Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows From Operating Activities    
Net (loss) income $ (1,730,099) $ 182,800
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Stock based compensation 526,723
Depreciation and amortization 199,909 100,998
Loss on disposal of asset 49,990 224,037
Change of right-of-use asset and lease liabilities 189,647 192,531
Net change in fair value of marketable securities 112,576
Changes in operating assets and liabilities:    
Accounts receivable 5,137 (20,540)
Inventories (2,569,780) (602,838)
Prepaid expenses and other current assets 395,553 (438,892)
Accounts payable 1,061,573 390,867
Accrued liabilities 226,537 (28,928)
Operating lease liabilities (182,038) (177,184)
Contract liabilities 518,027 182,194
Net cash (used in) provided by operating activities (1,196,245) 5,045
Cash Flows From Investing Activities    
Net sale of investment in trading marketable securities 2,002,591
Proceeds from sale of property and equipment 80,000
Purchase of property and equipment (1,809,486) (604,990)
Net cash provided by (used in) investing activities 273,105 (604,990)
Cash Flows From Financing Activities    
Deferred offering costs (141,629) (206,293)
Proceeds from Paycheck Protection Program loan 608,224
Advances from related parties 24,300
Repayment to related parties (311,460)
Net cash (used in) provided by financing activities (141,629) 114,771
Net change in cash and cash equivalents (1,064,769) (485,174)
Cash at beginning of period 6,975,302 891,816
Cash and cash equivalents at end of period 5,910,533 406,642
Supplemental Cash Flow Information    
Cash paid for income taxes
Cash paid for interest 73,471 97,470
Non Cash Investing and Financing Activities    
Increase in the right-of-use asset and lease liability $ 655,726