset 239,176 236,712
Net change in fair value of marketable securities 2,944 (3,077)
Change in inventory reserve 289,072 0
Changes in operating assets and liabilities:    
Accounts receivable (35,633) (555,966)
Inventories 448,182 (1,568,148)
Prepaid expenses and other current assets 277,959 427,666
Accounts payable 380,789 399,720
Accrued liabilities 32,099 (48,279)
Operating lease liabilities (252,456) (238,717)
Contract liabilities (38,020) 177,035
Net cash used in operating activities (2,232,013) (3,430,097)
Cash Flows From Investing Activities    
Security deposit 2,706 (15,000)
Realized gain on sale of marketable securities, available for sale (35,210) 0
Net sales of investment in trading marketable securities 3,500,000 983,198
Purchase of property and equipment (3,715,351) (1,623,867)
Net cash (used in) investing activities (247,855) (655,669)
Cash Flows From Financing Activities    
Proceeds from Forza Issuance of common stock 0 6,996,015
Deferred offering costs 0 (66,463)
Finance lease payments (137,029) (7,666)
Net cash (used in) provided by financing activities (137,029) 6,921,886
Net change in cash, cash equivalents and restricted cash (2,616,897) 2,836,120
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 14,138,336 26,337,127
Supplemental Cash Flow Information    
Cash paid for interest 176,190 110,395
Non Cash Investing and Financing Activities    
Increase in the right-of-use asset and lease liability 31,572 2,899,238
Reconciliation to the Consolidated Balance Sheet    
Cash and cash equivalents 13,927,460 26,079,597
Restricted cash 210,876 257,530
Total cash, cash equivalents and restricted cash $ 14,138,336 $ 26,337,127